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Submitted by Newsroom on Mon, 06/11/2018 - 16:21
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IMF Managing Director Christine Lagarde

 

IMF expands its FinTech Task Force

The International Monetary Fund (IMF) has announced the expansion of its “High Level Advisory Group on Finance and Technology” comprising senior bank executives, notable blockchain companies, regulators and academics, to boost its Fintech efforts and foster greater collaboration between national authorities & international organizations.

Established in March 2017 and now expanded with six new members, the Advisory Group provides guidance to IMF staff on fintech work and research. 

“Our High Level Advisory Group has made an invaluable contribution to the IMF’s work on fintech. Its expert advice and guidance has deepened IMF staff’s understanding of fintech issues, and the participation of its members in IMF seminars and conferences has highlighted the importance of technological change in the financial sector to the broader public,” IMF Managing Director Christine Lagarde said.

“By strengthening the presence of national authorities and international organizations, I am confident that it will continue to provide a broad range of perspectives that will greatly enhance the IMF’s work in this important area” she added.

In April last year, the Washington-based institution held its inaugural meeting of the High Level Advisory Group on Fintech. A number of senior-level executives, including Jeremy Allaire of Circle, Carolyn Wilkins, Deputy Governor of the Bank of Canada, Tao Zhang, former Deputy Governor of the People’s Bank of China (PBOC), Jill Carlson from Chain, and others, attended. The meeting,  mostly dedicated to pros and cons of blockchain application in the financial sector, received mixed reviews from the cryptocurrency community. 

This April, the Fund brought together about 90 representatives from central banks, regulators and international institutions for a series of roundtables, providing a global platform for members to exchange experiences, discuss policies, and build a better understanding of the cross-border implications of technological innovation. 

The importance of fintech issues for IMF members was evident during the Spring Meetings in April 2018, with strong interest in a series of seminars held in the Fund’s Innovation Lab, covering key issues like benefits and risks of crypto assets; the use of digital identity and “regtech” to fight money laundering and terrorist financing; the emergence of smart contracts; and the implications of a broader set of nonfinancial firms providing financial services. 

Below is a full list of the Fintech Advisory Group's members:

Jeremy Allaire, Chief Executive Officer, Circle
Dr. Long Chen, President, Alibaba Digital Economy Institute (formerly Chief Strategy Officer of Ant Financial Services Group)
Santiago Fernandez de Lis, Chief Economist of Financial Systems and Regulation, BBVA
Robert Garrison, Managing Director and Chief Information Officer, Depository Trust and Clearing Corporation
Rebekah Goshorn Jurata, Deputy Assistant Secretary, International Financial Markets, US Treasury
Erwin Haryono, Head of Fintech Office, Bank Indonesia
Chris Larsen, Executive Chairman, Ripple
Klaus M. Löber, Head of Oversight Division, Directorate General Market Infrastructure and Payments, European Central Bank
Adam Ludwin, Chief Executive Office, Chain
Blythe Masters, Chief Executive Officer, Digital Asset
Greg Medcraft, Director, Directorate for Financial and Enterprise Affairs, Organization of Economic Cooperation and Development
Professor Robert Merton, MIT Sloan
Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore
Mu Changchun, Deputy Director-General of the Payment and Settlement Department, People’s Bank of China
Patrick Murck, Fellow at the Harvard Berkman Klein Center
Marco Santori, President and Chief Legal Officer, Blockchain.com
Carolyn Wilkins, Senior Deputy Governor, Bank of Canada,
Bradley J. Wiskirchen, Chief Executive Officer, Kount
Nasir Zubairi, Chief Executive Officer, Luxembourg House of Financial Technology