世界银行：2022年全球金融科技监管机构调查报告_78页_11mb

The 3rd Global Fintech Regulator Survey Summary

Core Content

The 3rd Global Fintech Regulator Survey, conducted by the World Bank and the Cambridge Centre for Alternative Finance (CCAF), is a comprehensive study that examines the evolving regulatory landscape for financial technology (fintech) across 106 jurisdictions. The survey, which took place between April and July 2022, gathered responses from 128 financial authorities, with 68% of respondents based in emerging market and developing economies (EMDEs). It focuses on four key themes: the medium-term impact of the pandemic on fintech regulation, consumer risk and protection, the landscape of digital regulatory and supervisory infrastructure (DRSI), and the mapping of supervisory technology (suptech) initiatives.

Main Findings

1. Medium-Term Impact of Covid-19

• Fintech prioritization has increased in EMDEs, with 56% of respondents reporting higher priority for fintech compared to 35% in advanced economies.
• Sub-Saharan Africa (SSA) leads in this trend, with 75% of respondents noting increased focus on fintech.
• Perceived risks related to fintech have grown, particularly in areas like cybersecurity, fraud, and consumer protection.
• Regulatory innovation initiatives such as innovation offices and sandboxes are expanding, especially in EMDEs, to address these risks and support fintech development.

2. Consumer Risk and Protection

• Consumer protection is a central regulatory objective, with many authorities concerned about risks arising from fintech activities.
• Cybersecurity is the top risk, cited by 78% of respondents, followed by fraud and scams (67%).
• Consumer risks vary across fintech verticals:
  • Digital assets/cryptocurrencies: High risk due to volatility and lack of regulation.
  • Digital payments and remittances: High risk due to fraud and data security.
  • Digital lending: High risk related to credit risk and transparency.
  • Equity crowdfunding and capital raising: High risk due to investor protection and market integrity.
• Challenges in identifying, measuring, and addressing these risks include limited capacity, resource constraints, and a lack of expertise.
• Consumer education and literacy are the most common tools used to mitigate risks, though suptech is increasingly seen as a key solution.

3. Digital Regulatory and Supervisory Infrastructure (DRSI)

• DRSI is a proposed conceptual framework for building digital regulatory and supervisory systems.
• It includes data and application layers, regulatory activity layers, and sectoral layers.
• Challenges in developing DRSI include lack of data, limited technical capacity, and the need for better coordination and innovation.
• Monitoring competition practices is the most desired application of DRSI, but only 6% of respondents currently have operational systems for this.
• Open banking, digital ID/e-KYC, CBDCs, and digital asset supervision are also areas of interest for DRSI implementation.

4. Supervisory Technology (Suptech) Mapping

• 41% of all respondents have one or more operational suptech applications.
• Advanced economies are more likely to use suptech than EMDEs, with the most common applications being consumer protection and ongoing supervision.
• Suptech tools are being used to improve risk-based supervision, data collection, and internal coordination.
• 31% of respondents plan to introduce suptech applications for consumer protection in the future.
• Data science expertise and technical support are critical to the effective deployment of suptech.

Key Insights

• Fintech has become a key driver of financial inclusion, especially in EMDEs, where it has helped improve access to credit, savings, and financial services.
• Regulators are increasingly adopting digital tools and frameworks to manage risks and enhance oversight.
• Capacity building and technical assistance are essential for EMDEs to develop robust regulatory and supervisory systems.
• Collaboration between regulators, international organizations, and fintech firms is crucial for sustainable and responsible innovation.

Policy Implications and Future Research

• The survey highlights the need for research, capacity building, and technical support to help regulators balance the benefits and risks of fintech.
• Innovation offices and regulatory sandboxes are important mechanisms for fostering fintech development while protecting consumers.
• Enhanced cybersecurity frameworks are necessary, especially in EMDEs, to address the growing threat of cyberattacks and fraud.
• Suptech adoption requires investment in data science, digital infrastructure, and regulatory coordination.
• Consumer protection remains a top priority, with a need for better tools and education programs to address the risks associated with digital financial services.

Conclusion

The 3rd Global Fintech Regulator Survey provides a detailed snapshot of how financial regulators are responding to the rapid evolution of fintech, especially in the context of the Covid-19 pandemic. It underscores the importance of digital infrastructure, regulatory innovation, and suptech in managing the risks and opportunities associated with fintech. The findings are instrumental in guiding international support and policy dialogue to ensure that fintech development is sustainable, inclusive, and responsible.

Key Acronyms and Definitions

Summary of Survey Structure

• Four main themes:

  1. Medium-term impact of Covid-19 on fintech regulation
  2. Consumer risk and protection
  3. Digital regulatory and supervisory infrastructure
  4. Supervisory technology mapping

• Geographic distribution of respondents:

  • East Asia Pacific: 21
  • Europe and Central Asia: 28
  • Latin America and the Caribbean: 24
  • Middle East and North Africa: 14
  • North America: 3
  • South Asia: 6
  • Sub-Saharan Africa: 32

• Key trends:

  • Increased focus on fintech in EMDEs.
  • Growing concerns about consumer risks.
  • Expansion of regulatory innovation initiatives.
  • Enhanced use of suptech in advanced economies.
  • Need for data science and technical support in EMDEs.

This survey serves as a critical reference for understanding the global fintech regulatory landscape and informs future policy and technical assistance efforts.