FINTECH AND THE IMF

Emerging technologies, from artificial intelligence to distributed ledgers, are transforming the financial services landscape, creating opportunities as well as challenges for consumers, service providers and regulators alike. These technologies could drive substantial efficiency gains in the financial sector, including in the areas of payments, financing, investments, asset management and insurance. However, they could also pose risks to the stability and integrity of the financial system, in particular where they operate outside of the purview of financial regulation and supervision.

Recognizing these potential benefits and risks, the IMF has been closely monitoring developments in the field of finance and technology (“Fintech”).

This page is dedicated to gathering the various strands of work by IMF staff research on the implications of emerging technologies for financial stability, regulation, and monetary policy. In line with its mandate, the IMF will continue to foster international cooperation among different stakeholders on effective responses to developments in Fintech.

Digital Money Across Borders: Macro-Financial Implications The Promise of Fintech: Financial Inclusion in the Post COVID-19 Era Fintech: The Experience So Far

Virtual Currencies and Beyond: Initial Considerations, January, 2016 Fintech and Financial Services: Initial Considerations, June, 2017

"However, they could also pose risks to the stability and integrity of the financial system, in particular where they operate outside of the purview of financial regulation and supervision."

I always get a good laugh when the economic control freaks that destroyed the purchasing power of the USD through failed econominc policies talk about "stablitly" and "integrity". They are the very people that created instablity with ZERO integrity. The real reason why we have to pivot to a digialized economy is because the centralized Fractional Reserve Banking model is flawed. A decentralized deflationary assets in the form of a computer protocals in the information age will upgrade fiats to 2.0 version, stablize markets and encourage savings.

The 20 and 30 year Treasury Bonds are basically worthless since the Fed policy of trying to print it's way out of the very mess they created in 2008. The Fed is boxed in a corner and cannot raise interest rates because the U.S. would default. Sort of like have a credit card with a large debt and no credit limit. What happens when the credit card company raised the interest and you cannot make the minimum payment? You default and that's what would happen to the U.S.

Thank God we had intelligent people that foresaw what was happening after Dodd and Frank disaster that created the 2008 disaster. I would add the removal of Glass Steagall in 1999 too. They not only understood econmics but at the very same time understood computer protocal (C++) and security. It's not an easy task by any stretch of the immagination since most experts tend to stay in their fields. The good news is most of them happen to be Libertarians and do not like command and control economies by a cartel of centralized banks to dominate the people by keeping them in debt forever. Thus, over the last 20 years begining with Bitcoin began to create a computer protocal that solves the disasterous problems created by governmets that NO ONE controls.

The only thing people should be concerned with is a Super Artificial Intelligence taking over. Sort of like the Hal 9000 in 2001 Space Odessy. The good news is we are about 20 to 30 years from that point and people are already taking steps so that nightmare will not happen.

The only thing people should be concerned with is a Super Artificial Intelligence taking over
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Very good reply. However, I differ about concerns. The major concern is going cash less worldwide. The US is rolling out Fedcoin soon, China has rolled out their sovereign cashless currency , currently in the testing phase at 12 major cities in China. Crypto gaining acceptance, the difference is Government controlled crypto ( Fedcoin- US), it will not be anonymous, but all transactions monitored by a .gov agency or the Federal Reserve. ( as the current Senate Bill is written). Digging into the IMF web page has numerous papers/ studies on the bright and beautiful future of a cashless society....sovereign nation digital currency is designed for one thing- total control over it’s citizens....as foretold in Biblical prophecy. The Great Reset currently in all the financial news demands “ building back better” primarily by abolishing cash, any anonymous transactions, resulting in huge, windfall tax revenues and covering up their massive debt levels.

“Fintech” is a portmanteau.

It’s a weird word that means a mashup of two different words or a large suitcase.

I really like the convenience of ApplePay, paying cash to people via ApplePay and text messages, contactless payments with chipped credit cards, Zelle, PayPal, Venmo, etc. but I sure worry about security and the long-term implications for privacy and ushering in totalitarian government. But I keep using them. I hardly ever go to the ATM anymore, never use coins, and our check-writing has dropped to almost zero.

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