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Financial Innovation and Financial Integrity: Lessons Learned from Wirecard

Financial Innovation and Financial Integrity: Lessons Learned from Wirecard

by James H Freis

Former Interim CEO, Wirecard, Former CCO, Deutsche Börse Group, Former Director, FinCEN

May 16, 2021

Compendium

Financial services are essential to the functioning of the real economy and to the delivery of the benefits of innovation and increasing productivity. Be it through intermediation between savers and borrowers, facilitating payments from consumers to producers of goods and services, or in delivering the recent waves of unprecedented stimulus and relief-aid in times of crisis, we all depend upon and benefit from efficient and resilient financial services which evolve to meet market demand, including the demand for quicker and less expensive performance.

Financial services firms are highly regulated because they play this critical role. It is a privilege to be entrusted with the responsibility of handling other people’s money, and traditionally, the financial services industry was one which commanded great public respect. This fell dramatically in recent decades, largely as a result of myriad misconduct scandals. It is widely remarked that the coronavirus pandemic gave a massive boost to already ongoing digitalization efforts across the industry. Less well recognized is that the pandemic has afforded the industry a much-needed opportunity to win an uptick in reputation and public trust.

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