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Fintech growth will make cross-border cooperation 'essential,' BIS’s Carstens says

By Neil Roland ( September 17, 2019, 20:00 GMT | Insight) -- The spread of financial technology will make international coordination even more important than it is now to maintain financial stability, Bank for International Settlements chief Agustin Carstens said. “In the future, what now looks desirable may become essential,” Carstens, the general manager of the umbrella group of central banks, said. Technological developments, while viewed from one perspective as a potential threat to the banking industry, also will increase the availability of financial services to market participants internationally and spur global integration.The development of financial technology will make international coordination even more important than it is now to maintain financial stability, Bank for International Settlements chief Agustin Carstens said....

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