An influential group including executives from some of theworld's biggest banks is calling for public-private partnerships tolead the way in developing regulations for the burgeoningfinancial-technology (“fintech”) industry.

Governments and businesses should create bodies that enable themto work together on rules to govern technologies that aretransforming everything from the capital markets business toconsumer payments, the World Economic Forum said in a reportreleased Tuesday. The efforts could help ensure companies don'tescape oversight by slipping though “supervisory cracks,” accordingto the report.

“There is an urgent need both for the private sector andfinancial supervisors to collaborate,” the group said in thereport, whose contributors include investment bank executives,international economists, and entrepreneurs from Asia, the U.K.,and the U.S. The forum's aim is “to foster competition betweentraditional financial players and new entrants while alsopreserving system stability,” it said.

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