Responsible Finance Forum

FINTECH: THE EXPERIENCE SO FAR

Source:  IMF
 
 World Bank Group

The Bali Fintech Agenda (BFA) was approved last year by the IMF and World Bank Group. It lays out key issues to consider in how technological innovation is changing the provision of financial services with implications for economic efficiency and growth, financial stability, inclusion, and integrity. In approving the BFA, IMF Executive Directors asked staff to review fintech developments and consider their implications within the mandates of the IMF and the World Bank. This paper responds to this call and takes stock of country fintech experiences and identifies key fintech-related issues that merit further attention by the membership and international bodies. It draws upon (a) discussions with country authorities raised in the context of IMF surveillance and World Bank country work; (b) the findings of a survey of the membership on their approach to the BFA; and (c) deeper exploration on selected fintech topics by staff. The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.