Data’s Transformative Power: Opportunities, Risks And Privacy

By: Pietro Carlo Padoan & Angelo Federico Arcelli (Center for International Governance Innovation)

The Centre for International Governance Innovation and Oliver Wyman’s ninth annual Financial Regulatory Outlook Conference, held in Rome in May 2022, examined the fintech revolution’s impact on financial sector regulation. Recent advancements in data and technology have changed the way firms and consumers use financial services and how these services are regulated.

Other topics of discussion included the potential effects of challenges to central banks’ monopoly on monetary supply, the disruptive power of data, digital currencies and their impact on money supply, and the evolution of payments systems internationally.

The COVID-19 pandemic led to a dramatic increase in the use of online financial services, further fuelling the evolution of these services, which also benefitted from increased access to data and better technology. Panellists explored the effects of this evolution on the financial industry and its regulation, and what it will mean going forward…

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