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S8 E4: Fintech F*cks Around and Finds Out
Fintech Takes
Embrace Challenges, Learn from Failures
The evolution of banking as a service (BaaS) highlights the complexities and potential pitfalls inherent in the system. A multitude of factors must align for the worst-case scenario to unfold, including the interaction of significant fintech programs, major banking sponsors, and complex middleware platforms. This culminates in failures such as data breaches, revealing critical weaknesses in the overall structure. Regulators must maintain accountability to prevent these failures, emphasizing the importance of accurate record-keeping in beneficial ownership accounts and the need for introspection within the financial services industry.
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