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2019 International Monetary Fund IMF POLICY PAPER FINTECH: THE EXPERIENCE SO FAR IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following documents have been released and are included in this package: A Press Release summarizing the views of the Executive Board as expressed during its June 17, 2019 consideration of the staff report. The Staff Report, prepared by IMF staff and completed on May 17, 2019 for the Executive Boards consideration on June 17, 2019. The IMFs transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities policy intentions in published staff reports and other documents. Electronic copies of IMF Policy Papers are available to the public from imf/external/pp/ppindex.aspx International Monetary Fund Washington, D.C. June 2019 Press Release No. 19/255 FOR IMMEDIATE RELEASE June 28, 2019 IMF Executive Board Discusses “Fintech: The Experience so Far” On June 17, 2019, the Executive Board of the International Monetary Fund (IMF) discussed a paper prepared jointly with World Bank Group (WBG) staff reviewing country and regional fintech experiences as a follow up to the Bali Fintech Agenda. Background The Bali Fintech Agenda (BFA) was endorsed last year by the Executive Boards of the IMF and WBG. It lays out key issues to consider in understanding how technological innovation is changing the provision of financial services and what implications these developments have for economic efficiency and growth, financial stability, inclusion, and financial integrity. In approving the BFA, IMF Executive Directors asked staff to review fintech developments across the membership and consider their implications within the mandates of the IMF and the WBG. This paper responded to this call and took stock of country fintech experiences while identifying key fintech-related issues that merit further attention by the membership and international bodies. It drew upon discussions with country authorities raised in the context of IMF surveillance and capacity development and World Bank Group country work, and the findings of a survey of the membership on their approach to the issues covered in the BFA. It also included an in-depth review of selected fintech topics. The paper found that while there are important regional and national differences, countries were broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity. It identified key areas for international cooperationincluding roles for the IMF and WBGand in which further work is needed at the national level and by relevant international organizations and standard-setting bodies (SSB). International Monetary Fund 700 19th Street, NW Washington, D.C. 20431 USA Washington, D.C. 20431 USA The paper discussed by the Board presented some initial considerations for further work. Staff will, based on guidance received from the Executive Board, continue to analyze fintech-related issues centered around the Fund core mandates. Executive Board Assessment1 Executive Directors welcomed the opportunity to discuss the joint IMF-World Bank staffs stock-taking of country and regional fintech experiences as a follow-up to the Bali Fintech Agenda. They appreciated staffs timely and comprehensive review of this work, which demonstrates the Funds role of acting as a global forum for sharing knowledge and experiences. Directors also praised the continued close collaboration between the Fund and World Bank staff within their respective mandates. Directors broadly agreed that the elements of the Bali Fintech Agenda had informed staffs work and provided a useful framework for country authorities work in this area, helping countries identify the significant potential benefits and challenges that technological innovations may bring to the financial sector and their economy at large. They welcomed the first Fund-World Bank global fintech survey of policy actions of the membership and noted that the findings confirm that countries are broadly working on building up an enabling environment while balancing risks, especially related to Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) and cybersecurity. Directors considered that the in-depth review of selected cross-cutting issues provided useful information to policy-makers, as requested by the membership. They broadly concurred that the issues raised may help countries enhance policy deliberations, including with international standard-setting bodies (SSBs), on developing appropriate frameworks in the legal, regulatory, supervisory and data areas, against the background of accelerating technological innovations. Directors agreed that several key policy issues would require heightened attention from national authorities and international bodies. These include managing competing policy priorities with the aim of harnessing the benefits of fintech while supporting competition and strengthening financial stability, financial integrity, and consumer protection. Directors also emphasized the importance of other priorities, including building regulatory capacity, strengthening cybersecurity, and enhancing data frameworks. They took note of staffs analysis on the need to develop new international standards or good practices to support countries in adapting their legal and regulatory frameworks, although some Directors did not see the need for new standards related to fintech beyond what is already under discussion in the relevant international fora. 1 An explanation of any qualifiers used in the summing up can be found here: imf/external/np/sec/misc/qualifiers.htm. Directors called on staff to further foster information exchange, knowledge building, and international cooperation, especially in the areas of cybersecurity, AML/CFT, regulatory and supervisory frameworks, and the payment and settlement systems. Directors stressed the need to continue to work closely with relevant standard-setting bodies, with the aim of promoting financial stability. Directors encouraged staff to closely monitor fintech developments and further analyze the macro-critical implications and risks at the country and global levels, taking into account resource constraints. They called for further work to be centered around the Funds core mandate of ensuring financial stability and integrity, and orderly evolution of the international financial system in light of fast-changing fintech developments. A number of Directors encouraged exploring