27 June 2017
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Ref no: 19/2017
The FSB has been analysing the potential financial stability implications from FinTech with a view to identifying supervisory and regulatory issues that merit authorities’ attention. Ten areas have been identified, of which the following three are seen as priorities for international collaboration:
- the need to manage operational risk from third-party service providers;
- mitigating cyber risks; and
- monitoring macrofinancial risks that could emerge as FinTech activities increase.
Addressing these priority areas is seen as essential to supporting authorities’ efforts to safeguard financial stability while fostering more inclusive and sustainable finance.
“Regulators need to understand the impact that developments in FinTech can have on financial stability, especially given the rapid rise of innovation in this space,” said Carolyn A. Wilkins, Senior Deputy Governor at the Bank of Canada and chair of the FSB’s FinTech Issues Group. “Our report today sets out a clear picture of supervisory and regulatory issues, which the FSB will continue to monitor and discuss going forward.”
Press release: P270617