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  "notes": "Includes a callout box regarding European Commission's proposal for instant payments.",
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      "text": "Another development to watch in 2023 is the European Commission's proposal for regulation on instant payments and its possible impact on the role of FinTechs.",
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      "text": "Although national-level action on fraud is often robust, such as the current UK consultation on authorised push payment scams, for example, greater co-ordinated action is required globally. Regulators must work together to help banks and FinTechs combat cross-border crimes. Cybersecurity feeds into this, yet only 48% (down from 52% in 2021) believe they have a robust approach. Greater cybersecurity investment (25%) and education (27%) are needed.",
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      "text": "In tandem, data privacy laws continue to be released and updated, and 15% are concerned about keeping up. This will be an interesting area to watch as the metaverse develops, and the EU moves to regulate technologies such as AI. Other jurisdictions are also clamping down on data privacy, with certain US states, such as California, enacting new laws despite federal law still pending.",
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      "text": "While many FinTechs would consider regulation a threat, it also has the potential to open up opportunities to build a better future. Take consumer protection, which emerged as the main concern for 10% of respondents – a lack of proper protection can have a significant detrimental effect on consumer loyalty if not handled correctly.",
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