Financial Times: Deborah O’Neill On Fintechs Collaborating With Regulators
February 20, 2019
The Financial Times recently published an opinion piece calling for financial services regulators to cease hosting test areas, or ‘sandboxes’, where fintechs can try out and develop new products.
We strongly object to such positioning of fintechs as the villains of data protection and responded with this letter to editor.
I've worked with dozens of fintechs, big and small, that respect consumer data and genuinely want to make a difference to increase financial inclusion. I believe in helping them navigate the tangled web of financial regulations.Deborah O'Neill, UK Head of Digital
When fintechs engage with regulators they help the regulators themselves understand how they need to change and adapt to better protect the financial system and consumers.
Suggesting an end to this collaboration will stifle the stream of innovations fintechs generate and hold back businesses, economies, and communities.