Fintech and the Future of Finance

The ongoing digitization of financial services and money creates opportunities to build more Future-Finance-pro500-Shutterstock2inclusive and efficient financial services and promote economic development. This digital transformation presents a paradigm shift that has various policy implications, including:

  • Foster beneficial innovation and competition, while managing the risks.
  • Broaden monitoring horizons and re-assess regulatory perimeters as embedding of financial services blurs the boundaries of the financial sector.
  • Be mindful of evolving policy tradeoffs as fintech adoption deepens.
  • Review regulatory, supervisory, and oversight frameworks to ensure they remain fit for purpose and enable the authorities to foster a safe, efficient, and inclusive financial system.
  • Anticipate market structure tendencies and proactively shape them to foster competition and contestability in the financial sector.
  • Modernize and open up financial infrastructures to enable competition and contestability.
  • Ensure public money remains fit for the digital world amid rapid advances in private money solutions.
  • Pursue strong cross-border coordination and sharing of information and best practices, given the supra-national nature of fintech.

 

 

 

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.