{
  "title": "The Next Steps for International Cooperation in Fintech",
  "publication": "IMF News, June 8, 2019",
  "sourceUrl": "https://www.imf.org/en/news/articles/2019/06/07/sp060819-lagarde-the-next-steps-for-international-cooperation-in-fintech",
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  "summary": "Opening Remarks by Christine Lagarde, Managing Director, IMF.",
  "publishDate": "2019-06-08",
  "sections": [
    {
      "heading": "Opening and context",
      "content": "- Opening Remarks by Christine Lagarde, Managing Director, IMF.\n- Event: G20 High Level Seminar “Our Future in the Digital Age”, Fukuoka, Japan.\n- Date: June 8, 2019.\n- Fukuoka described as “Japan’s start-up city”; “in each of the last three years more companies have been started in Fukuoka than nearly anywhere else in Japan.”"
    },
    {
      "heading": "Opportunities and risks in financial innovation",
      "content": "- Fintech can cut the cost of utilizing financial tools and enable millions to build a better life if handled correctly.\n- Key trade-off: manage risks of fintech without suffocating innovation; keep up with rapid fintech innovation while ensuring consumers and investors feel secure.\n- Objectives stated: create a safe, sound, sustainable and inclusive financial system, protected from criminal abuse.\n- Gender and inclusion implications:\n  - Fintech has helped to close the inclusion gender gap in some countries, but not everywhere.\n  - Gaps in access to technology partly explain lower usage by women; even when access is equal, women may use digital services less due to social norms, affordability, and financial literacy.\n  - Country examples:\n    - In Egypt, Ethiopia, and India, men are 20 percentage points more likely than women to have their own phone.\n    - In Bangladesh, men are 22 percentage points more likely than women to have a mobile money account.\n  - Recommendation: increasing financial literacy can play a key role in generating higher gender participation."
    },
    {
      "heading": "The Bali Fintech Agenda and IMF–World Bank work",
      "content": "- At the request of IMF membership, the IMF and the World Bank developed the Bali Fintech Agenda, identifying twelve priorities for countries and international organizations in the fintech space.\n- A survey of members attracted participation from 96 countries.\n- Findings from the IMF–World Bank review to be released in a new joint paper (release described as “later this month” in the speech)."
    },
    {
      "heading": "Survey highlights: policy priorities and international cooperation demands",
      "content": "- Countries overwhelmingly see fintech as transformative for financial inclusion.\n- Countries are asking for greater international cooperation in fintech; top priorities reported in the survey:\n  - Nearly 80% mentioned cybersecurity as their most important priority;\n  - Around 60% listed anti-money laundering legal and regulatory frameworks;\n  - Another 40% cited payment systems including across borders.\n- Countries want swifter progress in international forums where IMF staff participates."
    },
    {
      "heading": "Market concentration, big tech, and systemic concerns",
      "content": "- Anticipated significant disruption from big tech firms using large customer bases, big data, and artificial intelligence to offer financial products.\n- Potential benefits: accelerating inclusion and modernizing financial markets.\n- Associated risks: privacy issues, competition concerns, market concentration, and potential vulnerabilities in the financial system.\n- China example:\n  - Over the last five years, technology growth in China allowed millions to access financial products and created high-quality jobs.\n  - At the same time, two firms control more than 90% of the mobile payments market.\n  - This concentration presents a unique systemic challenge to financial stability and efficiency."
    },
    {
      "heading": "Policy directions and concluding guidance",
      "content": "- Integrate different national approaches to crypto-assets, non-bank fintech intermediaries, and the governance of data to harness fintech’s potential for inclusion and development.\n- Preserve financial stability and integrity, protect consumers, and increase financial literacy while fostering innovation.\n- Emphasis on international dialogue and cooperation: “We will cross the bridge, together, into the fintech future. But we will only do so once we are confident that bridge is safe and secure.”\n- Events and multilateral engagement are critical parts of the process; IMF positions itself as a partner.\n\nOpening Remarks by Christine Lagarde, Managing Director, IMF — G20 High Level Seminar “Our Future in the Digital Age”, Fukuoka, Japan, June 8, 2019.\n\n---\n\n\n References\n\n- Christine Lagarde\n- People's Republic of China and the IMF\n- Japan and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/06/07/sp060819-lagarde-the-next-steps-for-international-cooperation-in-fintech"
    }
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    "Published: June 8, 2019",
    "Opening Remarks by Christine Lagarde, Managing Director, IMF.",
    "Event: G20 High Level Seminar “Our Future in the Digital Age”, Fukuoka, Japan.",
    "Date: June 8, 2019.",
    "Fukuoka described as “Japan’s start-up city”; “in each of the last three years more companies have been started in Fukuoka than nearly anywhere else in Japan.”",
    "Fintech can cut the cost of utilizing financial tools and enable millions to build a better life if handled correctly.",
    "Key trade-off: manage risks of fintech without suffocating innovation; keep up with rapid fintech innovation while ensuring consumers and investors feel secure.",
    "Objectives stated: create a safe, sound, sustainable and inclusive financial system, protected from criminal abuse.",
    "Gender and inclusion implications:",
    "At the request of IMF membership, the IMF and the World Bank developed the Bali Fintech Agenda, identifying twelve priorities for countries and international organizations in the fintech space.",
    "A survey of members attracted participation from 96 countries.",
    "Findings from the IMF–World Bank review to be released in a new joint paper (release described as “later this month” in the speech).",
    "Countries overwhelmingly see fintech as transformative for financial inclusion.",
    "Countries are asking for greater international cooperation in fintech; top priorities reported in the survey:",
    "Countries want swifter progress in international forums where IMF staff participates.",
    "Anticipated significant disruption from big tech firms using large customer bases, big data, and artificial intelligence to offer financial products.",
    "Potential benefits: accelerating inclusion and modernizing financial markets.",
    "Associated risks: privacy issues, competition concerns, market concentration, and potential vulnerabilities in the financial system.",
    "China example:",
    "Integrate different national approaches to crypto-assets, non-bank fintech intermediaries, and the governance of data to harness fintech’s potential for inclusion and development.",
    "Preserve financial stability and integrity, protect consumers, and increase financial literacy while fostering innovation.",
    "Emphasis on international dialogue and cooperation: “We will cross the bridge, together, into the fintech future. But we will only do so once we are confident that bridge is safe and secure.”",
    "Events and multilateral engagement are critical parts of the process; IMF positions itself as a partner.",
    "[Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)",
    "[People's Republic of China and the IMF](http://www.imf.org/external/country/CHN/index.htm)",
    "[Japan and the IMF](http://www.imf.org/external/country/JPN/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)"
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