Cover

CONTENTS

EXECUTIVE SUMMARY

INTRODUCTION

EMERGING FINTECH INNOVATIONS

THE ORGANIZATION OF FINANCIAL SERVICES—A GENERAL FRAMEWORK

TECHNOLOGY, REGULATION, AND FINANCIAL STABILITY

IMPLICATIONS OF FINTECH FOR CROSS-BORDER PAYMENTS

A. The Current Landscape of Cross-Border Payments

B. Possible Evolution of Cross-Border Payments

CONCLUSION

REFERENCES

BOXES

1. Technology and Service Attributes

2. Technology and Market Structure

3. The Role of Regulation in Supporting Trust in the Financial System

4. Market Structure of Cross-border Payments

FIGURES

1. Accelerating Pace of Technological Progress in Financial Services

2. Asset Prices in Financial Services and Search for New Technologies

3. Financial Services Architecture: Old and New

4. Major Technologies Transforming Financial Services

5. Future of Cross-border Payments: Three Scenarios

6. Hub-and-Spoke Networks

I.1. The Market Landscape

II.1. The Payments Chain

II.2. Correspondent Banking: An Illustration

IV.1. The Sandbox Approach in Selected Jurisdictions

APPENDICES

I. A Framework of Analysis

II. Cross-Border Payments and Correspondent Banking

III. Central Bank Digital Currencies: Why and How?

IV. The Sandbox Approach: Selected Jurisdictions

V. Examples of Regtech Solutions to Facilitate Regulatory Compliance