The most important from statement by Mark Carney

Fastest growing sector of the financial technology represents a potentially large "systemic risks" that need to be addressed by banking regulators worldwide, said Governor of the Bank of England Mark Carney on Wednesday.

Speaking at a conference in Deutsche Bundesbank, Carney said financial innovation could reduce costs and improve efficiency. But it can also pose risks to the stability of the banking financing, credit quality and even the wider economy.

Carney said that authorities should focus more heavily on regulation and prudential requirements and ensure "more disciplined management of operating and cyber risks."

Financial Stability Board (FSB), which pools bank regulators from around the world to assess how suitable the existing rules for dealing fintech risks and will report its findings to a group of 20 leaders in July, said Carney.

"The challenge for policymakers is to ensure that fintech develop in a way that increases opportunities and minimize risks to society," Carney said in his speech.

"After all, the history of financial innovation is full of examples that have led to the beginning of the boom, growing unintended consequences and potential busts."

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