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FinTech and payments regulation: An analytical framework
This paper draws on recent international experiences in modernising legal and regulatory frameworks for payment services. It proposes an analytical framework based on a four-step process: (1) identifying payment activities; (2) licensing entities and designating systems; (3) analysing and managing risks, and (4) promoting legal certainty. The paper concludes that as payment activities evolve and potential systemic risks heighten, adherence to international standards and additional regulatory requirements are warranted.
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Tanai Khiaonarong is a Senior Financial Sector Expert in the Monetary and Capital Markets Department of the International Monetary Fund (IMF). He has served as an assessor of financial market infrastructures and adviser on payment systems oversight for many member countries of the IMF. His research interests include cash use, central bank digital currencies, mobile payments, correspondent banking relationship withdrawals, cross-border payments and FinTech.
Terry Goh is a short-term payment systems expert at the IMF. He was formerly the Director and Head of the Payments and Infrastructure Division at the Monetary Authority of Singapore. He holds a master’s degree in industrial and information technology from Hull University.