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This document combines historical research, analysis of current media and industry periodicals, fintech product analysis and scenario analysis as well as surveys on BCBS members’ activities, to provide a forward-looking perspective on fintech and its potential impact on the banking industry and bank supervision.

The document provides the following 10 key implications and related considerations for banks and bank supervisors:

  1. the overarching need to ensure safety and soundness and high compliance standards without inhibiting beneficial innovation in the banking sector;

  2. the key risks for banks related to fintech developments, including strategic/profitability risks, operational, cyber- and compliance risks;

  3. the implications for banks of the use of innovative enabling technologies;

  4. the implications for banks of the growing use of third parties, via outsourcing and/or partnerships;

  5. cross-sectoral cooperation between bank supervisors and other relevant authorities;

  6. international cooperation between bank supervisors;

  7. adaptation of the supervisory skill set;

  8. potential opportunities for supervisors to use innovative technologies (“suptech”);

  9. relevance of existing regulatory frameworks for new innovative business models;

  10. key features of regulatory initiatives set up to facilitate fintech innovation.