On February 19, 2018, the Basel Committee on Banking Supervision published a report, "Sound Practices on Implications of FinTech developments for banks and bank supervisors." The report is a result of the analysis by the Basel Committee-mandated taskforce of financial technology innovations and emerging business models in the banking industry, including the consultation that was run last year.
The report sets out the final 10 key implications and considerations for banks and banking systems and for bank supervisors and regulatory frameworks. The report also provides an overview of the current state of play in the industry.
The Basel Committee has decided not to determine whether there is a need to stipulate specific requirements at this stage. It will continue to monitor FinTech developments and assess whether any updates to the implications and considerations are warranted.
The report is available at: https://www.bis.org/bcbs/publ/d431.pdf
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