Basel Committee examines financial system in digital flux
Supervisory authorities outline fintech risks in first report since 2018
The Basel Committee on Banking Supervision published a report today (May 16) on the developments and reputational risks from the digitalisation of finance, building on a 2018 paper.
The committee assessed banks’ use of application programming interfaces (APIs), artificial intelligence (AI) and machine learning (ML), distributed ledger technology (DLT) and cloud computing.
Since DLT use cases are still mainly in exploratory stages, full risk management frameworks “are not generally available”, the
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