The writer, a former adviser to the governor of the Bank of England, chairs the sustainable finance committee at UBS
The scandal at Wirecard has not only exposed a multibillion-dollar fraud in the accounts and profound failures of oversight. It has also raised fresh questions of whether payments regulation in Europe has kept pace with the huge changes in the industry.
Once a sleepy arm of heavily regulated banks, the payments sector is being transformed by technological innovations, new legislation, new players and shifts in customer habits. Little wonder technology and payment-processing companies and banks are all vying to grab a share of the large and fast-growing market for digital payments.
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