Institutional Arrangements for Fintech Regulation and Supervision

Abstract

Fintech developments are shaking up mandates within the existing regulatory architecture. It is not uncommon for financial sector agencies to have multiple policy objectives. Most often the policy objectives for these agencies reflect prudential, conduct and financial stability policy objectives. In some cases, financial sector agencies are also allocated responsibility for enhancing competition and innovation. When it comes to fintech, countries differ to some extent in the manner they balance the objectives of promoting the development of fintech and regulating it. Countries see fintech as a means of achieving multiple policy objectives sometimes with lesser or greater degrees of emphasis, such as accelerating development and spurring financial inclusion, while others may support innovation with the objective of promoting competition and efficiency in the provision of financial services. This difference in emphasis may impact institutional structures, including the allocation of staff resources. Conflicts of interest arising from dual roles are sometimes managed through legally established prioritization of objectives or establishment of separate internal reporting lines for supervision and development.

International Coordination and National Institutional Facilitating Mechanisms for Financial Technology Development, for the Sustainable Development Support

“…Creation of new specialized agencies is practically does not happen, the functionality and responsibilities are redistributed between the existing departments of traditional structures. Supervisory functions are also carried out within the framework of traditional banking regulation (France, Great Britain) or sectoral supervision by industry, banking regulation, insurance and the securities market (Kenya, Hong Kong, USA, Emirates), or a unified supervisory authority (Japan, Malta, Russia, free economic zones Dubai and Abu Dhabi, Singapore, Switzerland) [1].…”

“…For example, Hong Kong, Singapore, Dubai and Abu-Dhabi hold annual international Fintech exhibitions, pursue the coordinated and consistent policy to promote the brand at the global level and in the regions as a whole as global technological fintech hubs in Asia and the Arab world. [1]. Switzerland actively conducts international scientific training programs and develops education in this area, issues guidelines, methodological recommendations, etc.…”

“…For example, there is a recent initiative between Singapore and Hong Kong that explores the link between the Hong Kong Special Administrative Region's Distributed Trade Finance Accounting Technology platform and the similar platform in Singapore that allows banks in one jurisdiction to transact with banks in another and avoid fraudulent and multiple transactions). [1].…”

A Survey of Research on Retail Central Bank Digital Currency

“…Depending on the local circumstances, the central bank might consider the establishment of a national consultative committee of stakeholders to facilitate communication and engagement with various stakeholders, including via surveys and focus groups. Clear mandates and effective collaboration among stakeholders can help prioritize tasks and maximize resource efficiency (Taylor, 2019).…”

Дослідження Підходів Нормативно-Правового Регулювання Галузі Фінтех На Прикладі Регулювання Діяльності Установ – Емітентів Електронних Грошей

“…Питання розвитку фінансових технологій загалом і їх нормативно-правового регулювання зокрема через його актуальність є об'єктом дослідження багатьох вітчизняних і зарубіжних вчених та практиків, серед яких: Л. Дудинець [5], Н. Пантєлєєва [8], С. Паперник та О. Молотай [9], Г. Поченчук [10], С. Шкарлет, М. Дубина й О. Жук [11], М. Яценко й А. Бондаренко [12], Д. Паніна [7], В. Вайпан, Є. Губін і М. Єгорова [1], В. Загойті [6], А. Діденко [14], П. Гупта [17], Ф. Годіно [16], М. МакКеффрі й А. Шифф [18], Ч. Тейлор, К. Уілсон, Е. Холтінен та А. Морозова [19], М. Амстад [13] та ін. Тим не менш, з огляду на динамічний розвиток галузі фінтех питання її нормативно-правового регулювання не може вважатися вирішеним навіть за наявності ґрунтовних досліджень, а специфічні особливості фінансових технологій потребують більш детального вивчення з метою створення якісної екосистеми для їхнього подальшого розвитку.…”