Cecilia Skingsley: How the Riksbank encourages innovation in the retail payments market

Speech by Ms Cecilia Skingsley, Deputy Governor of the Sveriges Riksbank, at the World Economic Forum, Davos, 17 January 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Speaking points at the session Financial stability, innovation, economic growth initiative.

We live in interesting times. At least if you are interested in questions about how financial services can be organized in a society. Technological innovation are driving change, but so are economic logic and regulatory measures.

With change come new opportunities and new risks. We can be sure of that. But that is pretty much where certainty ends. What we don't know is the full potential of these new opportunities, which of them will actually materialize and consequently, which stability risks we will be struggling with in the next decade or so.

My message to the regulatory community is that we must be ready not only to talk about these matters, but also to walk the talk if we want to have an impact on this transformation.