E Money Prudential Supervision Oversight And User Protection
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E Money Prudential Supervision Oversight And User Protection
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Author : Mr. Marc C Dobler
language : en
Publisher: International Monetary Fund
Release Date : 2021-12-14
E Money Prudential Supervision Oversight And User Protection written by Mr. Marc C Dobler and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-14 with Business & Economics categories.
This departmental paper discusses the evolving prudential frameworks for nonbank issuers of electronic money. Some jurisdictions take a relatively light-touch approach to regulating electronic money issuers (EMIs). Others have sought to apply more stringent requirements to protect electronic money (e-money) users, as the sector has grown in importance. The paper aims to build on previous IMF staff contributions to the literature and to draw policy conclusions for strengthening e-money regulatory regimes; in particular in jurisdictions where issuers, individually or collectively, have grown to a size to which they are of macro-financial importance (see below). Chapter 2 provides background on the development of e-money, its economic benefits, and potential risks. Chapter 3 discusses prudential supervision of EMIs, followed in Chapter 4 by their oversight from a payments system perspective. Chapter 5 discusses potential additional measures for user protection and contingency arrangements for EMI failure. The last chapter presents policy recommendations for policymakers, especially in those emerging market economies and developing countries wherein EMIs have reached a scale at which they could have a significant economic impact if they were to fail.
Fintech And Payments Regulation Analytical Framework
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Author : Mr.Tanai Khiaonarong
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29
Fintech And Payments Regulation Analytical Framework written by Mr.Tanai Khiaonarong and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.
Financial technology (Fintech) has prompted authorities to consider their potential financial stability benefits, risks, and effective regulation. Recent developments suggest that regulatory approaches and their legal foundations need to augment entity-based regulation with increasing focus on activities and risks as market structure changes. This paper draws on recent international experiences in modernizing legal and regulatory frameworks for payment services. An analytical framework based on a four-step process is proposed—(i) identifying payment activities; (ii) licensing entities and designating systems; (iii) analyzing and managing risks, and (iv) promoting legal certainty. As payment activities evolve and potential systemic risks heighten, adherence to international standards and additional regulatory requirements should be warranted.
Prudential Supervision
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Author : Frederic S. Mishkin
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
Prudential Supervision written by Frederic S. Mishkin and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-15 with Business & Economics categories.
Since banking systems play a crucial role in maintaining the overall health of the economy, the adverse effects of poorly supervised systems may be quite severe. Without some form of vigilant external oversight, banking systems could fall prey to excessive risk taking, moral hazard, and corruption. Prudential supervision provides that oversight, using government regulation and monitoring to ensure the soundness of the banking system and, by extension, the economy at large. The contributors to this thoughtful volume examine the current state of prudential supervision, focusing on fundamental issues and key pragmatic concerns. Why is prudential supervision so important? What kinds of excess must it guard against? What particular forms does it take? Which of these are the most effective deterrents against mismanagement and system overload in today's rapidly shifting financial climate? The contributors foresee a continued movement beyond simple regulatory rules in banking and toward a more active evaluation and supervision of a bank's risk management practices.
Oversight Issues In Mobile Payments
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Author : Tanai Khiaonarong
language : en
Publisher: International Monetary Fund
Release Date : 2014-07-15
Oversight Issues In Mobile Payments written by Tanai Khiaonarong and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-15 with Business & Economics categories.
This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.
The Rise Of Digital Money
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Author : Mr.Tobias Adrian
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-15
The Rise Of Digital Money written by Mr.Tobias Adrian and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-15 with Business & Economics categories.
This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.
Powering The Digital Economy Opportunities And Risks Of Artificial Intelligence In Finance
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Author : El Bachir Boukherouaa
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-22
Powering The Digital Economy Opportunities And Risks Of Artificial Intelligence In Finance written by El Bachir Boukherouaa and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-22 with Business & Economics categories.
This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Regulating The Crypto Ecosystem
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Author : Parma Bains
language : en
Publisher: International Monetary Fund
Release Date : 2022-09-26
Regulating The Crypto Ecosystem written by Parma Bains and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-26 with Business & Economics categories.
Stablecoins have experienced periods of rapid growth, accelerated links with traditional finance. Without proper regulation, contagion risks to wider financial sector will increase. Global regulation for stablecoins should be comprehensive, consistent, risk-based, flexible, and focus on their structural features and use. Requirements on stablecoins should cover the entire ecosystem and all its key functions, and there should be additional oversight for systemic stablecoin arrangements. In markets where risks are growing quickly, authorities should take immediate action by using all the tools at their disposal. This note provides key elements that should feature in any regulatory arrangement. For effective implementation, domestic and international collaboration are key.
Democratic Republic Of The Congo
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2022-09
Democratic Republic Of The Congo written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09 with Business & Economics categories.
In response to a request from the Central Bank of the Congo (BCC), the Monetary and Capital Markets Department of the International Monetary Fund (IMF) conducted a Financial Sector Stability Review (FSSR) mission virtually, during January 5–28, 2022. The FSSR performed a diagnostic of the financial system, reviewed progress in implementing previous IMF technical assistance (TA) recommendations, and developed a draft Technical Assistance Roadmap to help strengthen the BCC’s capacity in the areas covered by the FSSR. The FSSR also for the first-time covered gender inclusion in financial supervision. It identified five macrofinancial vulnerabilities pertaining to: (i) the quality of the banking system’s capital base; (ii) the difficulty in evaluating nonperforming loans following the COVID 19 financial support measures; (iii) risks related to financial dollarization; (iv) the impact on correspondent banking relationships of “de-risking”; and (v) intragroup exposures, as bank subsidiaries in the DRC place surplus funds with parent companies abroad. The BCC’s adoption of COVID-19 exit measures in December 2021, including specific reporting requirements, should provide momentum for additional TA in the near term to help the BCC analyze banks’ asset quality going forward.
Survey Of Electronic Money Developments
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Author :
language : en
Publisher:
Release Date : 2000
Survey Of Electronic Money Developments written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Banks and banking categories.
Nepal
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Author : International Monetary Fund. Statistics Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-10-06
Nepal written by International Monetary Fund. Statistics Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-06 with Business & Economics categories.
The mission conducted a diagnostic review of the financial sector oversight capacity and proposed a Technical Assistance Roadmap (TARM) to support the authorities’ efforts to strengthen the identification, analysis, and mitigation of risks to financial stability in Nepal. Two modules were undertaken: (i) the financial stability module, focused on areas agreed with the NRB during the scoping stage: banking supervision and regulation, stress testing, crisis management, payment systems, and financial inclusion; and (ii) the financial sector statistics module, focused on key data gaps hampering financial stability analysis, as well as statistical reporting to the IMF’s STA.