IMF and World Bank Launch Bali FinTech Agenda
On October 11, 2018, the International Monetary Fund (“IMF”) and the World Bank Group launched the Bali FinTech Agenda, “a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology that are transforming the provision of banking services, while at the same time managing the inherent risks.” The 12 policy elements advance a pro-fintech agenda of fostering innovation and development of new technologies across the globe. Notably, the Bali FinTech Agenda emphasizes the importance of developing clear and predictable legal frameworks that keep pace with innovation.
The above is a summary of one of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest. These are the Fintech updates that ties to the post Blockchain in Review – Week of October 8-12, 2018 from our sister blog, VirtualCurrencyReport.