September 28, 2023

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IMF grows advisory group to foster closer collaboration on fintech

IMF grows advisory group to foster closer collaboration on fintech

Acknowledging the broad impact of technological innovation
on financial services to the international community, the International
Monetary Fund (IMF) has been stepping up its analytical work on
fintech issues
, and expanding its engagement with a broad range of
public and private sector stakeholders.

Earlier this month, IMF Managing Director Ms Christine
Lagarde announced
the expansion
of the Fund’s High Level
Advisory Group on Finance and Technology, to strengthen the representation
of national authorities and international organisations.

Established in March last year, the High Level Advisory
Group on Finance and Technology is composed of highly-experienced and
respected leaders in the field of finance and technology and includes industry
pioneers, regulators, lawyers and academics.

The Group works closely with the IMF's Interdepartmental
Working Group on Finance and Technology to study the economic and regulatory
implications of developments in the area of finance and technology.

“Our High Level Advisory Group has made an invaluable
contribution to the IMF’s work on fintech. Its expert advice and guidance has
deepened IMF staff’s understanding of fintech issues, and the participation of
its members in IMF seminars and conferences has highlighted the importance of
technological change in the financial sector to the broader public,” the
Managing Director said.

After the expansion, the Group is now composed of 19 members
who are highly-experienced experts and respected leaders in the field of
finance and technology, including industry pioneers, officials from national
authorities and international organisations, lawyers and academics.

“By strengthening the presence of national authorities and
international organisations, I am confident that it will continue to provide a
broad range of perspectives that will greatly enhance the IMF’s work in this
important area.”

The following is the
full list of members in IMF’s High Level Advisory Group on Finance
and Technology:

  • Jeremy Allaire, Chief Executive Officer, Circle
  • Dr Long Chen, President, Alibaba Digital Economy Institute (formerly Chief
        Strategy Officer of Ant Financial Services Group)
  • Santiago Fernandez de Lis, Chief Economist of Financial Systems and Regulation,
  • Robert Garrison, Managing Director and Chief Information Officer, Depository
        Trust and Clearing Corporation
  • Rebekah Goshorn Jurata, Deputy Assistant Secretary, International Financial
        Markets, US Treasury
  • Erwin Haryono, Head of Fintech Office, Bank Indonesia
  • Chris Larsen, Executive Chairman, Ripple
  • Klaus M. Löber, Head of Oversight Division, Directorate General Market
        Infrastructure and Payments, European Central Bank
  • Adam Ludwin, Chief Executive Office, Chain
  • Blythe Masters, Chief Executive Officer, Digital Asset
  • Greg Medcraft, Director, Directorate for Financial and Enterprise Affairs,
        Organization of Economic Cooperation and Development
  • Professor Robert Merton, MIT Sloan
  • Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore
  • Mu Changchun, Deputy Director-General of the Payment and Settlement
        Department, People’s Bank of China
  • Patrick Murck, Fellow at the Harvard Berkman Klein Center
  • Marco Santori, President and Chief Legal Officer,
  • Carolyn Wilkins, Senior Deputy Governor, Bank of Canada,
  • Bradley J. Wiskirchen, Chief Executive Officer, Kount
  • Nasir Zubairi, Chief Executive Officer, Luxembourg House of Financial Technology

The move illustrates the IMF’s response to growing interest
from its member countries in the opportunities and challenges arising from
technological innovation in the financial sector.

According to the press release, member countries are seeking
advice from the IMF on a broad range of issues including the benefits and risks
of applications based on mobile computing, artificial intelligence, and
distributed ledger technologies.

As a global institution of 189 members, the IMF understands
that addressing many of these issues will require close international
cooperation and has been playing its part in fostering such collaboration. For
example, in early April the IMF brought together about 90 representatives from
central banks, regulators and international institutions for a series of
roundtables, providing a global platform for members to exchange experiences,
discuss policies, and build a better understanding of the cross-border
implications of technological innovation.

The Spring Meetings in April 2018 also illustrated the
importance of fintech issues for IMF members as they showed strong interest in
a series of seminars held in IMF’s Innovation Lab, covering key issues like
benefits and risks of crypto assets; the use of digital identity and regtech to
fight money laundering and terrorist financing; the emergence of smart
contracts; and the implications of a broader set of nonfinancial firms
providing financial services.


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