FinTech and payments regulation: An analytical framework

Tanai Khiaonarong and Terry Goh
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Tanai Khiaonarong: Senior Financial Sector Expert, International Monetary Fund, USA
Terry Goh: Short-Term Payment Systems Expert, International Monetary Fund, USA

Journal of Payments Strategy & Systems, 2020, vol. 14, issue 2, 157-171

Abstract: 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.

Keywords: FinTech; payment activities; payment services; payment systems; central bank; regulation; BigTech (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2020:v:14:i:2:p:157-171

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