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Is the digital renminbi more than just money?
Despite China’s efforts to boost the international standing of the renminbi, the currency still significantly underperforms globally in comparison to its shares in global trade and output. Recent data show that while the international...
Emerging financial supervision (SupTech) technology applications have been increasing since the impact of the pandemic. During the COVID-19 outbreak, national competent authorities (NCAs) followed the same market trends that encouraged the adoption of new fintech solutions (Beerman et al., 2021). However, the implementation of tools for day-to-day supervision has only just started. The development of SupTech still faces innumerable obstacles, which mainly come from the internal structure of NCAs – a lack of budgets, poor data quality, reporting issues, inappropriate IT infrastructure, and legal and procurement constraints (Di Castri et al., 2022). These barriers to adopting emerging technologies in supervisory practice underline how developing skills and knowledge is fundamental in order to tackle technology and sustainability issues that are reshaping the financial sector (Crisanto et al., 2022). Indeed, the combination of the cost of developing SupTech technologies and the growing need for capacity development create a crucial dilemma for NCAs: whether to build in-house solutions or buy from external vendors.
Read the full article in the FBF Blog