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October 12, 2017

IMF brought together ministers of finance and economics, central bank governors, and other senior officials to share experiences, examine impact of technological change in the financial sector, and discuss potential policy and regulatory responses to financial technology (fintech). For this purpose, representatives from over 40 advanced and emerging economies and international institutions met in Washington.

The IMF Managing Director Christine Lagarde addressed meeting participants and emphasized that “Our key message is that it would be wise for central bankers and regulators to prepare for the potential benefits and challenges of fintech.” IMF has an active research program—having already published two research papers, on virtual currencies and on fintech and financial services—and is increasingly taking fintech into account in its capacity development and economic surveillance work. Its global membership makes the IMF the ideal platform to exchange experiences, build consensus on policies, and evaluate the potential international impact of domestic decisions. Besides the meeting with policymakers, Ms. Lagarde chaired a discussion between major central banks and industry leaders and innovators on the challenges fintech brings to regulation and central banking. 

 

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Keywords: International, Banking, Insurance, Securities, Fintech, International Cooperation, IMF


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