Response to the Basel Committee on Banking Supervision's consultative document on the implications of FinTech developments for banks and bank supervisors
The German Banking Industry Committee (GBIC) welcomes the Basel Committee’s initiative to examine the effects of FinTech for banks and banking supervision. From the perspective of German banks, the study is largely comprehensive and accurate, yet it urgently needs supplementing by a globally important aspect. The GBIC suggest giving priority to adapting the regulatory canon in order to ensure full coverage of the financial markets, and to create a level playing field, with the same rules applicable to all players. In this context, regulatory requirements should be defined so as to ensure the principle of proportionality, in a risk-adequate manner, to prevent any impediments to innovation.