IMF:金融科技和金融服务报告(英文 49 页)

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Fintech and Financial Services:

Initial Considerations

CONTENTS

EXECUTIVE SUMMARY ............ 5

INTRODUCTION ............ 7

EMERGING FINTECH INNOVATIONS ........ 8

THE ORGANIZATION OF FINANCIAL SERVICES—A GENERAL FRAMEWORK ......... 11

TECHNOLOGY, REGULATION, AND FINANCIAL STABILITY ...... 14

IMPLICATIONS OF FINTECH FOR CROSS-BORDER PAYMENTS ...... 18

A. The Current Landscape of Cross-Border Payments ........ 19

B. Possible Evolution of Cross-Border Payments ........... 22

CONCLUSION ......... 27

REFERENCES ....... 29

BOXES

1. Technology and Service Attributes ........ 12

2. Technology and Market Structure ..... 13

3. The Role of Regulation in Supporting Trust in the Financial System ......... 15

4. Market Structure of Cross-border Payments ........ 22

FIGURES

1. Accelerating Pace of Technological Progress in Financial Services ...... 8

2. Asset Prices in Financial Services and Search for New Technologies ............ 9

3. Financial Services Architecture: Old and New ..... 9

4. Major Technologies Transforming Financial Services ........... 10

5. Future of Cross-border Payments: Three Scenarios ........ 23

6. Hub-and-Spoke Networks .......... 25

I.1. The Market Landscape ............ 34

II.1. The Payments Chain .......... 37

II.2. Correspondent Banking: An Illustration ........ 39

IV.1. The Sandbox Approach in Selected Jurisdictions ........ 47

APPENDICES

I. A Framework of Analysis ............ 34

II. Cross-Border Payments and Correspondent Banking ...... 37

III. Central Bank Digital Currencies: Why and How? ........ 43

IV. The Sandbox Approach: Selected Jurisdictions ..... 47

V. Examples of Regtech Solutions to Facilitate Regulatory Compliance ............ 49