{ "title": "Opening Remarks: Rabat Conference on the Bali Fintech Agenda", "publication": "IMF News, March 13, 2019", "sourceUrl": "https://www.imf.org/en/news/articles/2019/03/11/sp03132019-rabat-conference-on-the-bali-fintech-agenda", "canonical": "https://www.imf.org/en/news/articles/2019/03/11/sp03132019-rabat-conference-on-the-bali-fintech-agenda", "overlayPath": "/en/news/articles/2019/03/11/sp03132019-rabat-conference-on-the-bali-fintech-agenda/index.md", "summary": "Remarks by Tobias Adrian, Rabat, Morocco, March 13, 2019. As prepared for delivery.", "authors": [ "Tobias Adrian Rabat" ], "publishDate": "2019-03-13", "sections": [ { "heading": "Overview and purpose", "content": "- Remarks by Tobias Adrian, Rabat, Morocco, March 13, 2019. As prepared for delivery.\n- Conference purpose: promote broad discussions and develop a better understanding of how member countries are incorporating the high-level considerations proposed in the Bali Fintech Agenda (referred to as the “BFA”) into national frameworks.\n- Emphasis: reap potential benefits of new financial technologies while managing their risks; adjust policy frameworks comprehensively to realize Fintech’s positive potential for society." }, { "heading": "Bali Fintech Agenda (BFA) implementation and IMF/World Bank actions", "content": "- BFA origin: response to calls by many member countries of the World Bank Group and the IMF for a high-level conceptual framework tying together challenges from digitalization of financial services.\n- Post-launch actions:\n - A survey with \"more than 100 responses\" to provide insights into membership priorities.\n - Survey results, combined with a summary of recent Fintech developments and regulatory responses, to be presented in a formal paper to the Executive Board.\n - Dialogue on Fintech in the context of Article IV consultations and FSAP reports.\n - Ongoing cooperation with standard-setters in their respective areas." }, { "heading": "Fintech opportunities highlighted", "content": "- Financial Inclusion:\n - Fintech can make payments and credit more accessible (e.g., peer-to-peer networks).\n - Some countries in the region have made enormous strides in mobile payments; others are still catching up.\n - Non-bank firms (telecom operators, lending platforms) are important providers of broader access.\n- Cross-border payments and remittances:\n - Potential for large cost savings and time efficiency.\n - New entrants (telcos, Big Tech, other firms) changing banks’ roles in international money transfers.\n - Saudi Arabia and the UAE are noted as spearheading fintech initiatives to facilitate cross-border settlements.\n- Central bank digital currencies (CBDCs):\n - Cited Bank for International Settlements survey: \"70 percent of central banks are currently involved in — or soon will be involved in — this complex area, with one-third of them now seeing the issuance of CBDCs as likely.\"\n - Panel discussions to explore costs and benefits of CBDCs and implications for \"banking as we know it.\"" }, { "heading": "Fintech risks and regulatory challenges", "content": "- New risks from technological change and market developments require comprehensive policy adjustments.\n- Regulatory perimeter questions:\n - How to regulate new providers and products (e.g., crypto assets, non-bank financial services).\n - Whether to impose relatively high barriers to entry to mitigate unknown risks versus adopting flexible solutions such as regulatory sandboxes.\n- Supervisory and data challenges:\n - Classic prudential reporting frameworks must be complemented by new data-collection frameworks covering new entrants and channels; legal bases may not yet exist.\n - Need for robust data infrastructures to address privacy and cyber risk concerns.\n- Financial integrity:\n - Mitigate money-laundering risk in new payment channels.\n - Embed adjustments in strong institutional and legal frameworks that guarantee financial integrity.\n- Competition considerations:\n - Ensure the new landscape is competitive to realize efficiencies from new technologies." }, { "heading": "Policy areas requiring coordinated action", "content": "- Improve payments infrastructure to enable greater efficiency.\n- Broaden access to, and review the oversight of, infrastructure for new entrants and ensure interoperability of systems.\n- Oversee transformation of banking business models due to new technologies.