At the launch of the Bali Fintech Agenda in Nusa Dua, Bali (Source: thejakartapost.com)Jakarta (VNA) -The International Monetary Fund and the World Bank on October 11 launched theBali Fintech Agenda, a set of 12 policy elements aimed at helping membercountries to harness the benefits and opportunities of rapid advances infinancial technology, while at the same time managing the inherent risks.
Indonesian President JokoWidodo in his opening speech during the launch said that governments across theworld should not excessively regulate and interfere in the development offintech, and must instead let innovation and experimentation flourish.
IMF Managing DirectorChristine Lagarde said that the 12 key elements in the Bali Fintech Agendawere produced jointly with the World Bank in order to alert members toitems they need to check in their own existing policies.
The 12 policy elements in the Bali FintechAgenda comprise embracing the promise of fintech; enabling new technologies toenhance financial service provision; reinforcing competition and commitment toopen, free and contestable markets; fostering fintech to promote financialinclusion and develop financial markets; monitoring developments closely todeepen understanding of evolving financial systems; adapting regulatory frameworkand supervisory practices for orderly development and stability of thefinancial system; safeguarding the integrity of financial systems; modernizinglegal frameworks to provide an enabling legal landscape; ensuring the stabilityof domestic monetary and financial systems; developing robust financial anddata infrastructure to sustain fintech benefits; encouraging internationalcooperation and information-sharing, and; enhancing collective surveillance ofthe international monetary and financial system.-VNA
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