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Cover FinTech Notes
Institutional Arrangements for Fintech Regulation: Supervisory Monitoring
Parma Bains and Caroline Wu
The impact of fintech is growing rapidly worldwide, although this growth is uneven across jurisdictions. Depending on the effect of fintech, authorities may adopt a passive approach of monitoring fintech, try and capture new business models in existing regulatory frameworks, develop bespoke regulation, or adopt test and learn policies through institutional arrangements like innovation hubs and sandboxes. The test and learn approach is relatively unique to fintech in financial regulation and supervision and has advantages and disadvantages. While it can help authorities monitor and respond to the challenges of fintech in some scenarios, in others it could lead to risks to consumers and markets, particularly when designed poorly or with an unclear use case. Ultimately, the aim for authorities should be to consider fintech regulation part of the mainstream, where fintech expertise is embedded throughout an organization and not siloed to specific fintech units.
Keywords:
Fintech; sandbox; innovation; regulation; innovationhub; supervision; techsprint; IMF Library; policy sandbox; technology sprint; sector sandbox; publication order; UK Financial Conduct Authority; cross-border sandbox; Emerging technologies; Technological innovation; Global
Cover Finance & Development
Finance and Development, June 2023: Intersecting Paths
Caroline Freund

PHOTOS: GETTY IMAGES/ SEONGJOON CHO

Keywords:
redistribution policy; policy choice; government protection; policy prescription; trade openness; Technological innovation; Global
Cover Finance & Development
A New ERA for Money
Mr. Eswar S Prasad

ART: PETE REYNOLDS

Keywords:
central bank money; central bank currency; currency competition; government-issued currency; payment infrastructure; Currencies; Monetary base; Virtual currencies; Payment systems; Technological innovation; Global
Cover FinTech Notes
Keeping Pace with Change: Fintech and the Evolution of Commercial Law
José Garrido, Ms. Yan Liu, Joseph Sommer, and Juan Sebastián Viancha
This note explores the interactions between new technologies with key areas of commercial law and potential legal changes to respond to new developments in technology and businesses. Inspired by the Bali Fintech Agenda, this note argues that country authorities need to closely examine the adequacy of their legal frameworks to accommodate the use of new technologies and implement necessary legal reform so as to reap the benefits of fintech while mitigating risks. Given the cross-border nature of new technologies, international cooperation among all relevant stakeholders is critical. The note is structured as follows: Section II describes the relations between technology, business, and law, Section III discusses the nature and functions of commercial law; Section IV provides a brief overview of developments in fintech; Section V examines the interaction between technology and commercial law; and Section VI concludes with a preliminary agenda for legal reform to accommodate the use of new technologies.
Keywords:
fintech, commercial law, technological innovations, distributed ledger technology, tokens, artificial intelligence, Internet of Things, automated conrtracting, smart contracts, registries, contract law, securities and negotiable instruments, company law, secured transactions, insolvency, digital technology; FINTECH note; B. contract law; evolution of commercial law; publication order; DLT network; Blockchain and DLT; Smart contracts; Technological innovation; Emerging technologies; Securities
Cover FinTech Notes
Blockchain Consensus Mechanisms: A Primer for Supervisors
Parma Bains
Technology plays an increasingly important role in financial services. With the pace of technological inno-vation moving ever faster, the role new technology plays in the provision of financial services is becoming increasingly fundamental. New technology can generate efficiencies for firms, lowering costs that can be passed on to end users. It can increase access to financial services and products for consumers, particularly the most vulnerable; however, new technology can also create new risks and unintended consequences that can harm financial stability, consumer protection, and market integrity. This primer is designed for financial supervisors at central banks, regulatory authorities, and government departments. It adds to existing literature by summarizing key aspects of popular consensus mechanisms at a high level, with a specific focus on how such mechanisms may impact the mandates of supervisors and policymakers when deployed in financial services markets. It could also help inform IMF staff on policy development and technical assistance related to crypto assets, stablecoins, and blockchains.
Keywords:
fintech, blockchain, distributed ledger technology, proof-of-stake, proof-of-work, crypto assets, stablecoins, central bank digital currencies, Bitcoin, BigTech; Blockchain consensus mechanism; bitcoin mining; FINTECH note; A. consensus mechanism; B. consensus mechanism; Blockchain and DLT; Virtual currencies; Technological innovation; Global
Cover Finance & Development
Fighting Climate Change with Innovation
International Monetary Fund

ART: ISTOCK / ASCENTXMEDIA; THE NOUN PROJECT

Keywords:
asset owner; tree innovation opportunity; scaling capture; technology cost; governments measure; Climate change; Technological innovation; Global
Cover IMF Working Papers