Fintech companies could seriously disrupt banking: BOJ's Kuroda

Fintech companies could seriously disrupt banking: BOJs Kuroda

DAVOS, Switzerland (Reuters) - Japan's central bank chief, Haruhiko Kuroda, said on Thursday that fin-tech companies could disrupt the banking system in a serious way.

"We tend to think that these big tech companies are making a disruptive impact on the banking system," Kuroda told the World Economic Forum, noting that many countries were trying to change financial regulation in response.

He said big tech companies tended to specialise in payments and settlement rather than deposit-taking and lending, adding that they "may disrupt the banking sector in a serious way. How to deal with this situation, that is a very difficult question."

(Reporting by Leika Kihara; Editing by Mark Bendeich)

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Updated Date: Jan 25, 2019 01:05:08 IST

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