2017年-FSB全球金融稳定委员会_Non_14页_812kb

The Promise of FinTech – Summary

Core Content

Mark Carney's speech at the Deutsche Bundesbank G20 conference in 2017 discusses the transformative potential of FinTech and its implications for financial stability, inclusion, and literacy. He outlines the evolution of financial services and the role of technology in reshaping the industry, while also highlighting the need for careful regulatory oversight to ensure that innovation benefits society without introducing systemic risks.

Main Points

1. FinTech's Potential

• FinTech is reshaping the financial services value chain by introducing new technologies and business models.
• It offers the potential to democratise financial services, improve efficiency, and increase financial inclusion.
• Innovations such as digital wallets, eMoney, peer-to-peer (P2P) lending, and algorithmic trading are changing how financial services are delivered and accessed.
• Emerging economies are particularly benefiting from FinTech-driven credit expansion and financial inclusion.

2. The Financial Services Value Chain

• Traditional universal banks combine customer relationships, deposits, lending, and wholesale activities.
• FinTech is breaking down these traditional functions, offering new ways to access and manage financial services.
• Examples include:
  • Payment services: Digital wallets and eMoney are replacing traditional methods.
  • Lending: P2P platforms and invoice financing are providing new credit opportunities.
  • Trading: Algorithmic trading and high-frequency trading are becoming dominant in markets.
  • Settlement: Distributed ledger technologies may improve accuracy and efficiency in securities settlement.

3. Public Policy Considerations

• Conduct issues: AML, CFT, and client suitability must be addressed with new regulatory frameworks.
• Digital identities: Enabling access for underbanked populations requires balancing privacy, security, and cost.
• Data protection: As data sharing becomes more prevalent, new rules are needed for its storage, use, and cross-border transfer.

4. Financial Stability Risks

• FinTech may introduce new systemic risks, including:
  • Credit intermediation: P2P lending could pose risks if underwriting standards are not robust.
  • Operational and cyber risks: Reliance on common platforms or cloud services increases single point of failure risks.
  • Market volatility: Algorithmic trading and herding behavior may lead to increased pro-cyclicality and instability.
  • Liquidity risk: Dominant digital wallets or central bank digital currencies (CBDCs) could disrupt traditional banking models.

5. Regulatory Responses

• Regulatory sandboxes: Allow for testing innovation with proportionate oversight.
• Adapting authorisation processes: To support new business models and prevent unnecessary barriers.
• Expanding access to central bank money: Enables non-bank providers to compete and innovate.
• Research and development: Authorities are exploring new technologies and their implications, including CBDCs.

Key Information

• FinTech's impact: It is changing the financial system by unbundling traditional banking functions and introducing new players.
• Challenges: The shift may lead to increased systemic risk, especially if new technologies are not properly regulated.
• Regulatory focus: Policymakers must ensure that FinTech development maximises benefits while minimising risks.
• Future outlook: While FinTech has the potential to revolutionise finance, it is important to manage its integration into the existing financial system carefully.

Conclusion

FinTech represents a significant shift in the financial landscape, with the potential to enhance efficiency, inclusion, and innovation. However, it also poses new risks that require a nuanced and adaptive regulatory approach. Carney calls for a balance between fostering innovation and maintaining financial stability, emphasizing the need for coordinated efforts across global regulators. The goal is to build a resilient and inclusive financial system that supports the needs of a digital age.