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This report documents the main findings of the Word Bank Group Survey on Digital Transformation and the Future of Finance. The survey was conducted between May 2020 and January 2021 and focused on the digital transformation of financial services and its impact on financial markets and regulatory environments across the world. The survey covered a wide range of market participants, with a focus on those from Emerging Market and Developing Economies (EMDEs). This survey of market participants complemented earlier surveys of the official sector by the World Bank Group, IMF, and Cambridge Center for Alternative Finance. As a follow-up to the IMF-WBG Bali Fintech Agenda, 3 the IMF and the WBG undertook a global fintech survey (GFS 2019) of central banks, finance ministries, and regulatory agencies, which underpinned the stock-taking paper 'Fintech: The Experience So Far' published by the IMF and the World Bank in 2019. GFS 2019 collected insights from 96 official-sector respondents worldwide related to fintech developments in their respective jurisdictions. It found that the official sector broadly expected fintech to increase competition, particularly in payments, and to further financial inclusion for both households and MSMEs. The results suggested the need to modify regulatory approaches and legal frameworks. The WBG-CCAF survey of regulators from 111 jurisdictions on alternative finance (WBG-CCAF 2019) corroborated regulators' support for technology-driven finance and their plans to further develop regulatory frameworks covering P2P, equity crowdfunding, and initial coin offerings. Purpose-built regulations for these new sectors often impose more obligations than existing regulations. The CCAF-WB 2020 Global COVID-19 FinTech Regulatory Rapid Assessment Study reported regulators' observations that due to accelerated adoption of fintech products and services during the pandemic, particularly in emerging markets, fintech regulation was a priority, along with concerns about rising cybersecurity, operational, and consumer protection risks. This survey largely confirmed the observations of regulators and market participants from previous surveys, reinforcing the competition and inclusion aspects of fintech and the need to continue to address emerging risks, adapt regulatory frameworks, and reduce barriers to innovation.
Fintech—the application of digital technology to financial services—is reshaping the future of finance. Digital technologies are revolutionizing payments, lending, investment, insurance, and other financial products and services—and the COVID-19 pandemic has accelerated this process. Digitalization of financial services and money is helping to bridge gaps in access to financial services for households and firms and is promoting economic development. Improved access to basic financial services translates into better firm productivity and growth for micro and small businesses, as well as higher incomes and resilience to improve the lives of the poor. Technology can lower transaction costs by overcoming geographical access barriers; increasing the speed, security, and transparency of transactions; and allowing for more tailored financial services that better serve consumers, including the poor. Women can especially benefit. Yet too many people and firms still lack access to essential financial services that could help them thrive. It is time for policy makers to embrace fintech opportunities and implement policies that enable and encourage safe financial innovation and adoption. Fintech and the Future of Finance: Market and Policy Implications explores the implications of fintech and the digital transformation of financial services for market outcomes, on the one hand, and regulation and supervision, on the other hand—and how these interact. The report, which provides a high-level perspective for senior policy makers, is accompanied by notes that focus on salient issues for a more technical audience. As the financial sector continues to transform itself, policy trade-offs will evolve, and regulators will need to ensure that market outcomes remain aligned with core policy objectives. Several policy implications emerge. 1. Manage risks, while fostering beneficial innovation and competition. 2. Broaden monitoring horizons and reassess regulatory perimeters. 3. Review regulatory, supervisory, and oversight frameworks. 4. Be mindful of evolving policy trade-offs as fintech adoption deepens. 5. Monitor market structure and conduct to maintain competition. 6. Modernize and open financial infrastructures. 7. Ensure public money remains fit for the digital world. 8. Pursue strong cross-border coordination and sharing of information and best practices.
This report documents the main findings of the Word Bank Group Survey on Digital Transformation and the Future of Finance. The survey was conducted between May 2020 and January 2021 and focused on the digital transformation of financial services and its impact on financial markets and regulatory environments across the world. The survey covered a wide range of market participants, with a focus on those from Emerging Market and Developing Economies (EMDEs). This survey of market participants complemented earlier surveys of the official sector by the World Bank Group, IMF, and Cambridge Center for Alternative Finance. As a follow-up to the IMF-WBG Bali Fintech Agenda, 3 the IMF and the WBG undertook a global fintech survey (GFS 2019) of central banks, finance ministries, and regulatory agencies, which underpinned the stock-taking paper 'Fintech: The Experience So Far' published by the IMF and the World Bank in 2019. GFS 2019 collected insights from 96 official-sector respondents worldwide related to fintech developments in their respective jurisdictions. It found that the official sector broadly expected fintech to increase competition, particularly in payments, and to further financial inclusion for both households and MSMEs. The results suggested the need to modify regulatory approaches and legal frameworks. The WBG-CCAF survey of regulators from 111 jurisdictions on alternative finance (WBG-CCAF 2019) corroborated regulators' support for technology-driven finance and their plans to further develop regulatory frameworks covering P2P, equity crowdfunding, and initial coin offerings. Purpose-built regulations for these new sectors often impose more obligations than existing regulations. The CCAF-WB 2020 Global COVID-19 FinTech Regulatory Rapid Assessment Study reported regulators' observations that due to accelerated adoption of fintech products and services during the pandemic, particularly in emerging markets, fintech regulation was a priority, along with concerns about rising cybersecurity, operational, and consumer protection risks. This survey largely confirmed the observations of regulators and market participants from previous surveys, reinforcing the competition and inclusion aspects of fintech and the need to continue to address emerging risks, adapt regulatory frameworks, and reduce barriers to innovation.
