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FinTech: The Experience So Far

The Bali Fintech Agenda (BFA) was approved last year by the IMF and World Bank Group. It lays out key issues to consider in how technological innovation is changing the provision of financial services with implications for economic efficiency and growth, financial stability, inclusion, and integrity. In approving the BFA, IMF Executive Directors asked staff to review fintech developments and consider their implications within the mandates of the IMF and the World Bank. This paper responds to this call and takes stock of country fintech experiences and identifies key fintech-related issues that merit further attention by the membership and international bodies.

This paper, prepared by World Bank and IMF, 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. It identifies key areas for international cooperation, including roles for the IMF and World Bank, and in which further work is needed at the national level and by relevant international organizations and standard-setting bodies.

World Bank
With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.

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