The Bali Fintech Agenda

Rapid advances in financial technology are transforming the economic and financial landscape, offering wide-ranging opportunities while raising potential risks. Fintech can support potential growth and poverty reduction by strengthening financial development, inclusion, and efficiency—but it may pos...

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Bibliographic Details
Corporate Authors: International Monetary Fund, International Monetary Fund Legal Dept, International Monetary Fund Strategy, Policy, &amp, Review Department, World Bank
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2018
Series:Policy Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Finance 
653 |a Industries: Financial Services 
653 |a Banks and banking 
653 |a Regimes 
653 |a Financial sector policy and analysis 
653 |a Financial services 
653 |a Fintech 
653 |a Crime 
653 |a Technological innovations 
653 |a Standards 
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653 |a Criminology 
653 |a Anti-money laundering and combating the financing of terrorism (AML/CFT) 
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653 |a Financial inclusion 
653 |a Illegal Behavior and the Enforcement of Law 
653 |a Money laundering 
653 |a Computer applications in industry & technology 
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653 |a Financial Markets and the Macroeconomy 
653 |a Monetary Systems 
653 |a White-collar crime 
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520 |a Rapid advances in financial technology are transforming the economic and financial landscape, offering wide-ranging opportunities while raising potential risks. Fintech can support potential growth and poverty reduction by strengthening financial development, inclusion, and efficiency—but it may pose risks to consumers and investors and, more broadly, to financial stability and integrity. National authorities are keen to foster fintech’s potential benefits and to mitigate its possible risks. Many international and regional groupings are now examining various aspects of fintech, in line with their respective mandates. There have been calls for greater international cooperation and guidance about how to address emerging issues, with some also cautioning against premature policy responses. In response to these calls from member countries, the IMF and the World Bank staff have developed the Bali Fintech Agenda, summarized in Annex I of this paper.  
520 |a Implications for the work programs of the IMF and World Bank will be developed and presented to their respective Executive Boards for guidance as the nature and scope of the membership’s needs––in response to the Bali Fintech Agenda—become clearer 
520 |a The Agenda brings together and advances key issues for policymakers and the international community to consider as individual countries formulate their policy approaches. It distills these considerations into 12 elements arising from the experiences of member countries. The Agenda offers a framework for the consideration of high-level issues by individual member countries, including in their own domestic policy discussions. It does not represent the work program of the IMF or the World Bank, nor does it aim to provide specific guidance or policy advice. The Agenda will help guide the focus of IMF and World Bank staff in their work on fintech issues within their expertise and mandate, inform their dialogue with national authorities, and help shape their contributions to the work of the standard-setting bodies and other relevant international institutions on fintech issues.