Fintech and Regtech for Development Finance
Fintech is a revolutionary phenomenon that is already taking place and considered by some as the Fourth Industrial Revolution. It is reported that already China, UK and EU have established Fourth Industrial Revolution Committees. Development Finance Institutions (DFIs) should be prepared for the so-called “disruption” as well as for the opportunities that Fintech will offer and they should be coupled to sustainable development (i.e. Implementation of SDGs). Already Fintech has disrupted or revolutionized many services, ordinarily offered by the banking sector, causing substantial amount of the transactions to take place digitally outside the domain of traditional banks.
Fintech developments can be considered to be collaborative or competitive from the perspective of traditional banks. Collaborative Fintech being the financial technologies increasingly being used by the traditional banks whereas competitive Fintech is the one that competes with and disrupts traditional banking services.
as well as charity. Blockchain and artificial intelligence (AI) are among the outstanding technologies that facilitate fintech applications.
USA leads the fintech developments/ Investments followed by UK and EU. Asia, especially China, Singapore, Hong Kong and India are emerging as the new leaders in fintech development and investment.
2018 promises to be the year of fintech. Fintech investments grew exponentially since 2012 and cumulative global investments have almost reached 55 billion USD level.
While Fintech offers great benefits it may also threaten our freedoms, privacy and security. DFIs must be vigilant in order to avoid such demerits of Fintech. Therefore, NDFIs must not only be trained, educated in Fintech, develop their own Fintech instruments but also contribute to the regulatory process in order to receive guidance and to be protected against its misuses.
Objective of the seminar is to review the recent developments and future prospects in Fintech with special reference to Development Finance such as crowd funding, financial inclusion and Islamic Finance. It also aims at informing NDFIs on the present global practices of Fintech regulation Regtech as well as its future prospects in order to minimize fraud, AML and other issues.The role of Regtech on compliance issues which in many cases constitute the highest cost item in financial institutions’ budgets.
The seminar will address:
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