trending Market Intelligence /marketintelligence/en/news-insights/trending/tos9fsmfbga-lszg1mau4q2 content esgSubNav
In This List

Fintech needs same rules as banking, heads of Spanish lenders say

Blog

Broadcast deal market recap 2021

Blog

Price wars in India: Disney+ Hotstar vs. Amazon Prime Video vs. Netflix

Blog

Volume of Investment Research Reports on Inflation Increased in Q4 2021

Blog

Using ESG Analysis to Support a Sustainable Future


Fintech needs same rules as banking, heads of Spanish lenders say

The heads of some of Spain's largest banks Banco Santander SA, Banco Bilbao Vizcaya Argentaria SA and CaixaBank SA called on European authorities to create a level regulatory playing field for lenders and fintech, Spanish daily Expansión reported May 24.

Fintech companies have taken on banks at their own game, especially as traditional banks are using technology more and more to provide digital banking services for customers, and the three bankers said banks should not be penalized given the competitive nature of the market.

The Spanish bosses echoed concerns raised by banks elsewhere in Europe that regulations such as the European Union's second Payment Services Directive, or PSD 2, will raise costs and give technology firms an unfair advantage.

"I don't care about competition ... but it has to be fair competition, we urgently need a European legal framework for data that regulates us all equally," the paper quoted Santander Executive Chairman Ana Botín as saying at a conference in Brussels.

The paper also quoted BBVA Chairman Francisco González as saying that the amount of data to which groups such as Facebook Inc. had access showed the need for new standards, noting that global bodies were needed to define rules for cybersecurity, data privacy and artificial intelligence.

"If the rules are not changed, much of the wealth created in the new digital era will be concentrated in very few hands and that is very negative for society," González said.

CaixaBank Chairman Jordi Gual said fintech had to abide by the same rules as banks.

"For the same services and same risk: same rules," he said.