\n- Address AML/CFT and stability implications of new products and activities." }, { "heading": "Concrete next steps and recommendations", "content": "- Three specific steps to begin follow-up on the Bali Fintech Agenda:\n 1. Jurisdiction-level consultations: begin consultations with all relevant parties (central banks, regulators, private sector) to develop country-specific approaches reflecting comparative advantages and specific situations; priorities may differ (examples: AML/CFT issues; financial inclusion; infrastructure).\n 2. Regional consultations and cooperation efforts.\n 3. Commit to sharing knowledge and engaging in more events; pursue a robust program of publications by respective institutions to promote broader knowledge-exchange." }, { "heading": "Conference process and outreach", "content": "- Conference will reflect on BFA elements’ relevance to each economy, share experiences, voice concerns, explore challenges, and discuss policy approaches.\n- Final session: roundtable for participants to share experiences and ask questions.\n- IMF–Morocco partnership note: IMF and Morocco have started a broad partnership towards hosting the 2021 IMF Annual Meetings in Marrakesh; this conference is one of many events to build momentum.\n\nOpening Remarks: Rabat Conference on the Bali Fintech Agenda — Tobias Adrian, Rabat, Morocco, March 13, 2019.\n\n---\n\n\n References\n\n- Tobias Adrian\n- Morocco and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/03/11/sp03132019-rabat-conference-on-the-bali-fintech-agenda" } ], "bullets": [ "[Markdown version](/en/news/articles/2019/03/11/sp03132019-rabat-conference-on-the-bali-fintech-agenda/index.md)", "[Structured JSON version](/en/news/articles/2019/03/11/sp03132019-rabat-conference-on-the-bali-fintech-agenda/index.json)", "[Bundle manifest](/en/news/articles/2019/03/11/sp03132019-rabat-conference-on-the-bali-fintech-agenda/bundle-manifest.json)", "Authors: Tobias Adrian Rabat", "Published: March 13, 2019", "Remarks by Tobias Adrian, Rabat, Morocco, March 13, 2019. As prepared for delivery.", "Conference purpose: promote broad discussions and develop a better understanding of how member countries are incorporating the high-level considerations proposed in the Bali Fintech Agenda (referred to as the “BFA”) into national frameworks.", "Emphasis: reap potential benefits of new financial technologies while managing their risks; adjust policy frameworks comprehensively to realize Fintech’s positive potential for society.", "BFA origin: response to calls by many member countries of the World Bank Group and the IMF for a high-level conceptual framework tying together challenges from digitalization of financial services.", "Post-launch actions:", "Financial Inclusion:", "Cross-border payments and remittances:", "Central bank digital currencies (CBDCs):", "New risks from technological change and market developments require comprehensive policy adjustments.", "Regulatory perimeter questions:", "Supervisory and data challenges:", "Financial integrity:", "Competition considerations:", "Improve payments infrastructure to enable greater efficiency.", "Broaden access to, and review the oversight of, infrastructure for new entrants and ensure interoperability of systems.", "Oversee transformation of banking business models due to new technologies.", "Address AML/CFT and stability implications of new products and activities.", "Three specific steps to begin follow-up on the Bali Fintech Agenda:", "Conference will reflect on BFA elements’ relevance to each economy, share experiences, voice concerns, explore challenges, and discuss policy approaches.", "Final session: roundtable for participants to share experiences and ask questions.", "IMF–Morocco partnership note: IMF and Morocco have started a broad partnership towards hosting the 2021 IMF Annual Meetings in Marrakesh; this conference is one of many events to build momentum.", "[Tobias Adrian](http://www.imf.org/external/np/bio/eng/ta.htm)", "[Morocco and the IMF](http://www.imf.org/external/country/MAR/index.htm)", "[Speeches](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "alternates": { "markdown": "/en/news/articles/2019/03/11/sp03132019-rabat-conference-on-the-bali-fintech-agenda/index.md", "json": "/en/news/articles/2019/03/11/sp03132019-rabat-conference-on-the-bali-fintech-agenda/index.json", "bundleManifest": "/en/news/articles/2019/03/11/sp03132019-rabat-conference-on-the-bali-fintech-agenda/bundle-manifest.json" }, "generatedAtUtc": "2026-09-25T22:35:39.091Z" }