Central bank officials will meet in Bermuda this week to agree on a framework that can help build robust fin-tech ecosystems in their countries. Since the 1990s, fin-tech, the use of technology to improve and automate the use of financial services, has emerged as a cheaper, quicker and faster alternative to traditional banking.
It has been growing faster than any other segment of the tech industry, reaching the global market value of about $127 billion in 2018.
While some Commonwealth countries have become advanced fin-tech hubs, others have made relatively steady progress. The meeting will pool their experiences to identify model policy, legislation and regulation for a framework that can foster a healthy fin-tech environment.
The framework will be part of a Commonwealth fin-tech toolkit, designed to help member countries improve financial inclusion, boost private and monetary sector development and achieve various other economic outcomes.