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Policy Perspectives on Fintech

The presentation identifies certain digital policy areas for promoting Fintech.

RandeepSudan
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Policy Perspectives on Fintech

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  1. Policy Perspectives onFintech

  2. Data standardization and access to data flows • Korea’s recent Masterplan on Intelligent Society • Estonia’s data embassies initiative • Access to IRS data

  3. Data analytics • Singapore’s Business Analytics Translation Centre • Smart Nation and Digital Government Group • New South Wales Data Analytics Center under the Ministry of Innovation and Better Regulation

  4. Cyber Security • Critical Information Infrastructures. • Businesses and the community to combat cybercrime and protect personal data • Skills, technologically-advanced companies and strong research collaborations • International partnerships • Cyber Security capabilities centralized and with regulators

  5. Blockchain: Role of Governments • Principle based regulation system with high safety standards, legal certainty and a stable environment for transactions • Focus on end-user cost efficiencies rather than only a redistribution of profits among intermediaries • Government as facilitator for a public or private or public distributed ledger, or as a direct central node that applies the technology but retains a monopoly in managing the ledger entries

  6. India Stack

  7. Regulation • Regulatory sandboxes: UK, Singapore, Thailand, Indonesia, HK, others • Open APIs • Digital IDs • Cryptocurrencies • Canada’s CAD Coin • People’s Bank of China trials

  8. Institutional Design • Financial Services Innovation Officers: Draft Financial Innovation Act (US, Rep. McHenry, Robert Morgan, and Jeanne Hogarth) • Applications in finance but also in health, social welfare, land registration and others • UK and private sector have a non-profit run Faster Payments Clearance System – instant transaction processing between institutions

  9. Government as user • UK: payment systems as part of eprocurement (with Visa) • Georgia: blockchain for land titling • Estonia: blockchain for health records

  10. National Trade Platform

  11. Facilitation

  12. Talent Development • SkillsFuture • MoUs with Polytechnics • International MoUs

  13. International Partnerships • UK’s FinTech Bridge • Cooperation agreement between the Financial Conduct Authority • Singapore (MAS) • China (People’s Bank of China) • South Korea (Korean Financial Services Commission) • Refer FinTech firms to counterparts and share and use information on financial services innovation between regulators • Basel III, Financial Stability Board, Single Europayments Area and TARGET2

  14. Source: Policy Principles for Fintech (ITIF, October 2016)

  15. Thank you!

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