Financial Technology Innovation, Social Impact & Regulation: Do We Need New Paradigms?

As the global financial system continues to be reshaped by new forms of financial,  monetary, and technology-driven innovation, including CBDCs and digital assets, new payments systems, advances in artificial intelligence, and open banking regimes, how should we think about the impact—social and economic—on society? Is the current approach to how we regulate fit-for-purpose and consistent with fostering policy objectives? 

What policy objectives should drive regulation and what is the right balance between advancing innovation, fostering competition, and safeguarding consumers and critical financial infrastructure? Do regulators have the right mindset and tools to be effective and can nationally-based regulatory oversight and supervision be successful in an era where platforms, data, and technologies cut-across geographic borders? What new regulatory models, tools and approaches are worthy of exploration and how can the Salzburg Global Seminar help catalyze action to support a global financial system that is stable, sustainable, and supportive of financial inclusion, economic growth, and broad-based prosperity?

The 14th annual Salzburg Global Finance Forum included senior and rising leaders from banks, financial services firms, fintech and technology companies, investment, and asset management firms, supervisory and regulatory authorities, and professional service providers.