The broad impact of technological innovation on financial services has been a focus of the international community and an issue of critical macroeconomic and financial importance. That is why the International Monetary Fund (IMF) is stepping up its analytical work on “fintech” issues, and expanding its engagement with a broad range of public and private sector stakeholders.
IMF Managing Director Christine Lagarde announced today the expansion of the Fund’s High Level Advisory Group on Finance and Technology, to strengthen the representation of national authorities and international organizations. The group is composed of 19 members who are highly-experienced experts and respected leaders in the field of finance and technology, including industry pioneers, officials from national authorities and international organizations, lawyers and academics.
“Our High Level Advisory Group has made an invaluable contribution to the IMF’s work on fintech. Its expert advice and guidance has deepened IMF staff’s understanding of fintech issues, and the participation of its members in IMF seminars and conferences has highlighted the importance of technological change in the financial sector to the broader public,”
the Managing Director said.
“By strengthening the presence of national authorities and international organizations, I am confident that it will continue to provide a broad range of perspectives that will greatly enhance the IMF’s work in this important area.”
The IMF is responding to growing interest from its member countries in the opportunities and challenges arising from technological innovation in the financial sector. Member countries are seeking advice from the IMF on a broad range of issues including the benefits and risks of applications based on mobile computing, artificial intelligence, and distributed ledger technologies. Addressing many of these issues will require close international cooperation.
The Fund, as a truly global institution with 189 members, will play its part in fostering this collaboration. For example, in early April the Fund brought together about 90 representatives from central banks, regulators and international institutions for a series of roundtables, providing a global platform for members to exchange experiences, discuss policies, and build a better understanding of the cross-border implications of technological innovation.
The importance of fintech issues for IMF members was evident during the Spring Meetings in April 2018, with strong interest in a series of seminars held in the Fund’s Innovation Lab, covering key issues like benefits and risks of crypto assets; the use of digital identity and “regtech” to fight money laundering and terrorist financing; the emergence of smart contracts; and the implications of a broader set of nonfinancial firms providing financial services.
Established in March 2017, and now expanded with six new members, the Advisory Group provides guidance to IMF staff on fintech work and research. Here is the full list of members:
- Jeremy Allaire, Chief Executive Officer, Circle
- Dr. Long Chen, President, Alibaba Digital Economy Institute (formerly Chief Strategy Officer of Ant Financial Services Group)
- Santiago Fernandez de Lis, Chief Economist of Financial Systems and Regulation, BBVA
- Robert Garrison, Managing Director and Chief Information Officer, Depository Trust and Clearing Corporation
- Rebekah Goshorn Jurata, Deputy Assistant Secretary, International Financial Markets, US Treasury
- Erwin Haryono, Head of Fintech Office, Bank Indonesia
- Chris Larsen, Executive Chairman, Ripple
- Klaus M. Löber, Head of Oversight Division, Directorate General Market Infrastructure and Payments, European Central Bank
- Adam Ludwin, Chief Executive Office, Chain
- Blythe Masters, Chief Executive Officer, Digital Asset
- Greg Medcraft, Director, Directorate for Financial and Enterprise Affairs, Organization of Economic Cooperation and Development
- Professor Robert Merton, MIT Sloan
- Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore
- Mu Changchun, Deputy Director-General of the Payment and Settlement Department, People’s Bank of China
- Patrick Murck, Fellow at the Harvard Berkman Klein Center
- Marco Santori, President and Chief Legal Officer, Blockchain.com
- Carolyn Wilkins, Senior Deputy Governor, Bank of Canada,
- Bradley J. Wiskirchen, Chief Executive Officer, Kount
- Nasir Zubairi, Chief Executive Officer, Luxembourg House of Financial Technology