DTCC: Survey says fintech is a "systemic risk"

The Depository Trust & Clearing Corporation (DTCC), a post-trade financial services company, issued the results of its annual survey on the stability of the global financial system. According to the survey, fintech is believed to be a "systemic risk" to the broader economy. Stephen Scharf, DTCC's Managing Director and Chief Security Offer, explained that “As the industry continues to adopt fintech innovations, like blockchain, AI and cloud solutions, we must ensure that those innovations do not jeopardize the safety and security of the current global financial marketplace.” Earlier this month, Allianz Global Investors' CEO said that cryptoassets should be banned.