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International Monetary Fund and World Bank

digital services and infrastructures. But important infrastructural gaps and regulatory impediments remain. Significant gains are expected from fintech advances in payments, clearing, and settlement. 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 cooperation

International Monetary Fund and World Bank

payments to Governments (e.g., tax payments, conditional cash transfers). d. The International Finance Corporation is investing in fintech companies; working with existing banks and clients to help them adopt digital financial services into traditional banking platforms; and working with donors and development partners to accelerate the adoption of fintech and achieve responsible financial inclusion. 12. The World Bank works with client countries on fintech issues in five key thematic areas: a. Legal and regulatory framework: This work reviews existing

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

coordination takes various forms. Coordination amongst domestic agencies typically makes use of existing senior level structures; when fintech issues arise, they are referred to a sub-committee or result in the creation of a taskforce to develop proposals. International coordination arrangements range from bilateral agreements and initiatives (e.g., fintech Memoranda of Understanding) to multilateral ones coordinated by the standard-setting bodies. In addition, a new multilateral network, the Global Financial Innovation Network, has recently been set up to exchange learnings

International Monetary Fund and World Bank
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.
International Monetary Fund, World Bank, International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Legal Dept.
Rapid advances in financial technology are transforming the economic and financial landscape, offering wide-ranging opportunities while raising potential risks. Fintech can support potential growth and poverty reduction by strengthening financial development, inclusion, and efficiency—but it may pose risks to consumers and investors and, more broadly, to financial stability and integrity. National authorities are keen to foster fintech’s potential benefits and to mitigate its possible risks. Many international and regional groupings are now examining various aspects of fintech, in line with their respective mandates. There have been calls for greater international cooperation and guidance about how to address emerging issues, with some also cautioning against premature policy responses. In response to these calls from member countries, the IMF and the World Bank staff have developed the Bali Fintech Agenda, summarized in Annex I of this paper. The Agenda brings together and advances key issues for policymakers and the international community to consider as individual countries formulate their policy approaches. It distills these considerations into 12 elements arising from the experiences of member countries. The Agenda offers a framework for the consideration of high-level issues by individual member countries, including in their own domestic policy discussions. It does not represent the work program of the IMF or the World Bank, nor does it aim to provide specific guidance or policy advice. The Agenda will help guide the focus of IMF and World Bank staff in their work on fintech issues within their expertise and mandate, inform their dialogue with national authorities, and help shape their contributions to the work of the standard-setting bodies and other relevant international institutions on fintech issues. Implications for the work programs of the IMF and World Bank will be developed and presented to their respective Executive Boards for guidance as the nature and scope of the membership’s needs––in response to the Bali Fintech Agenda—become clearer.
International Monetary Fund, World Bank, International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Legal Dept.

from the experiences of member countries. 1 The Agenda offers a framework for the consideration of high-level issues by individual member countries, including in their own domestic policy discussions. It does not represent the work program of the IMF or the World Bank, nor does it aim to provide specific guidance or policy advice. The Agenda will help guide the focus of IMF and World Bank staff in their work on fintech issues within their expertise and mandate, inform their dialogue with national authorities, and help shape their contributions to the work of the

Mr. Ashraf Khan and Majid Malaika

Internal Organization V. Conclusion References Boxes 1. Fintech and Payment and Settlement Systems 2. Cloud Computing Figures 1. Major Technologies Transforming Financial Services 2. Central Bank Risk Management, Fintech, and Cybersecurity 3. Main Fintech Issues Discussed in the Context of IMF Risk Management TA 4. IMF Article IV References to 5. IMF Surveillance and Fintech 6. Google Search Interest for “Fintech” 7. IMF Article IV References to Technology 8. Selected IMF FSAP References to Fintech 9. Central Bank Risk Landscape 10