Fintech Potential For Remittance Transfers A Central America Perspective
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Fintech Potential For Remittance Transfers A Central America Perspective
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Author : Julia Bersch
language : en
Publisher: International Monetary Fund
Release Date : 2021-06-25
Fintech Potential For Remittance Transfers A Central America Perspective written by Julia Bersch 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 2021-06-25 with Business & Economics categories.
This paper analyzes the potential for fintech to facilitate cheaper and more efficient remittances, and to enhance financial inclusion in Central America. Digital remittances remain nascent in the region, primarily reflecting behavioral inertia, small cost advantages of digital over traditional channels, and inadequate financial literacy. Through expanded alliances between traditional and fintech operators, digital remittances can further reduce transaction costs and reach those remote, low-income households in a timely and secure manner. A meaningful expansion of fintech remittances necessitates an enabling regulatory environment for digital financial services, and KYC and AML/CFT requirements proportionate to the value of transfers.
Fintech And Financial Inclusion In Latin America And The Caribbean
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Author : Mr. Dmitry Gershenson
language : en
Publisher: International Monetary Fund
Release Date : 2021-08-20
Fintech And Financial Inclusion In Latin America And The Caribbean written by Mr. Dmitry Gershenson 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 2021-08-20 with Business & Economics categories.
Despite some improvement since 2011, Latin America and the Caribbean continue to lag behind other regions in terms of financial inclusion. There is no clear evidence that fintech developments have supported greater financial inclusion in LAC, contrary to what has been observed elsewhere in the world. Case studies by national policy experts suggest that barriers to entry in the financial sector, along with a constraining regulatory environment, may have hindered a faster adoption of fintech. However, fintech development seems to have accelerated in the wake of the COVID-19 pandemic and with the support of recent policy initiatives.
The Rise And Impact Of Fintech In Latin America
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Author : Mr. Bas B. Bakker
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-29
The Rise And Impact Of Fintech In Latin America written by Mr. Bas B. Bakker 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 2023-03-29 with Business & Economics categories.
In the past decade, fintech has shaken up the financial sector in Latin America providing innovations in lending, payments, insurance, and regulation and compliance. This paper examines this development by focusing on both fintech services and regulation. Exploring fintech’s macro-critical impact using country- and bank-level data, we find that booming financial technologies in Latin America have helped boost competition in the banking sector and inclusion. Additionally, we demonstrate that fintech firms in Latin America experienced robust growth even during the pandemic supported by external funding. Finally, we discuss how regulators are addressing the risks associated with financial technologies and how they are leveraging fintech tools in their supervisory activities.
Digital Money And Remittances Costs In Central America Panama And The Dominican Republic
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Author : Ms. Alina Carare
language : en
Publisher: International Monetary Fund
Release Date : 2022-12-02
Digital Money And Remittances Costs In Central America Panama And The Dominican Republic written by Ms. Alina Carare 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 2022-12-02 with Business & Economics categories.
This paper investigates factors that predict variation in digital and non-digital remittance fees over time and across countries, exploring differences between CAPDR and other regions. The paper fills a void in the literature on how country- and corridor-specific factors relate to remittance fees at different levels of digitalization of the transaction mode. It also complements stylized facts and regression analysis with a survey analysis of the CAPDR authorities’ views on the latest developments, possibilities, and risks related to digital remittances with a view to gauging the authorities’ potential role in further reducing the cost of cross-border payments more generally and remittances fees in particular. The paper finds a clear trend of declining remittance fees across countries and at any level of digitalization, albeit they remain higher for CAPDR countries relative to non-CAPDR countries. More competition, financial and digital development in receiving countries—such as debit/credit card ownership or bank branch penetration—are associated with lower remittance fees, especially in CAPDR. The surveyed authorities actively explore the use of digital money to advance domestic payment systems, expedite financial inclusion, and lower remittances fees, yet see considerable risks, especially for preserving monetary sovereignty in CAPDR.
Crypto Assets And Cbdcs In Latin America And The Caribbean Opportunities And Risks
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Author : Maximiliano Appendino
language : en
Publisher: International Monetary Fund
Release Date : 2023-02-17
Crypto Assets And Cbdcs In Latin America And The Caribbean Opportunities And Risks written by Maximiliano Appendino 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 2023-02-17 with Business & Economics categories.
After providing a general overview of the nature, pros, and cons of crypto assets and CBDCs, this paper focuses on documenting their recent experience in LAC. The region records a high interest in unbacked crypto assets and stablecoins and its authorities’ policy responses have varied substantially, ranging from the introduction of Bitcoin as legal tender in El Salvador to their prohibition in many other countries worried about their impact on financial stability, currency/asset substitution, tax evasion, corruption, and money laundering. This paper also describes briefly the results of a survey on CBDCs’ introduction plans and crypto assets regulation. Finally, this paper presents some general lessons and policy recommendations for the region on the regulation of cypto assets, digital currencies and cross-border payments, and on the potential introduction of CBDCs.
The Promise Of Fintech
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Author : Ms.Ratna Sahay
language : en
Publisher: International Monetary Fund
Release Date : 2020-07-01
The Promise Of Fintech written by Ms.Ratna Sahay 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 2020-07-01 with Business & Economics categories.
Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.
Curb Your Enthusiasm The Fintech Hype Meets Reality In The Remittances Market
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Author : Tito Nícias Teixeira da Silva Filho
language : en
Publisher: International Monetary Fund
Release Date : 2022-12-02
Curb Your Enthusiasm The Fintech Hype Meets Reality In The Remittances Market written by Tito Nícias Teixeira da Silva Filho 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 2022-12-02 with Business & Economics categories.
Fintech has become one of the most popular topics among policymakers and experts. It usually comes with the qualifier “disruptive”. Thus, the hype is easy to understand: fintech would upend the financial system due to its disruptive nature, as it would allow financial services to be completed faster, cheaper, and more efficiently. Indeed, many have predicted that the remittances market was on the verge of being disrupted as remittances are considered too costly while remittance service providers inefficient, opaque, and outdated. Therefore, there seems to be no better setting for assessing the allegedly disruptive effects of fintech. Against that background, this paper investigates how those predictions have fared so far. Contrary to expectations, it found that instead of disrupting incumbents fintechs have increasingly been entangled with them. Therefore, not only there is no evidence of disruption, but it is unlikely to occur in the foreseeable future. Even so, the paper argues that fintechs play an important role in the remittances market.
Fintech Inclusive Growth And Cyber Risks Focus On The Menap And Cca Regions
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Author : Ms.Inutu Lukonga
language : en
Publisher: International Monetary Fund
Release Date : 2018-09-11
Fintech Inclusive Growth And Cyber Risks Focus On The Menap And Cca Regions written by Ms.Inutu Lukonga 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 2018-09-11 with Business & Economics categories.
Financial technology (fintech) is emerging as an innovative way to achieve financial inclusion and the broader objective of inclusive growth. Thus far, fintech in the MENAP and CCA remains below potential with limited impact on financial inclusion. This paper reviews the fintech landscape in the MENAP and CCA regions, identifies the constraints to the growth of fintech and its contribution to inclusive growth and considers policy options to unlock the potential.
Fintech In Sub Saharan African Countries
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Author : Mr.Amadou N Sy
language : en
Publisher: International Monetary Fund
Release Date : 2019-02-14
Fintech In Sub Saharan African Countries written by Mr.Amadou N Sy 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 2019-02-14 with Business & Economics categories.
FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.
Fintech
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-27
Fintech written by International Monetary Fund 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 2019-06-27 with Business & Economics categories.
The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.