Developments in Fintech and Blockchain innovation and implications for policy and regulation

During the 26th and the 27th of July 2022, the RCE-OECD held a Hybrid Workshop on Developments in Fintech and Blockchain innovation and implications for policy and regulation, and projected a glimpse on the digitization trends happening in Mauritius and all over the World.

 

The opening speech by Mr Dhanesswurnath Thakoor, CEO of the FSC highlighted the importance of digitalization and the revolution of digital identity services. This can only improve the ease of doing business, streamline customer onboarding and remote identify possibilities.

 

The workshop emphasized how the revolution of the Financial sector has been steadily fueled by Digitalization in the recent years, and its pace has only scooped up after the COVID-19 pandemic. Fintech innovation and digitally enabled financial services have enhanced economic resilience, increased accessibility to financial services and products, and increased inclusiveness. Blockchain is one of the new technologies that developed in the finance industry and is now being used in other sectors.

 

However, these innovations can also present new challenges and risks in the financial markets and pose new difficulties for market participants and regulators. Using the most recent analysis and policy recommendations from the OECD, this two-day workshop digs into the current trends and policy practices in fintech and blockchain technologies and applies them to the African context.

The Workshop session focused on :

 

• Decentralised Finance and institutionalisation of crypto-assets, where rapid market growth, adoption by traditional financial sector players and lack of the traditional safeguards warrants policymakers’ attention;
• FinTech lending for SME financing and COVID-19 support schemes, taking stock of recent developments and opportunities in new lending models in the COVID-19 context;
• The international policy environment for blockchain technologies and decentralised markets, reviewing current and emerging international rules and policy standards to govern blockchain technology in finance and beyond;
• Guiding and governing blockchain innovation, highlighting country experiences in developing strategies and agile regulatory responses to harness the benefits of this emerging technology and mitigate its risks.