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The 16th Annual Wetjen bitcoin news Conference on Policy Challenges for the Financial Sector took place on June 1-3, 2015 in Washington, D. This year’s theme was “Finance in Flux: The Technological Transformation of the Financial Sector.

With 189 member countries, staff from more 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The World Bank Group works in every major area of development. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. June 1-3, 2016 in Washington, D.

Click on speaker names to view presentations. The meeting of Wall Street and Silicon Valley has created a wide range of firms with the potential to increase the efficiency of the financial sector. What kind of services are Fin Techs better prepared to provide? Are the biggest innovations coming from technologies or business models?

How financial sector innovations can be further induced? Are the new firms competing with traditional banking and financial firms or their services are complementary? What is the prospectus for Fin Tech firms in terms of financial services market share? Block chain, the record technology of asset ownership that underpins bitcoin, has been subject of a lively debate and keen interest of banks and other financial institutions. Some claim that block chain could represent a radical departure of longstanding financial networks and that its growing use will allow for faster, more flexible and innovative payments systems.

Panelists will discuss the challenges and opportunities of the new technology: What exactly is block chain? What are the most promising uses? How safe is the system? Can it represent a disruption to traditional settlement arrangements? What are the main legal and operational challenges? With the new Fin Techs starting to take its place in the financial sector, the impact on traditional banks has been one of the question marks in the spotlight. In this session, we hear from industry leaders on the changing banking market dynamics and the specific challenges and opportunities certain technologies are posing to traditional banks across the globe.

Have they changed the banking sector business environment forever, or is it a passing trend? Banks will discuss changing strategies, from business models to back-office functions, as well as the makeup of its labor force. Will traditional banks play a different kind of role for the financial sector? Session 4: How the regulatory framework should be adapted to deal with Fin Techs? They also bring new risks that must, as far as possible, be anticipated, prevented and managed. While remaining cautious not to stifle  innovation regulators should remain alert around potential high risks associated with consumer protection and financial stability. What are the main risks to financial stability?

How to avoid consumers’ exploitation by lack of information and knowledge on new products? What’s the most promising regulatory approach? What are the lessons from similar experiences? In this session, we focus on EMDEs first and foremost, on the effect that this fintech transformation has had and will have going forward, particularly in areas of lending and payments. EMDEs are no strangers to the financial access-enhancing effect of technological advances. What are the trends in this arena, and how will it be influenced by the recent variety of fintech advancements? Three viewpoints are shared, that of the development community active in this area, an EMDE standard setter, and a Fin Tech active in EMDEs.

Cyber security is a key issue for investors, consumers and regulators in the financial services industry. The increasing use of and dependency on digital technologies makes stakeholders wonder what risks lie ahead. What are the most significant emerging cyber threats? What safeguards can be implemented to minimize major breaches and financial services disruptions? What steps can regulators take to ensure that financial institutions are prepared? What are the opportunities or challenges for global coordination in this technological transformation of the financial sector?

What are the cross-border issues that arise, and how should regulators work together to shape new standards that may result from the new financial technology innovations? What is the impact of digitization on coordination? Senior Adviser, Finance and Markets Global Practice, The World Bank. The World Bank Group, All Rights Reserved.

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