The FSB understands FinTech as technologically enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on financial markets and institutions and the provision of financial services. FinTech innovations are poised to affect many different areas of financial services in the coming years. The FSB and other international organisations have been cooperating to monitor FinTech activities and understand their implications for financial stability. The FSB’s Financial Innovation Network looks at FinTech innovations from the perspective of financial stability. The areas being studied include FinTech credit, digital currencies, distributed ledger technology, artificial intelligence and machine learning. This work has resulted in a better understanding of the benefits and risks FinTech may pose and allows for an ongoing dialogue between public, private and academic stakeholders.

In the context of the German G20 Presidency, the FSB Plenary launched work in November 2016 on the regulatory and supervisory issues raised by FinTech. To this end, the FSB’s FinTech Issues Group has evaluated potential financial stability implications of emerging FinTech innovations. It takes a two-sided approach, considering the potential of FinTech innovations to support financial stability and to engender new systemic risks. This work draws on the expertise of standard-setters as well as a stocktake of national authorities’ regulatory approaches to domestic FinTech activity. The FSB published the report for the G20 Leaders in June 2017. The report analysed the potential financial stability implications from FinTech in order to identify supervisory and regulatory issues that merit authorities’ attention. Ten areas were identified, of which three were seen as priorities for international collaboration: (i) the need to manage operational risk from third-party service providers; (ii) mitigating cyber risks; and (iii) monitoring macrofinancial risks that could emerge as FinTech activities increase.


This FSB undertakes regular monitoring of the financial stability implications of crypto-assets using a framework developed in collaboration with the Committee on Payments and Market Infrastructures. The FSB provides a forum for its members to discuss supervisory and regulatory approaches to crypto-assets and potential gaps in regulation.

In October 2018 the FSB concluded that while crypto-assets do not pose a material risk to global financial stability at this time, vigilant monitoring is needed in light of the speed of market developments. It also noted that crypto-assets raise several broader policy issues, such as the need for consumer and investor protection; strong market integrity protocols; anti-money laundering and combating the financing of terrorism regulation and supervision, including implementation of international sanctions; regulatory measures to prevent tax evasion; the need to avoid circumvention of capital controls; and concerns relating to the facilitation of illegal securities offerings. These risks are the subject of work at national and international levels.