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Introduction:
The Financial Stability Board FSB defines FinTech as technological innovations that have the potential to significantly alter financial markets, institutions, and service provision through new business, applications, processes, or products. These advancements are reshaping various sectors within the financial services industry.
In collaboration with international organizations, the FSB monitors FinTech developments while assessing their implications for financial stability. This effort draws on insights from standard-setters and national authorities overseeing supervisory and regulatory approaches to FinTech activities. The Financial Innovation Network FIN at the FSB provides an in-depth perspective on FinTech's impact on global financial stability.
Key Issues:
The FSB has conducted thorough analyses of various FinTech areas, including:
BigTech in Finance: Exploring the role of large technology companies that provide financial services.
SupTech and RegTech: Investigating how technology can be leveraged by supervisors SupTech and regulated institutions to meet regulatory requirements.
The m of this analytical work is to enhance understanding of both the benefits and potential risks associated with FinTech, fostering a dialogue among public, private, and academic stakeholders.
Summary:
In , the FSB's comprehensive approach to monitoring and analyzing financial innovations supports global financial stability by enabling informed decision-making. Through collaborative efforts with international partners and rigorous evaluation frameworks, the organization plays a pivotal role in navigating the transformative impact of technology on finance.
Updated: September 25, 2024
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Global Financial System Innovation Role FinTech FSB Monitors Technology Financial Markets Assessing Risks Benefits Financial Stability BigTech Impact on Finance Industry Analysis SupTech RegTech Enhancing Supervisory Compliance Collaborative Efforts in Financial Innovations Navigation