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Private instant messenger service thumbs its nose at critics

By NexChange
FinTech

Symphony, a messenger software for the banking sector, has taken a lot of flak recently. Backed by around fifteen large banks, the encrypted service had more than a few fans in the financial sector.

Regulators hate it. The American Banker reports that Senate Banking Committee member Elizabeth Warren, among others, has come out saying the service would compromise regulators ability to stamp out fraud, and facilitate shenanigans like the Libor rate-rigging scandal.

Symphony’s CEO David Gurle - who has had numerous meeting with US officials - appears unfazed by critics’ regulatory sabre-rattling and insists the service will go ahead with its planned September 15 launch.

But he is going to have to convince the nay-sayers of Symphony’s merits to shift the focus away from its users. David Weiss, senior analyst at Aite Group, had this to say:
"These are shots across the bow at Symphony's investors, whom they perceive as bad actors, not at Symphony itself. There's no regulatory oversight of Symphony as a company by any of these folks."
Photo: Eleazar

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