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IMF & Worldbank issue fintech guideline for policymakers

IMF  and The World Bank collaborated to formulate a guideline considering 12 different points that policymakers around the world can keep in mind when designing policies and regulations of fintech. 

While both parties have declared that the publication does not represent current work or aim to provide specific policy advice, they have confirmed their intention to initiate the development of specific fintech programs.

IMF Managing Director Christine Lagarde stated that Fintech could reach the 1.7 billion adults who lack the access to financial services. She noted that “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks”, adding that “we need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not just the few”. On the other hand World Bank Group President Jim Yong Kim shared his positive opinion of fintech and its contribution to low-income countries, where access to financial services is low.

Read the rest of the story here.

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