fintech solutions to address the loss of correspondent banking relationships in some member countries. Directors also stressed the importance of further capacity development support and advice in the context of Funds bilateral country work. They called on staff to clarify and define the nature and scope of the Funds role in fintech issues. FINTECH: THE EXPERIENCE SO FAR EXECUTIVE SUMMARY The Bali Fintech Agenda (BFA) was approved last year by the IMF and World Bank Group. It lays out key issues to consider in how technological innovation is changing the provision of financial services with implications for economic efficiency and growth, financial stability, inclusion, and integrity. In approving the BFA, IMF Executive Directors asked staff to review fintech developments and consider their implications within the mandates of the IMF and the World Bank. This paper responds to this call and takes stock of country fintech experiences and identifies key fintech-related issues that merit further attention by the membership and international bodies. It draws upon (a) discussions with country authorities raised in the context of IMF surveillance and World Bank country work; (b) the findings of a survey of the membership on their approach to the BFA; and (c) deeper exploration on selected fintech topics by staff. The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity. Fintech is having global impact on the provision of financial services. Mobile payments have been a key early developer with broad implications for inclusion. New entrants are challenging incumbents who are responding. The evolving market structure could boost competition and efficiency, while raising new risks to financial stability and integrity. Balancing competing policy priorities is a key challenge. Africa has seen rapid growth in mobile money as a driver for greater financial inclusion; Asia has made advances in nearly every aspect of fintech; the European fintech market is growing rapidly but remains unevenly distributed; the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) and Caucasus and Central Asia (CCA) regions are seeing a gradual pick-up in activity, especially in some countries; and the LAC region is taking off, albeit at an earlier stage than other regions. Countries are seeking to provide an enabling environment, including open and affordable access to core digital services and infrastructures. But important infrastructural gaps and regulatory impediments remain. Significant gains are expected from fintech advances in payments, clearing, and settlement. May 17, 2019 FINTECH: THE EXPERIENCE SO FAR 2 INTERNATIONAL MONETARY FUND WORLD BANK GROUP While concerns of increased risks posed by fintech arise, monitoring is still largely confined to activities and entities within the traditional regulatory perimeter. Gaps in the legal framework to address fintech issues are widely acknowledged, while there is a need to modernize data frameworks. The paper identifies key areas for international cooperationincluding roles for the IMF and World Bankand in which further work is needed at the national level and by relevant international organizations and standard-setting bodies (SSB). In their responses to the survey, countries called for greater international cooperation in many areas, prioritizing: cybersecurity; anti-money laundering and combating the financing of terrorism (AML/CFT); development of legal, regulatory, and supervisory frameworks; payment and securities settlement systems and cross-border payments. They also saw these as areas for seeking technical support and policy advice from the IMF and World Bank staff. The paper suggests further work on international dimensions of data policy frameworks, while there is a clear demand also for considering new international standards by standard-setting bodies (SSBs), including on crypto-assets, mobile money services, and peer-to-peer (P2P) lending. FINTECH: THE EXPERIENCE SO FAR WORLD BANK GROUP INTERNATIONAL MONETARY FUND 3 Approved By Tobias Adrian, Rhoda Weeks Brown, and Martin Muhleisen (IMF), and Ceyla Pazarbasioglu (World Bank) This Paper has been prepared by an IMF-World Bank team guided by Aditya Narain, Ross Leckow, Vikram Haksar (IMF) and Alfonso Garcia Mora (World Bank), including Ghiath Shabsigh, Nigel Jenkinson, Jihad Alwazir, Karl Driessen, Fabiana Melo, Cristina Cuervo, Eija Holttinen, Chris Wilson, Dirk Jan Grolleman, Nobuyasu Sugimoto, Anastasiia Morozova, Elias Kazarian, Tanai Khiaonarong, John Kiff, and Eva Yu (MCM); Jess Cheng, Masaru Itatani, Kathleen Kao, Kristel Poh, Arthur Rossi, Nadine Schwarz, and Natalia Stetsenko (LEG); Yan Carriere-Swallow, Patrick Gitton, Claudia Jadrijevic, Manasa Patnam, and Weijia Yao (SPR); Amadou Sy (AFR); Tahsin Saadi Sedik (APD); Borja Gracia (EUR); Inutu Lukonga (MCD); Pelin Berkmen (WHD); and Erik Feyen, Harish Natarajan, Ahmad Hafiz Bin Abdul Aziz, Ahmed Tawfick Rostom, Ana Carvajal, Arpita Sarkar, Ashutosh Tandon, Dorothee Delort, Fredesvinda Montes, Gunhild Berg, Luz Maria Salamina, Marco Nicoli, Margaret Miller, Matthew Saal, Michel Hanouch, Mihasonirina Andrianaivo, Patricia Caraballo, Pedro Xavier Faz, Peter McConaghy, Sharmista Appaya, Siegfried Zottel, Susan Holliday, and Tetsutaro Shindo (WB). CONTENTS Glossary _ 5 BACKGROUND _ 7 GLOBAL FINTECH LANDSCAPE _ 14 A. Regional Overview _ 14 B. IMF-World Bank Global Fintech Survey _ 16 REVIEW OF SELECTED FINTECH TOPICS _ 20 A. Regulatory Sandboxes _ 21 B. Crypto-Assets _ 22 C. Payments and Settlement Systems _ 24 D. Data Frameworks _ 26 E. Legal Issues _ 27 F. Institutional Arrangements _ 29 G. Central Bank Digital Currency _ 30 EMERGING TRENDS AND POLICY ISSUES _ 31 FINTECH: THE EXPERIENCE SO FAR 4 INTERNATIONAL MONETARY FUND WORLD BANK GROUP CONCLUSIONS _ 39 ISSUES FOR DISCUSSION _ 40 BOXES 1. BFA Elements: Balancing Opportunities and Risks _ 7 2. Lending Platforms and Financial Inclusion _ 31 3. Fintechs Opportunities Come with New Risks to Financial Inclusion _ 32 4. InsurtechDisruptive Technologies in the Insurance Industry _ 33 5. Fintech in Islamic Finance _ 34 FIGURES 1. Evolution of Financial Services _ 8 2. Global Fintech and Financial ServicesRevenue, Patents _ 9 3. Global Fintech and Financial ServicesFunding, Valuation _ 10 4. Fund Surveillance and Fintech_ 11 5. Average Response Rate _ 17 ANNEXES I. Disruptive Technologies in the Financial Sector _
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