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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

overview, talent development and funding. In the United States, the Office of the Comptroller of the Currency (OCC), has created a fintech unit specifically charged with outreach to fintech companies interested in either getting a special purpose banking license or working with nationally chartered banks. In the UAE, there are three separate federal regulators for banking, insurance, and securities. Japan , Malta , and the two financial free zones of Dubai and Abu Dhabi have single consolidated financial sector regulators. In Japan’s case, the consolidated

Mr. Ashraf Khan and Majid Malaika
Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the IMF Article IV Database, selected FSAP and country cases, and gives examples of central bank risks related to fintech and cybersecurity. The paper highlights that fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management by establishing and strengthening an integrated risk management approach throughout the organization, including a dedicated risk management unit, ongoing sensitizing and training of Board members and staff, clear reporting lines, assessing cyber resilience and security posture, and tying risk management into strategic planning.. Given the fast-evolving nature of such risks, central banks could make use of timely and regular inputs from external experts.
Mr. Ashraf Khan and Majid Malaika

) fintech organization (i.e., relating to the central bank’s internal organization of fintech-related activities, for instance, by considering the setting up of a dedicated fintech unit), (3) central bank cybersecurity, and, in two cases, (4) developments of digital payments in the context of central bank risk management and cash currency management. 10 Figure 2. Central Bank Risk Management, Fintech, and Cybersecurity Source: authors. The main categories of questions raised by the respective central banks related to the following fintech components (see

Wouter Bossu and Arthur Rossi

central banks. First, given the increased number of fintech initiatives (including the acceleration of the work on CBDCs, for instance), certain central banks have created dedicated fintech units. Second, other departments (for example, the statistics department) are increasingly involved in fintech work, leveraging new technologies, such as machine learning or AI solutions. Finally, innovation laboratories, typically called iLabs, have been established mainly to promote innovation across departments (see Annex 2 for an overview of all central bank iLabs and their

International Monetary Fund. Asia and Pacific Dept

“FutureReady” digital upskilling programme. 2017: Set up CIMB Fintech unit to develop innovative banking solutions; Received regulatory sandbox approval from BNM for e-KYC. 2018:Joined Ripple xCurrent Network to enable real-time payments for customers; Piloted an Al-powered, HR ChatBot service, 2017: Partnered with Alipay to offer mobile wallet services, To Date: Launched PB Direct – online insurance application via iPad and Ask Sara -virtual assistant, Working closely with Al A Group, its bancassurance partner. 2017: Introduced RHB Smart

Ms. Marianne Bechara, Wouter Bossu, Ms. Yan Liu, and Arthur Rossi
Fintech presents unique opportunities for central banks. The rapid changes in technology that are transforming the financial system will allow central banks to enhance the execution of various of their core functions, such as currency issuance and payment systems. But some aspects of fintech pose major challenges. Central banks have always been at the cutting edge of financial technology and innovation. In the past, the invention of the banknote, the processing of payments through debits and credits in book-entry accounts, and the successive transitions of interbank payment systems from the telegraph to internet protocols were all transformative innovations. Today, central banks are facing new and unprecedented challenges: distributed ledger technology, new data analytics (artificial intelligence [AI] and machine learning), and cloud computing, along with a wider spread of mobile access and increased internet speed and bandwidth. The purpose of this note is to discuss the authors’ preliminary views on how, from a legal perspective, central banks can best deal with the impact of fintech on their governance. These preliminary views are based on a review of central banks’ reaction thus far to the challenges posed by fintech to the legal foundations of their governance.
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 and World Bank

.g., Colombia, Mexico). e. Institutional strengthening: The World Bank supports capacity building for financial sector regulators and other authorities such as through supporting the establishment of dedicated fintech units and functions and the strengthening of internal systems and processes to support the adoption of regtech and suptech solutions. Examples include: capacity building and fostering dialogue through focused roundtables (e.g., Bangladesh, Colombia, Georgia, India, Peru, Saudi Arabia); modernization of core central bank and financial sector regulatory