Building an Enabling Environment for FinTech
|Published Date||December 2022|
|Type of Publication||Reports|
|Publication Under||Economic Committee (EC)|
This report summarizes the findings of the virtual workshop on Building an enabling environment for FinTech held in September 2022.
FinTech is rapidly becoming a key element to the maturity and growth of an economy’s financial sector, with socioeconomic developments and technological advancements laying the foundation for greater FinTech adoption and innovation. The COVID-19 pandemic accelerated the adoption of FinTech, due to its ability to provide financial services in a timely and inclusive manner.
Focusing on two critical applications of FinTech, the report considers the role of blockchain in enabling better trade practices and trade finance, and FinTech’s role in enabling sustainable finance and the development or meeting of environmental, social, governance standards. It concludes with policy recommendations for APEC member economies to consider that help advance the development of emerging technologies for trade and sustainable finance, and to realize the socioeconomic benefits from FinTech applications.