The Bali Fintech Agenda
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Summary:
Rapid advances in financial technology are transforming the economic and financial
landscape, offering wide-ranging opportunities while raising potential risks. Fintech can
support potential growth and poverty reduction by strengthening financial
development, inclusion, and efficiency—but it may pose risks to consumers and
investors and, more broadly, to financial stability and integrity.
National authorities are keen to foster fintech’s potential benefits and to mitigate its
possible risks. Many international and regional groupings are now examining various
aspects of fintech, in line with their respective mandates. There have been calls for
greater international cooperation and guidance about how to address emerging issues,
with some also cautioning against premature policy responses.
In response to these calls from member countries, the IMF and the World Bank staff
have developed the Bali Fintech Agenda, summarized in Annex I of this paper. The
Agenda brings together and advances key issues for policymakers and the international
community to consider as individual countries formulate their policy approaches. It
distills these considerations into 12 elements arising from the experiences of member
countries.
The Agenda offers a framework for the consideration of high-level issues by individual
member countries, including in their own domestic policy discussions. It does not
represent the work program of the IMF or the World Bank, nor does it aim to provide
specific guidance or policy advice. The Agenda will help guide the focus of IMF and
World Bank staff in their work on fintech issues within their expertise and mandate,
inform their dialogue with national authorities, and help shape their contributions to
the work of the standard-setting bodies and other relevant international institutions on
fintech issues. Implications for the work programs of the IMF and World Bank will be
developed and presented to their respective Executive Boards for guidance as the
nature and scope of the membership’s needs––in response to the Bali Fintech
Agenda—become clearer.
Series:
Policy Papers
English
Publication Date:
October 11, 2018
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