© Reuters. FILE PHOTO: Representations of cryptocurrencies in this illustration taken January 24, 2022. REUTERS/Dado Ruvic/Illustration
WASHINGTON (Reuters) – The rise of fintech services and digital banking could spur financial risks and potentially a crisis, Michael Hsu, Acting Comptroller of the Currency, a major U.S. bank regulator, warned on Wednesday.
“The de-integration of banking services that is taking place now has its roots in technology, data, operations. It is affecting all banks, not just the large money-center banks. My strong sense is that this process, left to its own devices, is likely to accelerate and expand until there is a severe problem, or even a crisis,” he told a New York conference.
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