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Bank-fintech partnerships must be enabled by competition law, Bundesbank official says

( November 11, 2019, 15:15 GMT | Official Statement) -- MLex Summary: Banks that partner with financial technology firms should be enabled by competition law, according to a senior official at Deutsche Bundesbank. In a speech today, Burkhard Balz called for banks to maintain contact and trust with customers in the face of the increasing prevalence of “Big Tech” payment systems such as Apple Pay or Google Pay. He added that “a partnership with fintech players can help overcome the challenges of digitalization and fulfil customers’ needs.” Balz also raised concerns about the potential risks of Facebook-led cryptocurrency Libra, which, he said “still raises too many questions that are yet to be answered.”Speech attached....

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