High-level central bankers and government officials, fintech industry, G20 and non-G20 country representatives, along with delegates from international institutions, met in Wiesbaden on 25-26 January to explore developments in the domain of digital financial services.
Conference sessions put a spotlight on recent fintech developments, market opportunities and risks, and how to address the emerging risks. Speakers and discussants raised issues of the relationship of fintech to traditional banking institutions, the most important risks, and current and possible regulatory responses.
While experience is still lacking in determining the space of fintech in the financial sectors of the future and while regulatory responses are still in development, conference participants were engaged and positive about fintech potential and the ability of stakeholders to guide market development and manage risk. In the words of Mark Carney, Governor of the Bank of England: “By enabling technologies and managing risks, we can help create a new financial system for a new age.”
Photo credit: German G20 Presidency