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June 27, 2017

FSB published a report analyzing the financial stability implications from fintech. The analysis aimed to identify supervisory and regulatory issues that merit the attention of authorities. The report identifies ten such issues, out of which three are seen as priorities for international collaboration; these issues are the need to manage operational risk from third-party service providers, mitigation of cyber risks, and monitoring of macro-financial risks that could emerge as fintech activities increase.

The report notes the need for the official and private sectors to improve data on fintech applications and the need for regulators to understand how businesses and the market structure are changing. The report develops a framework that defines the scope of fintech activities to be covered and classifies these activities by their primary economic function. The report identifies potential benefits of fintech, including decentralization and increased intermediation by non-financial entities; greater efficiency, transparency, competition, and resilience of the financial system; and greater financial inclusion and economic growth. Potential risks include institution-specific micro-financial risks that could emerge and system-wide macro-financial risks. FSB will continue to monitor and discuss the evolution of the potential financial stability implications of fintech developments.

 

Related Link: Report (PDF)

Keywords: FSB, Fintech, International, Banking, Financial Stability, Securities, Insurance

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