The International Monetary Fund and the World Bank on 11 October launched the Bali Fintech Agenda, a set of 12 policy elements aimed at helping member countries to harness the benefits and opportunities of rapid advances in financial technology, while at the same time managing the inherent risks.

At the launch of the Bali Fintech Agenda in Nusa Dua, Bali (Source: thejakartapost.com)

Indonesian President Joko Widodo in his opening speech during the launch said that governments across the world should not excessively regulate and interfere in the development of fintech, and must instead let innovation and experimentation flourish.

IMF Managing Director Christine Lagarde said that the 12 key elements in the Bali Fintech Agenda were produced jointly with the World Bank in order to alert members to items they need to check in their own existing policies.

The 12 policy elements in the Bali Fintech Agenda comprise embracing the promise of fintech; enabling new technologies to enhance financial service provision; reinforcing competition and commitment to open, free and contestable markets; fostering fintech to promote financial inclusion and develop financial markets; monitoring developments closely to deepen understanding of evolving financial systems; adapting regulatory framework and supervisory practices for orderly development and stability of the financial system; safeguarding the integrity of financial systems; modernizing legal frameworks to provide an enabling legal landscape; ensuring the stability of domestic monetary and financial systems; developing robust financial and data infrastructure to sustain fintech benefits; encouraging international cooperation and information-sharing, and; enhancing collective surveillance of the international monetary and financial system.

(Source: VNA)