17.04.2019

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It introduces tools for countries to align financing policies with national sustainable development strategies and priorities.

Fintech - digitally enabled innovation in the financial sector

One example of the opportunities and challenges the report discusses is new technologies and fintech (digitally enabled innovation in the financial sector). With more than half a billion people gaining access to financial services in recent years, the appeal of fintech is clear.  But as new players enter and rapidly change the financing marketplace, regulators struggle to keep pace. As fintech grows in importance, activities outside the regulatory framework, if left unsupervised, may put financial stability at risk.

Fintech’s promise can pay off with regulatory approaches that address these concerns, but these need to be implemented without stifling innovation. To this end, the report emphasises the importance of discussions between fintech companies, financial institutions and regulators. It finds that regulatory attention will need to shift to financial activities and their underlying risks, no matter the entity that engages in them, rather than by institutional type.

This report is the basis for discussions at the ECOSOC Forum on Financing for Development (15-18 April 2019), where Member States agree on measures necessary to mobilise sustainable financing.

(UNDP/ile)

More information:

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