SHAPING THE FUTURE OF FINTECH: FROM A PERSPECTIVE OF CENTRAL BANKS

Abstract

The aim of the paper is to examine the impact of fintechon central banks and policy objectives, butalso, the role of central banks in enabling fintech in fulfilling its promises. Namely, for the financial sector fintech promises shorter, speedier transactions; greater capital efficiency; and stronger operational elasticity. For consumers, fintech promises opportunities, both in form of new products and services but also in improving the existing one at lower costs. In general, fintech promises a more inclusive financial system, with people better connected, more informed and increasingly empowered. In order to support the development of fintech central banks should consider many aspects like: exploring the use of distributed ledger technology (DLT), partnering with fintech companies and calibrating its regulatory approach to fintech developments.