The International Monetary Fund and the World Bank jointly released a paper that will guide policymakers around the world in their handling of the rise of financial technology — commonly known as fintech.
The paper, called the Bali Fintech Agenda, was launched on Thursday on the Indonesian island where the IMF and the World Bank are holding their annual meetings.
The paper outlines 12 "elements" or considerations that the IMF, the World Bank and governments can keep in mind when designing policies and regulations that can maximize the benefits of fintech while keeping financial systems sound.
Those "elements" include using fintech to promote financial inclusion, allowing new technology players to have level playing fields with existing companies and having countries work together to protect the global financial system.
Fintech has the potential to reach the 1.7 billion adults in the world that don't have access to financial services, IMF Managing Director Christine Lagarde said in a statement.