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Technological innovations in financial services (fintech) are increasingly transforming the way financial services are provided. This transformation opens opportunities but comes with potential risks to consumers and investors and, more broadly, to financial stability and integrity, which financial regulation seeks to mitigate. As for opportunities, fintech can support potential growth and poverty reduction by strengthening financial development, inclusion and efficiency. In this context, financial authorities are adjusting their policy frameworks and providing guidance based on their assessments of the implications of emerging technologies for the financial sector.
This paper surveys 31 jurisdictions on their policy responses to fintech developments. The key aim of the study is to provide a cross-country overview of the responses that financial authorities have pursued in relation to fintech. The paper is based on responses to a survey conducted in early 2019 by the Financial Stability Institute (FSI), which was supplemented by a comprehensive review of published regulations and documents as well as the authors’ own analysis.
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