Featured Product

    FSI-GPFI Conference on Global SSBs and Innovative Financial Inclusion

    November 02, 2018

    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.

     

    Related Links

    Keywords: International, Banking, Financial Inclusion, Fintech, SSB, Proportionality, GPFI, FSI

    Related Articles
    News

    APRA Updates Validation and Derivation Rules in September 2020

    APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    September 24, 2020 WebPage Regulatory News
    News

    EC Proposes Frameworks for Crypto-Assets and Operational Resilience

    EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.

    September 24, 2020 WebPage Regulatory News
    News

    ECB Publishes Opinion on Proposals to Amend Securitization Framework

    ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.

    September 24, 2020 WebPage Regulatory News
    News

    FCA Consults on Regulation of International Firms in UK

    FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.

    September 23, 2020 WebPage Regulatory News
    News

    MAS Amends Notice on Capital Adequacy Requirements of Banks

    MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.

    September 23, 2020 WebPage Regulatory News
    News

    FCA to Begin to Move Firms to New Data Collection Platform RegData

    FCA announced that it will move firms to RegData from Gabriel in the coming months in stages, based on the reporting requirements of firms.

    September 23, 2020 WebPage Regulatory News
    News

    ISDA Expects IBOR Fallbacks to be Effective by End of January 2021

    ISDA issued a letter to regulators to flag that it now expects the supplement to the 2006 ISDA Definitions and the Interbank Offered Rate (IBOR) Fallbacks Protocol to be effective around mid- to late-January 2021.

    September 23, 2020 WebPage Regulatory News
    News

    APRA Reviews Repayment Deferral Plans, Identifies Best Practices

    APRA has concluded its review of the comprehensive plans of authorized deposit-taking institutions for the assessment and management of loans with repayment deferrals.

    September 22, 2020 WebPage Regulatory News
    News

    ESAs Assess Risks to Financial Sector After COVID-19 Outbreak

    ESAs (EBA, EIOPA, and ESMA) published the first joint report that assesses risks in the financial sector since the outbreak of the COVID-19 pandemic.

    September 22, 2020 WebPage Regulatory News
    News

    BoE Confirms Withdrawal of COVID Corporate Financing Facility

    BoE and HM Treasury confirmed that the COVID Corporate Financing Facility (CCFF) will close for new purchases of commercial paper, with effect from March 23, 2021.

    September 22, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5836