Maijid Moujaled, a Fintech expert and co-founder of Chipper Cash, has advised developers of financial technologies against using their platforms to breach financial regulations set-up by central banks and other financial regulatory bodies.
According to him, financial technology is meant to make financial transactions more efficient, safer, and more affordable, but not to violate financial regulations, creating a possible avenue for criminal activities.
“Central banks and financial regulators in various countries understand their economies and financial systems best, and they form policies to protect and safeguard the assets of citizens. Using fintech to breach such regulations could cause potential havoc and create a new avenue for crime,” Moujaled said in an exclusive interview with GhanaWeb at a tbDex Africa Workshop.
On his part, Mike Brock, the Chief Executive Officer of TBD, an open financial protocol developed to power new ways to move money, expressed concerns over the challenges of currency liquidity and access to global financial systems.
To salvage the situation, Brock calls on enterprises, governments, and individuals to explore key avenues in facilitating transactions in a more inclusive, efficient, and trustworthy manner.
EAN/MA
Source: www.ghanaweb.com