How best should financial authorities explore fintech solutions?
Central governments, central banks, regulators and other public authorities are paying growing interest to the possibilities of fintech. But how should they get organised to reap the benefits? Questions include: How are public sector departments/agencies structuring around fintech? Which leaders within the organisation should lead on fintech initiatives? Are departments creating the role of ‘head of fintech’? How should public officials keep abreast of potential fintech possibilities and solutions?
How can financial authorities capitalise on data to improve what they do?
Public sector authorities are increasingly interested in the possibilities enabled by growing quantities of financial data, including unstructured data. Machine learning (ML)/artificial intelligence (AI) and data analytics are some of the techniques being deployed. Questions include: What are the biggest financial data-related possibilities and challenges for public authorities? What outcomes have organisations already achieved? How can internal skills and mindset obstacles be overcome?
Public authorities are increasingly encouraging the use of (and developing and procuring) digital and fintech solutions to improve the delivery and efficiency of payments, for example UK HM Revenue & Customs (HMRC)’s use of open banking to take tax payments. What kind of fintech solutions can best help?
Most financial authorities globally are engaged in SupTech (supervisory technology) initiatives. What are the possibilities for central banks, regulators and other supervisors; and what are the barriers to greater uptake?
Central bank digital currencies (CBDCs) are live in a handful of nations worldwide. Most central banks, including the European Central Bank and Bank of England, are currently exploring the opportunities and challenges. What are the policy and tech considerations that CBDC architects need to consider?
Governments worldwide are enthusiastic about helping the fintech sector. How can they best do this? A perspective from the chief executive of the UK’s recently launched Centre for Finance, Innovation and Technology (CFIT)