fintech and fintech applications will be contributors to that process. of course there is a disruptive element. that disruptive element will challenge regulators along the way. in many ways, the way that we are thinking about fintech is that it is like the app store where we have the front end, a front end, and we have to protect that all the time. we have a customer relationship. we have infrastructure of money around the world. you can get to any number of applications behind us or through us. if we do our jobs well, we will give a line of sight for regulators, as well so that it can be done safely and soundly. to the extent that we have disruptions, the regulators have to adapt. john: you look at this world, how do you see it from a regulatory point of view? these new entrance into the world of finance. we will come back to steve in a second. how do you attempt to bring in people from silicon valley and the new ways of bringing money around the world? >> thank you for introducing me from the world bank. realizing i am from imf. today is very much focu

fintech has these applications.re is a disruptive element, and that disruptive element will challenge regulators along the way. but the way we are thinking about in tech is the app store, where we have the front end and we have to protect the all the time. we have an infrastructure that moves money around the world. through us, you can get to any number of applications behind us or through us. if we do our job well, we will give a line of sight for regulators as well so the business can be done safely and soundly. and to the extent that we get disruptions, the regulators will have to adapt. and farewell -- and they will. >> you look at this world, and how do you see it from a regulatory point of view? this is not a new concept, but how do you attempt to bring in people from silicon valley and these new ways of moving money around the world? >> fintech is still in the very early stage. today it is very much focused on payment, payment transfer, and a little bit of a move to the sme lending. so it is still very limite

what does the market selloff mean for fintech? connection with the big banks. ♪ emily: in the race to dominate the cloud google may have a new customer. spotify is saying google cloud will provide its platform infrastructure everywhere. nicholas went on to say that google has an edge when it comes to storage and network services adding that this big project could take time to complete. tuesday's announcement is a big win for google which is an outstanding competitors to develop its own cloud business. amazon leads the market and big margin right now. microsoft is right behind. but the competition is fighting to close the gap. bank stocks have been having a tough time. the sector faces falling revenues and higher compliance costs. increasingly facing the threat of a broader economic slowdown. could this bodes poorly for fintech? is there fate tied to the bigger banking sector? a lot of banks actually are investors in the start up. brooke: as banks run into harder times they may be less likely to invest in these kinds of startups. o

could this bodes poorly for fintech? is there fate tied to the bigger ?ector a lot of banks actually are investors in the start up. brooke: as banks run into harder times they may be less likely to invest in these kinds of startups. but we've been seeing companies raising record funds. you have to see these firms seeing the market volatility in the same time and seeing these fears about an economic downturn. you have to think that they are going to be at least more cautious in looking at some of the startups. we are hearing about lending club raising rates to deal with the credit crunch. some of these companies there are questions about whether this business model that they have built of offering very low rates will be sustainable in a massive recession. most of these company's came about in the wake of the financial crisis. they have never really been tested by a big economic downturn. that is good people some kind of pause. does give people some kind of pause. they are not going to be willing to pay those huge premiums that we have seen. emily: he think

. >> reporter: this business digital revolution called fintech. >> more and more we're seeing even older people really explore the idea of electronic financial services. >> like apple pay, samsung pay, android pay and google wallet, which let you purchase goods by holding your phone near a credit card reader using your fingerprint to confirm. paying another person? you can send, receive or request money in another person, using just their e-mail address or phone number. >> traditional banks are also embracing digital. need to deposit a check? take a picture of it on your phone. chances are your bank's app can do the rest. >> you can even get money from an atm. >> without my wallet or debit card on me, but my phone is on me, put it up to the atm, get my money. >> reporter: some prefer the while some feel more secure with traditional methods, they may not be. >> you're probably safer doing your banking and transferring money electronically than you are in person or by paper. >> reporter: just don't lose your phone. back to you. >> most payment systems only work with certain credit cards, r