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Regulating Fintech in Europe: Lessons from the collapse of Wirecard

Summary:
Very important research by Giorgio Barba Navaretti, Giacomo Calzolari, Alberto Pozzolo. Regulators and central banks will soon be dealing with fintechs and their failures. Wirecard gives us some lessons for future: The default of Wirecard highlights several problems in the regulation and supervision of Fintech companies, with regulatory holes in investor protection, customer protection, and financial stability. This column argues that since Fintech companies can be very complex, their oversight requires understanding their business model and combining regulation and supervision based on both entities and activities. The global reach of Fintechs also calls for better coordination at the European level and beyond, but the authors do not see the need for new regulatory body to oversee

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Very important research by Giorgio Barba Navaretti, Giacomo Calzolari, Alberto Pozzolo.

Regulators and central banks will soon be dealing with fintechs and their failures. Wirecard gives us some lessons for future:

The default of Wirecard highlights several problems in the regulation and supervision of Fintech companies, with regulatory holes in investor protection, customer protection, and financial stability. This column argues that since Fintech companies can be very complex, their oversight requires understanding their business model and combining regulation and supervision based on both entities and activities. The global reach of Fintechs also calls for better coordination at the European level and beyond, but the authors do not see the need for new regulatory body to oversee Fintechs in Europe.

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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