The BIS’s Financial Stability Institute (FSI) and the G20s Global Partnership for Financial Inclusion (GPFI) convened a conference to discuss the implications of fintech for financial regulation and supervision and the work of the various standard setting bodies.
Participants explored specific examples of adapting regulatory, supervisory and safety net practices to take into account fintech developments; ways for financial sector authorities to leverage the same technologies driving fintech to support their own work; and the application of the concept of proportionality in the implementation and assessment of international standards.
The conference took place in the context of accelerating change in the financial services landscape in countries across the income spectrum, including expanding opportunities for financial inclusion, but also new challenges for country-level authorities and for standard setting bodies. Further coverage of this event can be found here.
WOCCU has been active surrounding developments in regulation concerning fintech most recently urging the Global Financial Innovation Network (GFIN) to ensure a level regulatory playing field for credit unions as well as including the principles of proportionality in connection with GFIN’s proposal to create a regulatory “global sandbox” for fintechs. A copy of this letter can be viewed here.