The application of new innovative technologies to the financial services industry – FinTech – holds great promise for expanding financial inclusion and addressing the gender gap in access to and usage of financial services. The Financial Stability Board (FSB) has identified a number of regulatory and supervisory issues raised by FinTech, including managing third-party dependencies, mitigating cyber risk and ongoing monitoring. The G20’s Global Partnership for Financial Inclusion has published high level principles for digital financial inclusion which seek to catalyze government action to improve financial inclusion by focusing on digital technologies. While FinTech has the potential to bring substantial benefits, an appropriate regulatory and supervisory environment is essential to both permit and promote innovation while ensuring the sustainability of digital financial services and adequately protecting consumers.
Central bankers and regulators need to carefully monitor the changing market environment and respond, as and when appropriate, to new and several types of risk to ensure that the benefits of digital innovation are fully reaped. One of the key goals of the conference is to discuss and exchange views on how to harness the benefits of digitalisation and simultaneously mitigate the risks it involves.
This one day conference is organized for financial sector regulators and supervisors, experts from central banks and affiliated organizations as well as officials from international development agencies, the board and staff of the FSB, the IMF, the World Bank, and other related global institutions, top management of financial institutions, practitioners, academics, analysts and industry commentators.
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