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Wouter Bossu and Arthur Rossi

“guided flexibility” to the central bank’s decision-making bodies to determine the categories of eligible counterparties. 10 Secondly, some fintech firms may seek a specific regulatory status (for example, as “bank”) that offers access to monetary policy operations as a means to access an additional liquidity backstop, even though those firms do not engage in maturity transformation. This could eventually also push central banks to review their access policies and rules. Box 1. The Sand Dollar and the Central Bank of Bahamas Act, 2020 The Central Bank of

Mr. Dmitry Gershenson, Frederic Lambert, Luis Herrera, Grey Ramos, Mrs. Marina V Rousset, and Mr. Jose L. Torres

financial industry in LAC countries, whose cost of capital is lower than for new entrants, are able to purchase fintech firms and prevent the emergence of fintech services that could serve unbanked customers outside the traditional financial sector. Alternatively, the strict financial regulations that were put in place in many LAC countries following banking and financial crises in the 1990s and early 2000s may hinder the adoption of fintech tools to promote financial inclusion. We investigate these hypotheses in the next section by way of case studies. IV