MICROFINANCE PAPER WRAP UP: “The Bali Fintech Agenda: A Blueprint for Successfully Harnessing Fintech’s Opportunities;” published by International Monetary Fund (IMF), World Bank Group

This is a summary of a paper published by the International Monetary Fund (IMF) and the World Bank Group; October 2018; 43 pages; available at:
http://www.findevgateway.org/sites/default/files/publication_files/pp101118-bali-fintech-agenda_1.pdf

The authors of this paper, whose title refers to its release at a conference in Bali, Indonesia, argue that financial technology (fintech) offers emerging markets both opportunities and risks, including risks to “financial stability and integrity.” They propose the consideration of 12 factors when seeking to manage the advance of fintech. For example, the factor Enabling New Technologies to Enhance Financial Service Provision, includes: (1) investing in telecommunications, financial and other infrastructure; (2) promoting digitalization; (3) streamlining data collection; (4) ensuring quality of services; and (5) promoting affordability across consumer segments. Another factor, Safeguarding Financial Integrity, focuses on preventing criminal activity through means such as collaborating via international governing bodies and using data analytics to monitor suspicious activity.

By Michelle Fleming, Research Associate

Sources and Additional Resources

IMF – World Bank Group paper
http://www.findevgateway.org/sites/default/files/publication_files/pp101118-bali-fintech-agenda_1.pdf

IMF homepage
https://www.imf.org
World Bank homepage
https://www.worldbank.org

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