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8 Fintech Predictions for 2019
There are few sectors that can claim to have changed as dramatically in the last few years as the payments sector. The pace of innovation, regulatory developments and technological advancement means that payments industry has faced unprecedented change, which has significantly altered the landscape of the industry and of the key participants operating within that sector. Ensuring payments businesses are able to meet future challenges and keep pace with developments in the payments world remains a key priority for those working in the sector.
There is specific concern around the potential for cryptoassets to cause harm to investors and market instability, which regulators will be looking to address. We expect greater regulatory clarify during 2019, but a key question will be the extent to which that regulatory action is coordinated effectively at a global level, or whether it leads to opportunities for regulatory arbitrage.
Financial crime impacts financial services in the form of money laundering, terrorist financing, bribery and corruption, fraud and breach of sanction. Countering financial crime is moving up regulators’ agendas globally and we expect that this will be a key focus for 2019. In terms of the tools available to banks enhanced anti-money laundering monitoring has been suggested as one of the most impactful use cases for AI in the financial services sector.