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In recent years, financial markets have experienced deep change due to the introduction of technological innovations. Changes in financial products, services and business models have been profound and will have lasting consequences, as new players test the dominance of incumbent financial institutions. The broad spectrum of new or radically changed ways of providing financial services that we see under the designation of Fintech, has also brought many challenges for financial authorities, not least the need to balance their duty to preserve financial stability with their work promoting greater competition and good customer service in financial markets.
Regulators and supervisors worldwide have reacted, developing novel approaches and tools tailored to their legal and market contexts. With the support of IDB-Lab, ASBA developed this document which aims to be a useful tool for financial authorities in a rapidly evolving landscape.
The guidelines presented here should provide an adequate analytical framework for systematically evaluating the most significant topics in the regulation and supervision of fintech, based on principles of risk sensitivity, proportionality, financial stability, transparency and adequate consumer protection.
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