Nov 022018
 

The BIS’s Financial Stability Institute (FSI) and the G20’s Global Partnership for Financial Inclusion (GPFI) convened the fourth biennial conference on global standard-setting bodies (SSBs) and innovative financial inclusion on 25-26 October 2018 in Basel, Switzerland.

The conference took place in the context of accelerating change in the financial services landscape in countries across the income spectrum, including expanding opportunities for financial inclusion, but also new challenges for country-level authorities and for SSBs.

Following the reflections by Governor Nestor A Espenilla Jr of Bangko Sentral ng Pilipinas on the dramatic changes brought about by fintech since the first biennial FSI-GPFI conference in 2012, participants discussed the implications of these changes for financial regulation and supervision and the work of the SSBs. Participants explored specific examples of adapting regulatory, supervisory and safety net practices to take into account fintech developments; ways for financial sector authorities to leverage the same technologies driving fintech to support their own work; and the application of the concept of proportionality in the implementation and assessment of international standards.

“Fintech has brought a new paradigm to the design and implementation strategies for financial inclusion. For example, smartphones for mobile banking and investing services are technologies that are making financial services much more accessible to the general public”, said the BIS Deputy General Manager Luiz Awazu Pereira da Silva.

Conference discussions also addressed pertinent topics such as the use and protection of consumer data, key to the digitisation focus of financial inclusion priorities under the Argentine G20 presidency.

A primary objective of the conference was to foster coordination and collaboration among SSBs on issues of cross-cutting relevance to financial inclusion. In this context, the conference explored lessons learnt from the ongoing coordinated action among SSBs on de-risking as well as the new collaboration imperatives that accompany possible fintech breakthroughs of financial inclusion relevance.

The conference culminated in a session where senior representatives from SSBs and participants examined the implications of innovative financial inclusion for global standards and guidance, building on the previous discussions. This final session brought forward the key topics on which further coordination, collaboration and information-sharing might be beneficial.

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