ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices
  • GST Council meet begins today: Know agendas of Finance Minister Nirmala Sitharaman's led two-day meeting
  • Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates
  • Cash-starved Sri Lanka to end fuel duopoly to ease fuel shortages
  • Xiaomi 12S series set to launch with Leica cameras on July 4: Check key details here
Read in App
Business News » Technology News

Warning! What IMF MD Christine Lagarde has to say on technology giants using big data and AI and impact on financial system

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Warning! What IMF MD Christine Lagarde has to say on technology giants using big data and AI and impact on financial system
The rapid development of financial technology (fintech) has increased access to cheap payment and settlement systems for low-income households in emerging countries where traditional banking networks are scarce. Reuters photo.

International Monetary Fund Managing Director Christine Lagarde warned on Saturday that the increasing presence of technology giants using big data and artificial intelligence could cause a significant disruption to the world`s financial system.

The rapid development of financial technology (fintech) has increased access to cheap payment and settlement systems for low-income households in emerging countries where traditional banking networks are scarce.

But it has raised concern about the increasing dominance of big technology firms in mobile payments, which could force global policymakers to rethink the way they regulate the banking system and ensure financial settlements are executed safely.

"A significant disruption to the financial landscape is likely to come from the big tech firms, who will use their enormous customer bases and deep pockets to offer financial products based on big data and artificial intelligence," Lagarde told a symposium on financial technology held on the sidelines of the G20 finance leaders` meeting in Fukuoka, southern Japan.

While such innovation may help modernize financial markets, they could make the financial system vulnerable such by putting payment and settlement systems under the control of a handful of technology giants, she added.

"This presents a unique systemic challenge to financial stability and efficiency, and one I hope we can touch on during the G20, and address in a cooperative and consistent fashion."

Lagarde said China presents an example of the trade-off between benefits and challenges posed by financial technology.

"Over the last five years, technology growth in China has been extremely successful and allowed millions of new entrants to benefit from access to financial products and the creation of high-quality jobs," she said. "But it has also led to two firms controlling more than 90% of the mobile payments market."

Addressing the pros and cons of financial innovation is among topics of debate at the two-day meeting of Group of 20 finance ministers and central bank heads that began on Saturday.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
IMFChristine Lagarde
Written By: Reuters
Updated: Sat, Jun 08, 2019
09:25 am
Reuters
RELATED NEWS
World Bank readies Sri Lanka aid package, IMF calls loan talks ''fruitful'' World Bank readies Sri Lanka aid package, IMF calls loan talks ''fruitful''
IMF cuts India's FY 23 growth forecast: How it impacts market, stocks, foreign flows, currency? Experts' take IMF cuts India's FY 23 growth forecast: How it impacts market, stocks, foreign flows, currency? Experts' take
IMF cuts India's 2022 growth prospects to 8.2% from 9%; says global economy will suffer significantly from Russia-Ukraine war IMF cuts India's 2022 growth prospects to 8.2% from 9%; says global economy will suffer significantly from Russia-Ukraine war
Explainer-Sri Lanka's reluctance to tap IMF helped push it into an economic abyss Explainer-Sri Lanka's reluctance to tap IMF helped push it into an economic abyss
Gita Gopinath takes charge as IMF’s first Deputy MD; downgrades global economic outlook for 2022 in her swansong as chief economist Gita Gopinath takes charge as IMF’s first Deputy MD; downgrades global economic outlook for 2022 in her swansong as chief economist

LATEST NEWS

Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices

Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates

Mahindra Scorpio-N: 1st SUV model in the world to offer this amazing feature - Check what it is

Gold rises Rs 52; silver falls Rs 60

Gensol Engineering stock remains unfazed by weak market sentiments; over 750% jump from Rs 68 to Rs 600 apiece

Dalal Street Corner: Recovery in global market, buying in auto & metal stocks lift benchmarks; what should investors do on Wednesday?

National Insurance Awareness Day 2022: Survey studies awareness levels, purchase triggers of contemporary insurance products - What it found

Stocks to buy: Looking for cash market stocks? Expert Vikas Sethi suggests two with strong fundamentals

15 more firms selected under PLI scheme for white goods

Anil Singhvi strategy on June 28: Support zone on Nifty is 15675-15750 and Bank Nifty is 33425-33625

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV