Publication:
World Bank Group Global Market Survey: Digital Technology and the Future of Finance

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dc.contributor.authorWorld Bank
dc.contributor.authorInternational Finance Corporation
dc.date.accessioned2022-05-02T21:43:15Z
dc.date.available2022-05-02T21:43:15Z
dc.date.issued2022
dc.description.abstractThis report documents the main findings of the Word Bank Group Survey on Digital Transformation and the Future of Finance. The survey was conducted between May 2020 and January 2021 and focused on the digital transformation of financial services and its impact on financial markets and regulatory environments across the world. The survey covered a wide range of market participants, with a focus on those from Emerging Market and Developing Economies (EMDEs). This survey of market participants complemented earlier surveys of the official sector by the World Bank Group, IMF, and Cambridge Center for Alternative Finance. As a follow-up to the IMF-WBG Bali Fintech Agenda, 3 the IMF and the WBG undertook a global fintech survey (GFS 2019) of central banks, finance ministries, and regulatory agencies, which underpinned the stock-taking paper ‘Fintech: The Experience So Far’ published by the IMF and the World Bank in 2019. GFS 2019 collected insights from 96 official-sector respondents worldwide related to fintech developments in their respective jurisdictions. It found that the official sector broadly expected fintech to increase competition, particularly in payments, and to further financial inclusion for both households and MSMEs. The results suggested the need to modify regulatory approaches and legal frameworks. The WBG-CCAF survey of regulators from 111 jurisdictions on alternative finance (WBG-CCAF 2019) corroborated regulators’ support for technology-driven finance and their plans to further develop regulatory frameworks covering P2P, equity crowdfunding, and initial coin offerings. Purpose-built regulations for these new sectors often impose more obligations than existing regulations. The CCAF-WB 2020 Global COVID-19 FinTech Regulatory Rapid Assessment Study reported regulators’ observations that due to accelerated adoption of fintech products and services during the pandemic, particularly in emerging markets, fintech regulation was a priority, along with concerns about rising cybersecurity, operational, and consumer protection risks. This survey largely confirmed the observations of regulators and market participants from previous surveys, reinforcing the competition and inclusion aspects of fintech and the need to continue to address emerging risks, adapt regulatory frameworks, and reduce barriers to innovation.en
dc.identifierhttp://documents.worldbank.org/curated/en/099735404212273637/P1730060bfa4c60010b833091f0f2fe2fc8
dc.identifier.doi10.1596/37364
dc.identifier.urihttps://hdl.handle.net/10986/37364
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectPHYGITAL
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SECTOR TECHNOLOGY
dc.subjectGLOBAL MARKET SURVEY
dc.subjectFINANCE
dc.subjectDOMESTIC PAYMENTS
dc.subjectMARKETPLACE FINANCE
dc.subjectALTERNATIVE FINANCE
dc.subjectNEO-BANK
dc.subjectFINTECH
dc.subjectDIGITAL TRANSFORMATION
dc.subjectEMERGING MARKET SURVEY DATA
dc.subjectGLOBAL FINTECH SURVEY
dc.titleWorld Bank Group Global Market Surveyen
dc.title.alternativeFintech and the Future of Finance Flagship Technical Noteen
dc.title.subtitleDigital Technology and the Future of Financeen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleWorld Bank Group Global Market SurveyFintech and the Future of Finance Flagship Technical Note
okr.date.disclosure2022-04-21
okr.date.doiregistration2025-05-07T09:47:14.376426Z
okr.date.lastmodified2022-04-21T00:00:00Zen
okr.doctypeReport
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/099735404212273637/P1730060bfa4c60010b833091f0f2fe2fc8
okr.guid099735404212273637
okr.identifier.externaldocumentum33792116
okr.identifier.internaldocumentum33792116
okr.identifier.report170796
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099735404212273637/pdf/P1730060bfa4c60010b833091f0f2fe2fc8.pdfen
okr.topicInternational Economics and Trade::Trade Technology and Productivity
okr.topicScience and Technology Development::Technology Innovation
okr.topicTechnology::Information Technology
okr.unitEFI-FCI-Finance-GD (EFNDR)
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