Bank of Japan Governor Haruhiko Kuroda has expressed concerns about the potential risks posed by financial technology (Fintech) to the banking system in developed economies.

Kuroda highlighted the possibility of large tech companies disrupting traditional banking operations, particularly in deposit-taking and lending. He emphasized that the rapid evolution of Fintech is making regulatory efforts more complex, especially in developing economies that have historically aimed to prevent financial crises.

Kuroda also stressed the potential impact of financial crises on both economic and political stability, citing Japan's experience with the asset bubble in the late 1990s. He called for central banks to remain vigilant in addressing the increasing cybersecurity risks associated with the emergence of these new financial entities.

Similarly, Bank of England Governor Mark Carney echoed these concerns and emphasized the need for robust supervision of essential financial services to ensure system resilience in the face of potential disruptions.