World Bank Group Global Market Survey : Digital Technology and the Future of Finance
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 an...
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| Language: | English |
| Published: |
World Bank, Washington, DC
2022
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| Online Access: | http://documents.worldbank.org/curated/en/099735404212273637/P1730060bfa4c60010b833091f0f2fe2fc8 http://hdl.handle.net/10986/37364 |
| Summary: | 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. |
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