Abstract
This paper discusses the importance of crisis preparedness and the role of financial supervision in mitigating the risks posed by technological innovations in the financial ecosystem. The paper will focus on the important role that financial supervisors and regulators can play in promoting effective risk management, supervision and crisis preparedness in relation to fintech developments, and the need for coordination and collaboration with policymakers, government, and the financial sector to address potential threats to financial stability. It elaborates on the challenges associated with fintech developments in banking and the potential implications for financial supervision and considers the nature of crisis preparedness in the context of banking in the digital era. The paper also provides thoughts on the tools available to supervisory authorities and central banks in dealing with financial crises while enabling new technologies to enhance financial services provisions.
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