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Policy report on FinTech data gaps

Author

Listed:
  • Marqués, José Manuel
  • Ávila, Fernando
  • Rodríguez-Martínez, Anahí
  • Morales-Reséndiz, Raúl
  • Marcos, Antonio
  • Godoy, Tamara
  • Villalobos, Pablo
  • Ocontrillo, Andrea
  • Lankester, Valerie Ann
  • Blanco, Clemente
  • Reyes, Karla
  • Lopez, Silvia Irina
  • Fernández, Ana
  • Santos, Román
  • Maza, Luis Ángel
  • Sánchez, Manuel
  • Domínguez, Carlos
  • Haynes, Natalie
  • Panton, Novelette
  • Griffiths, Mario
  • Murray, Kurt
  • Doyle-Lowe, Michelle
  • Des Vignes, Leslie Ann
  • Francis-Pantor, Michelle

Abstract

This document aims to provide an overview of the main issues related to data gaps to facilitate monitoring of FinTech and overcome the significant challenges towards incorporating FinTech activities in regular statistics. Moreover, the document explains the implications of data gaps on some of the Central Banks’ main areas, in particular, monetary policy, financial stability, payment systems, and economic activity. Additionally, other implications related to the activity of BigTech companies, the impact of COVID-19 and Cybersecurity issues are explained, which represent an important challenge for data gathering at Central Banks. Also, it describes the main findings of the Irving Fisher Committee (IFC) survey “Central Banks and FinTech data” based on the answers provided by Latin American and Caribbean (LAC) countries, which identify their different positions regarding this topic and the current initiatives that each one is launching. Finally, a number of next steps are proposed based on a policy discussion and how LAC countries could overcome data gaps and improve data collection based on their current experience.

Suggested Citation

  • Marqués, José Manuel & Ávila, Fernando & Rodríguez-Martínez, Anahí & Morales-Reséndiz, Raúl & Marcos, Antonio & Godoy, Tamara & Villalobos, Pablo & Ocontrillo, Andrea & Lankester, Valerie Ann & Blanco, 2021. "Policy report on FinTech data gaps," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 2(3).
    • Handle: RePEc:eee:lajcba:v:2:y:2021:i:3:s266614382100017x
    DOI: 10.1016/j.latcb.2021.100037
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    References listed on IDEAS

    as
    1. Mr. Dong He & Mr. Karl F Habermeier & Mr. Ross B Leckow & Mr. V. Haksar & Ms. Yasmin Almeida & Ms. Mikari Kashima & Mr. Nadim Kyriakos-Saad & Ms. Hiroko Oura & Tahsin Saadi Sedik & Natalia Stetsenko &, 2016. "Virtual Currencies and Beyond: Initial Considerations," IMF Staff Discussion Notes 2016/003, International Monetary Fund.
    2. Antoine Bouveret, 2018. "Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment," IMF Working Papers 2018/143, International Monetary Fund.
    3. Giulio Cornelli & Jon Frost & Leonardo Gambacorta & Raghavendra Rau & Robert Wardrop & Tania Ziegler, 2020. "Fintech and big tech credit: a new database," BIS Working Papers 887, Bank for International Settlements.
    4. Dong He & Karl F Habermeier & Ross B Leckow & Vikram Haksar & Yasmin Almeida & Mikari Kashima & Nadim Kyriakos-Saad & Hiroko Oura & Tahsin Saadi Sedik & Natalia Stetsenko & Concha Verdugo Yepes, 2016. "Virtual Currencies and Beyond; Initial Considerations," IMF Staff Discussion Notes 16/3, International Monetary Fund.
    5. Jon Frost & Leonardo Gambacorta & Yi Huang & Hyun Song Shin & Pablo Zbinden, 2019. "BigTech and the changing structure of financial intermediation," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 34(100), pages 761-799.
    6. Giulio Cornelli & Sebastian Doerr & Leonardo Gambacorta & Ouarda Merrouche, 2020. "Inside the regulatory sandbox: effects on fintech funding," BIS Working Papers 901, Bank for International Settlements.
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    1. Bejar, Pablo & Ishi, Kotaro & Komatsuzaki, Takuji & Shibata, Ippei & Sin, Jasmin & Tambunlertchai, Suchanan, 2022. "Can Fintech Foster Competition in the Banking System in Latin America and the Caribbean?," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 3(2).

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