Around the world, mobile banking is taking a lead over branch-centred activity. In Malta, for example, over 80% of the population access online banking sites and that number is growing. The proliferation of fintech services that ‘unbundle’ traditional banking functions, combined with the maturing of the internet-first generation, are accelerating this trend. What’s more, the European Revised Payment Services Directive (PSD2) activates in 2018. This directive will mandate that banks have to share customer data with third parties through APIs, which could include access to cryptocurrency services.
"The surge in cryptocurrencies and their underlying technology is becoming too big for central banks, long the custodian of official money to ignore", states EXANTE’s Communication Director, Patrick J O’Brien.