The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.
Work is constantly reshaped by technological progress. New ways of production are adopted, markets expand, and societies evolve. But some changes provoke more attention than others, in part due to the vast uncertainty involved in making predictions about the future. The 2019 World Development Report will study how the nature of work is changing as a result of advances in technology today. Technological progress disrupts existing systems. A new social contract is needed to smooth the transition and guard against rising inequality. Significant investments in human capital throughout a person’s lifecycle are vital to this effort. If workers are to stay competitive against machines they need to train or retool existing skills. A social protection system that includes a minimum basic level of protection for workers and citizens can complement new forms of employment. Improved private sector policies to encourage startup activity and competition can help countries compete in the digital age. Governments also need to ensure that firms pay their fair share of taxes, in part to fund this new social contract. The 2019 World Development Report presents an analysis of these issues based upon the available evidence.
Although the global economy is emerging from the collapse triggered by COVID-19, the recovery is likely to be subdued, and global GDP is projected to remain well below its pre-pandemic trend for a prolonged period. Several risks cloud the outlook, including those related to the pandemic and to rapidly rising debt. The pandemic has further diminished already-weak growth prospects for the next decade. Decisive policy actions will be critical in raising the likelihood of better growth outcomes while warding off worse ones. Immediate priorities include supporting vulnerable groups and ensuring a prompt and widespread vaccination process to bring the pandemic under control. Although macroeconomic policy support will continue to be important, limited fiscal policy space amid high debt highlights the need for an ambitious reform agenda that bolsters growth prospects. To address many of these challenges, global cooperation will be key. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces.
How the global financial services sector has been transformed by artificial intelligence, data science, and blockchain. Artificial intelligence, big data, blockchain, and other new technologies have upended the global financial services sector, creating opportunities for entrepreneurs and corporate innovators. Venture capitalists have helped to fund this disruption, pouring nearly $500 billion into fintech over the last five years. This book offers global perspectives on technology-fueled transformations in financial services, with contributions from a wide-ranging group of academics, industry professionals, former government officials, and current government advisors. They examine not only the struggles of rich countries to bring the old analog world into the new digital one but also the opportunities for developing countries to “leapfrog” directly into digital. The book offers accessible explanations of blockchain and distributed ledger technology and explores big data analytics. It considers, among other things, open banking, platform-based strategies for banks, and digital financial services. Case studies imagine possible future fintech-government interaction, emphasizing that legal and regulatory frameworks can help to create trust in financial processes. The contributors offer novel takes and unexpected insights that will be of interest to fintech experts and nonexperts alike. Contributors Ajay Bhalla, Michelle Chivunga, John D’Agostino, Mark Flood, Amias Moore Gerety, Oliver R. Goodenough, Thomas Hardjono, Sharmila Kassam, Boris Khentov, Alexander Lipton, Lev Menand, Pinar Ozcan, Alex Pentland, Matthew Reed, David L. Shrier, Markos Zachariadis
The outlook for the global economy has darkened. Global financing conditions have tightened, industrial production has moderated, trade tensions have intensified, and some large emerging market and developing economies have experienced significant financial market stress. Faced with these headwinds, the recovery in emerging market and developing economies has lost momentum. Downside risks have become more acute and include the possibility of disorderly financial market movements and an escalation of trade disputes. Debt vulnerabilities in emerging market and developing economies, particularly low-income countries, have increased. More frequent severe weather events would raise the possibility of large swings in international food prices, which could deepen poverty. In this difficult environment, it is of paramount importance for emerging market and developing economies to rebuild policy buffers while laying a stronger foundation for future growth by boosting human capital, promoting trade integration, and addressing the challenges associated with informality,
After more than three decades of average annual growth close to 10 percent, China's economy is transitioning to a 'new normal' of slower but more balanced and sustainable growth. Its old drivers of growth -- a growing labor force, the migration from rural areas to cities, high levels of investments, and expanding exports -- are waning or having less impact. China's policymakers are well aware that the country needs new drivers of growth. This report proposes a reform agenda that emphasizes productivity and innovation to help policymakers promote China's future growth and achieve their vision of a modern and innovative China. The reform agenda is based on the three D's: removing Distortions to strengthen market competition and enhance the efficient allocation of resources in the economy; accelerating Diffusion of advanced technologies and management practices in China's economy, taking advantage of the large remaining potential for catch-up growth; and fostering Discovery and nurturing China's competitive and innovative capacity as China approaches OECD incomes in the decades ahead and extends the global innovation and technology frontier.