• Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
ABOUT
Advertise in GAT
Contact us
Sunday, June 4, 2023
Georgia Asian Times
International Insurance of Georgia
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
  • Login
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
No Result
View All Result
Georgia Asian Times
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
Home Business

IMF’s Lagarde highlights potential disruptive nature of Fintech

Georgia Asian Times by Georgia Asian Times
June 8, 2019
in Business, Headline

Christine Lagarde, managing director of the International Monetary Fund (IMF), speaks at the Group of 20 (G-20) high-level seminar on financial innovation "Our Future in the Digital Age", on the sidelines of the G-20 finance ministers and central bank governors meeting in Fukuoka, Japan, on Saturday, June 8, 2019. Kiyoshi Ota/Pool via REUTERS

Share on FacebookShare on Twitter

Fukuoka, June 8, 2019 – International Monetary Fund Managing Director Christine Lagarde warned on Saturday that the increasing presence of technology giants using big data and artificial intelligence could cause a significant disruption to the world’s financial system.

The rapid development of financial technology (fintech) has increased access to cheap payment and settlement systems for low-income households in emerging countries where traditional banking networks are scarce.

But it has raised concern about the increasing dominance of big technology firms in mobile payments, which could force global policymakers to rethink the way they regulate the banking system and ensure financial settlements are executed safely.

“A significant disruption to the financial landscape is likely to come from the big tech firms, who will use their enormous customer bases and deep pockets to offer financial products based on big data and artificial intelligence,” Lagarde told a symposium on financial technology held on the sidelines of the G20 finance leaders’ meeting in Fukuoka, southern Japan.

AD: High Museum of Atlanta AD: High Museum of Atlanta

While such innovation may help modernize financial markets, they could make the financial system vulnerable such by putting payment and settlement systems under the control of a handful of technology giants, she added.

“This presents a unique systemic challenge to financial stability and efficiency, and one I hope we can touch on during the G20, and address in a cooperative and consistent fashion.”

Lagarde said China presents an example of the trade-off between benefits and challenges posed by financial technology.

“Over the last five years, technology growth in China has been extremely successful and allowed millions of new entrants to benefit from access to financial products and the creation of high-quality jobs,” she said. “But it has also led to two firms controlling more than 90% of the mobile payments market.”

Addressing the pros and cons of financial innovation is among topics of debate at the two-day meeting of Group of 20 finance ministers and central bank heads that began on Saturday.

Previous Post

The Centers for Disease Control and Prevention, Ambassador Andrew J. Young, and Ted Turner were honored at the 2019 Bill Foege Global Health Awards

Next Post

Leonard lifts Raptors within one victory of title dream

Georgia Asian Times

Georgia Asian Times

Related Posts

US employers added a surprisingly strong 339,000 jobs in May in a sign of economic health
Business

US employers added a surprisingly strong 339,000 jobs in May in a sign of economic health

June 2, 2023
Hyundai to announce $7B US plant during Biden Asia visit
Business

Hyundai and LG announce $4.3 billion plant in Georgia to build batteries for electric vehicles

May 26, 2023
Business

US, Chinese trade officials express concern about each other’s restrictions

May 26, 2023
Business

Microsoft: State-sponsored Chinese hackers could be laying groundwork for disruption

May 25, 2023
South Korea’s Hanon Systems invest $40 million auto parts plant near new Hyundai complex in Georgia
Business

South Korea’s Hanon Systems invest $40 million auto parts plant near new Hyundai complex in Georgia

May 24, 2023
Florida sued over law blocking Chinese citizens, other foreigners from buying property
Business

Florida sued over law blocking Chinese citizens, other foreigners from buying property

May 23, 2023
Next Post

Leonard lifts Raptors within one victory of title dream

Signup Free E-Newsletter

Upcoming Events

Jun 12
6:00 pm - 10:00 pm

Kalayaan Atlanta 20023

Jul 14
6:00 pm - 10:30 pm

GAT 25 Most Influential Asian Americans in Georgia 2023

View Calendar
Logo

 

CONTACT US

Follow Us

MOST INFLUENTIAL

2023 GAT 25 Most Influential Asian American Pacific Islanders in Georgia

2023 GAT 25 Most Influential Asian American Pacific Islanders in Georgia

April 30, 2023
GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

July 18, 2022

Video highlights of GAT 25 Most Influential Asian Americans in Georgia

July 17, 2022

LINKS OF INTEREST

ATL Asian Film Festival

     

GAT AAPI SUMMIT 2023

  • Contact Us
  • Advertise in GAT
  • About
  • Privacy Policy
  • Terms of Use

© 2023 Georgia Asian Times - Empowered by 8SOL. Managed by Arckopolis.

No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts

© 2023 Georgia Asian Times - Empowered by 8SOL. Managed by Arckopolis.

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

  • Honoree

    $225.00
    Select
  • Single Seat

    $250.00
    Select
  • Table of 8

    $2,000.00
    Select
Loading
Loading
Loading
Loading
Loading
Register for FREE to read the rest of this article, or log in to your account.

    Or Login Here :

    [loginfrm]

    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?