Appendix I. Fintech Functions by Agency

Appendix I. Fintech Functions by Agency

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Sources: Agency websites; and interviews with agency representatives.

Focused currently on building a sandbox.

Plans underway to create a hub and a sandbox.

Consumer education and outreach through MoneySENSE, Singapore government national financial education program.

Note: o: planned, *: preliminary. ACPR = Autorite de ControTe Prudentiel et de Resolution; AMF = Autorite des Marches Financiers; BdF = Banque de France; CFPB = Consumer Financial Protection Bureau; CFTC = Commodity Futures Trading Commission; CMA = Capital Markets Authority; DFSA = Dubai Financial Services Authority; FCA = Financial Conduct Authority; FDIC = Federal Deposit Insurance Corporation; FINMA = Swiss Financial Market Supervisory Authority; HKMA = Hong Kong Monetary Authority; JFSA = Japan Financial Services Agency; MAS = Monetary Authority of Singapore; MDIA = Malta Digital Innovation Authority; MFSA = Malta Financial Services Authority; OCC = Office of the Comptroller of the Currency; SEC = Securities and Exchange Commission; SFC = Securities and Futures Commission.
1

Different definitions of fintech have been used by international bodies and national authorities. Drawing on these, this paper adopts a broad interpretation of fintech to describe the advances in technology that have the potential to transform the provision of financial services spurring the development of new business models, applications, processes, and products. This definition is used in the IMF-World Bank’s Bali Fintech Agenda and supports the high-level considerations of the agenda, while recognizing that there are differ-ences in the opportunities and risks raised by different technological advances.

3

French National Assembly, Action Plan for Business Growth and Transformation, 2019.

4

Mnuchin, Steven T., and Craig S. Phillips. 2018. “A Financial System That Creates Economic Opportunities: Nonbank Financials, Fintech, and Innovation.” Washington, DC: US Department of the Treasury.

5

For further information see https://mdia.gov.mt/

6

”Regulatory sandbox,” in general, refers to live testing of new products or services in a controlled environment. In addition to a sandbox—which here refers to a sandbox as defined by each agency—some authorities operate other types of innovation facilitators. For more discussion on the definition of regulatory sandboxes, please see Global Financial Innovation Network (GFIN). 2018. “Appendix 1: Regulatory Sandboxes in Financial Services.” In Consultation Document, August.

7

The GFIN is a collaborative policy and knowledge sharing initiative aimed at advancing areas, including financial integrity; consumer wellbeing and protection; financial inclusion; competition; and financial stability through innovation in financial services, by sharing experiences, working jointly on emerging policy issues, and facilitating responsible cross-border experimentation of new ideas. Global Financial Innovation Network (GFIN). 2018. “Consultation Document.” August.

8

Global Financial Innovation Network (GFIN). 2018. “Consultation Document.” August.

9

BCBS. 2018. “Sound Practices: Implications of fintech development for banks and bank supervisors,” February.

Institutional Arrangements for Fintech Regulation and Supervision
Author: Mr. Charles R Taylor, Christopher Wilson, Eija Holttinen, and Anastasiia Morozova