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On February 19, 2018, the Basel Committee on Banking Supervision published a report, "Sound Practices on Implications of FinTech developments for banks and bank supervisors."
On February 19, 2018, the Basel Committee on Banking Supervision
published a report, "Sound Practices on Implications of
FinTech developments for banks and bank supervisors." The
report is a result of the analysis by the Basel Committee-mandated
taskforce of financial technology innovations and emerging business
models in the banking industry, including the consultation that was
run last year.
The report sets out the final 10 key implications and
considerations for banks and banking systems and for bank
supervisors and regulatory frameworks. The report also provides an
overview of the current state of play in the industry.
The Basel Committee has decided not to determine whether there
is a need to stipulate specific requirements at this stage. It will
continue to monitor FinTech developments and assess whether any
updates to the implications and considerations are warranted.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
