FSI and the G20's Global Partnership for Financial Inclusion (GPFI) convened the fourth biennial conference on global standard-setting bodies (SSBs) and innovative financial inclusion on October 25-26, 2018 in Basel, Switzerland. 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; it also covered new challenges for country-level authorities and for SSBs. Luiz Awazu Pereira da Silva, the BIS Deputy General Manager, said that fintech has brought a new paradigm to the design and implementation strategies for financial inclusion.
Participants discussed the implications of changes brought about by fintech, since the first biennial FSI-GPFI conference in 2012, for financial regulation and supervision and the work of the SSBs. Participants explored examples of adapting regulatory, supervisory, and safety net practices to take into account the fintech developments, the ways for financial sector authorities to leverage the technologies driving fintech to support their own work, and the application of the concept of proportionality in the implementation and assessment of international standards.
Conference discussions also addressed, among others, the use and protection of consumer data, which is key to the digitization focus of financial inclusion priorities under the Argentine G20 presidency. A primary objective of the conference was to foster coordination and collaboration among SSBs on issues of cross-cutting relevance to financial inclusion. In this context, the conference explored lessons learned from the ongoing coordinated action among SSBs on risk reduction as well as the new collaboration imperatives that accompany possible fintech breakthroughs of financial inclusion relevance. The conference culminated in a session where senior representatives from SSBs and other participants examined the implications of innovative financial inclusion for global standards and guidance. The final session brought forward the key topics on which further coordination, collaboration, and information-sharing might be beneficial.
Keywords: International, Banking, Financial Inclusion, Fintech, SSB, Proportionality, GPFI, FSI
Previous ArticleFASB Updates Accounting for Fees Paid in Cloud Computing Arrangement
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.