May 29 2017
The Financial Action Task Force (FATF) held a FinTech and RegTech Forum on 25-26 May 2017 in San Jose, United States, chaired by the President of the FATF, Mr. Juan Manuel Vega-Serrano (Spain). The meeting, hosted by PayPal at its headquarters, was attended by over 150 representatives from the FinTech and RegTech sectors, financial institutions, and FATF members and observers.
Purpose
Outreach to the FinTech and RegTech community is one of the FATF’s priorities in 2016-2017, which aims to provide a platform for a constructive dialogue and support innovation in financial services while addressing the regulatory and supervisory challenges posed by emerging technologies. This is the FATF’s 3rd engagement with the private sector on FinTech and RegTech. FinTech innovation can improve the access and delivery of financial services to customers, businesses, and communities. The financial services paradigm may be reorganised around new platforms, infrastructures, and customer-service provider relationships. The FATF’s perspective is to understand how these developments change the landscape of financial services, and how that in turn affects the vulnerabilities of and threats to the integrity of the financial system in order for those risks to be mitigated or contained.