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Mr. Charles R Taylor, Christopher Wilson, Eija Holttinen, and Anastasiia Morozova

: International Monetary Fund, Publication Services PO Box 92780, Washington, DC 20090, U.S.A. Tel.: (202) 623–7430 Fax: (202) 623–7201 Email: publications@imf.org www.imf bookstore.org Contents Abbreviations Executive Summary Introduction Division of Fintech Responsibilities Organization of Authorities’ Fintech Functions Domestic and International Coordination Prospects for Change Appendix I. Fintech Functions by Agency Abbreviations ACPR Autorité de Contrôle Prudentiel et de Résolution AMF Autorité des Marchés

Mr. Charles R Taylor, Christopher Wilson, Eija Holttinen, and Anastasiia Morozova
Fintech developments are shaking up mandates within the existing regulatory architecture. It is not uncommon for financial sector agencies to have multiple policy objectives. Most often the policy objectives for these agencies reflect prudential, conduct and financial stability policy objectives. In some cases, financial sector agencies are also allocated responsibility for enhancing competition and innovation. When it comes to fintech, countries differ to some extent in the manner they balance the objectives of promoting the development of fintech and regulating it. Countries see fintech as a means of achieving multiple policy objectives sometimes with lesser or greater degrees of emphasis, such as accelerating development and spurring financial inclusion, while others may support innovation with the objective of promoting competition and efficiency in the provision of financial services. This difference in emphasis may impact institutional structures, including the allocation of staff resources. Conflicts of interest arising from dual roles are sometimes managed through legally established prioritization of objectives or establishment of separate internal reporting lines for supervision and development.
Mr. Charles R Taylor, Christopher Wilson, Eija Holttinen, and Anastasiia Morozova

, the note describes (i) the division of responsibilities among national authorities, (ii) the organization of supervisory authorities’ main fintech functions, and (iii) domestic and international coordination on fintech matters. Although the main objective of the paper is to describe the range of approaches taken in the selected jurisdictions, some considerations are suggested for further discussion. Division of Fintech Responsibilities Fintech responsibilities are normally divided among various authorities, and often the Ministries of Finance take an active