The ongoing digitization of financial services and money creates opportunities to build more inclusive 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.