High-Level Seminar on FinTech Regulation

Event Code :FS1B-2020
Venue :Indonesia
Host Name :Bank Indonesia
Coordinator :Mr. Syaiful Hafizi
Date From :22 Jun 2020
Date To :24 Jun 2020

Descriptions


The course focuses on the knowledge and skills required to understanding FinTech and the regulatory approach.
 
Despite its widespread usage, FinTech does not have a broadly and formally accepted definition. In general terms, FinTech stands for Financial Technology (FinTech) and describes technologically enabled financial innovations that could result in new business models, applications, processes or products with an associated material effect on financial markets and institutions and the provision of financial services.
 
Innovation in financial services continues to move at a rapid pace, and SEACEN stakeholders have seen a visible increase in FinTech adoption in their economies. The significant increase in the number of fintech companies in recent years has highlighted a burgeoning market with significant economic potential, and a commercial need to create efficiencies and modernize the provision of financial products and services.
 
FinTech poses both opportunities and challenges for traditional financial institutions and their regulators. Fintech offers myriad opportunities such as relief of customers’ “pain points” or the ability to help reach new population segments such as the unbanked and underserved as well as enable the provision of new products and services to existing customers. On one hand they may be competitors for banks’ loan and payment customers; on the other hand, FinTech companies may partner with banks to increase banks’ efficiency. At the same time, in some cases, it requires regulatory clarity, overcoming cultural barriers, suitable talent and knowledge in order to reap the benefits. To this end, SEACEN stakeholders remain focused on fostering the growth of fintech companies, while simultaneously developing an appropriate regulatory framework for fintech activities that will ensure consumer protection. Regulators, for their part, must decide on activity-based vs. entity-based regulation, or, indeed, whether or not to regulate at all. 
 
This course is a blend of financial stability, financial supervision, and payments topics.  Participants will learn about the key trends in FinTech, such as lending and investing activities; wealth management activities; and making payments faster, better, and cheaper; and will discuss how to utilize regulatory sandboxes to test the integrity and consumer uptake of FinTech applications.  . 
 
Objectives
To give participants a thorough conceptual grounding in FinTech and introduce them to the most important products and services that may pose threats to the profitability of traditional financial institutions, the stability of the financial sector, or to the integrity of the payment system, and to generate thought and discussion about smart regulation of the FinTech environment.  Participants will also be able to frame discussions of the many aspects of virtual currencies from all perspectives— financial stability, financial integrity, and consumer protection.
 
At the end of the course policymakers, central bankers and regulators should be able to:
  1. Discuss the Global FinTech Landscape, Risks and Challenges including cybersecurity and data privacy
  2. Fintech development and trends in SEACEN Membership space;
  3. Distinguish different regulatory and supervisory approaches to FinTech;
  4. Discuss different approaches to the regulation of Digital Banks; the Regulation of P2P Lending and Crowdfunding; and the regulation of Virtual Currencies and Virtual Assets; and
  5. Explain benefits and risks relating to the use of AI in the Financial Sector.
 
Target Participants
The course is aimed at staff of central banks and monetary authorities from the financial stability, financial supervision, or payments areas, with two to three years of professional experience and responsibility.  Those responsible for the development of regulatory policy are especially encouraged to join.