Fintech and the Future of Finance: Market and Policy Implications

Fintech and the Future of Finance: Market and Policy Implications

World Bank published a new report "Fintech and the Future of Finance: Market and Policy Implications". The focus is on the analysis of information technologies in the financial market, the preparation of a focus on the basic rules for servicing digital financial instruments.

As the authors note, FinTech has “revolutionized” the financial services market, significantly increasing their availability. According to the group, global adult bank account ownership over the period 2011-2021 increased from 51% to 76%. Among the development issues of the sector are the expansion of access to the global network, the development of mobile technologies, the increase in computing power and the available amount of data storage. More active use of digital financial services allows to increase the coverage of financial services, as well as the speed, security and transparency of transactions.

Policy recommendations to promote the development of the FinTech industry include:

  • updating the legal and regulatory database of the permanent database;
  • expansion of control and revision of regulatory parameters;
  • modernizing and increasing the openness of the financial system;
  • support for a joint initiative to launch financial projects;
  • expansion of international cooperation.

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