RBC CEO says tech firms pose threat, eyes start-up partnerships

By Jeffrey Hodgson TORONTO (Reuters) - Technology companies pose a competitive threat to established lenders, the head of Royal Bank of Canada said on Friday, adding he was keen to work with start-ups to improve the company's mobile offerings. RBC Chief Executive David McKay said he was positioning Canada's largest bank to compete with technology firms that have expanded into the money-moving business but don't "bear the financial and social costs of a deposit taking organization, nor the obligations of financial regulation." "Many of these new entrants are excellent competitors - innovative, driven, and responsive to their clients, but they also may distort the financial system with unintended risks that regulators cannon clearly see," he told the bank's annual general meeting in Toronto.



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