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- Bank of England Governor Mark Carney worries that technology will disrupt the banking and financial services industry in just the same way that it has torn apart newspapers, radio and the postal service. His chief concern is that governments will fail to regulate it until it's too late — "an Uber-type situation," as he put it at the World Economic Forum in Davos last week.
The news that foreign currency exchange startup TransferWise has raised $58 million in investment at a valuation of $1 billion proves that Carney is right to worry: Tech startups — or fintech startups, as they're called in Europe — are working as fast as they can to turn traditional banks into the steam-engine manufacturers of the 21st Century.