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No AccessApr 2023OverviewAuthors/Editors: Erik Feyen, Harish Natarajan, and Matthew SaalErik FeyenSearch for more papers by this author, Harish NatarajanSearch for more papers by this author, and Matthew SaalSearch for more papers by this authorhttps://doi.org/10.1596/978-1-4648-1914-8_ovAboutView ChaptersFull TextPDF (0.5 MB) ToolsAdd to favoritesDownload CitationsTrack Citations ShareFacebookTwitterLinked In Abstract: Explores the implications of fintech—technology-enabled innovation in financial services—and the digital transformation of financial services for market outcomes, on the one hand; and regulation and supervision of financial services, on the other hand—and how these interact. The ongoing digitization of financial services and money creates opportunities to build more inclusive and efficient financial services and promote economic development. Countries should embrace these opportunities and implement policies that enable and encourage safe financial innovation and adoption. Technological advances have blurred the boundaries of both financial firms and the financial sector. As new infrastructures, providers, products, business models, and market structures work to shape market outcomes in profound ways, policy makers need to ensure that market outcomes remain aligned with core policy objectives as the financial sector continues to transform and policy trade-offs evolve. The growing diversity of financial service providers resulting from atomization and unbundling requires the reevaluation of the regulatory perimeter. ReferencesBoeddu, Gian and Jennifer Chien. 2022. “Financial Consumer Protection and Fintech: An Overview of New Manifestations of Consumer Risks and Emerging Regulatory Approaches.” Consumer Protection technical note for Fintech and the Future of Finance, World Bank, Washington, DC. Google ScholarDelort, Dorothee and Jose Antonio Garcia Garcia Luna. 2022. “Innovation in Payments: Opportunities and Challenges for EMDEs.” Payments technical note for Fintech and the Future of Finance, World Bank Group, Washington, DC. Google ScholarDidier, Tatiana, Erik Feyen, Ruth Llovet Montañés, and Oya Ardic. 2022. “Global Patterns of Fintech Activity and Enabling Factors.” Fintech Activity technical note for Fintech and the Future of Finance, World Bank, Washington, DC. Google ScholarFeyen, Erik, Jon Frost, Leonardo Gambacorta, Harish Natarajan, and Matthew Saal. 2022a. “Fintech and the Digital Transformation of Financial Services: Implications for Market Structure and Public Policy.” Market Structure technical note for Fintech and the Future of Finance, World Bank, Washington, DC. Google ScholarFeyen, Erik, Jon Frost, Harish Natarajan, and Tara Rice. 2022b. “What Does Digital Money Mean for Emerging Market and Developing Economies?” Digital Money technical note for Fintech and the Future of Finance, World Bank, Washington, DC. Google ScholarFeyen, Erik, Harish Natarajan, Guillermo Galicia Rabadan, Robert Paul Heffernan, Matthew Saal, and Arpita Sarkar. 2022c. “World Bank Group Global Market Survey: Digital Technology and the Future of Finance.” Technical note for Fintech and the Future of Finance, World Bank, Washington, DC. Google ScholarGispert, Tatiana Alonso, Pierre-Laurent Chatain, Karl Driessen, Danilo Palermo, and Ariadne Plaitakis. 2022. “Regulation and Supervision of Fintech: Considerations for EMDE Policymakers.” Regulation technical note for Fintech and the Future of Finance, World Bank, Washington, DC. Google ScholarKosse, Anneke and Ilaria Mattei. 2022. “Gaining Momentum – Results of the 2021 BIS Survey on Central Bank Digital Currencies.” BIS Papers No. 125, Bank for International Settlements, Basel, Switzerland. Google ScholarTeima, Ghada, Ivor Istuk, Luis Maldonado, Miguel Soriano, and John Wilson. 2022. “Fintech and SME Finance: Expanding Responsible Access.” SME technical note for Fintech and the Future of Finance, World Bank, Washington, DC. Google ScholarWorld Bank. 2022. World Development Report 2022: Finance for an Equitable Recovery. Washington, DC: World Bank. LinkGoogle Scholar Previous chapterNext chapter FiguresreferencesRecommendeddetails View Published: April 2023ISBN: 978-1-4648-1914-8e-ISBN: 978-1-4648-1915-5 Copyright & Permissions Related TopicsFinance and Financial Sector Development KeywordsFINANCIAL TECHNOLOGYFINANCIAL SERVICESDIGITAL ECONOMYDIGITIZATION OF FINANCIAL SERVICESINNOVATIONFINANCIAL SECTOR PDF DownloadLoading ...