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Future of finance


3 October 2017 - London

October Bulletin Cover

Advances in complex technologies are transforming the way people interact with and use consumer financial services. This month's Bulletin highlights how innovation in financial technology will support the burgeoning 'digital economy', and how banks, businesses and regulators should react to unfamiliar and disruptive challenges.

Greg Medcraft of the Australian Securities and Investments Commission explains why the increased use of technology cannot be used as an excuse for shifting risk on to consumers. Hiromi Yamaoka of the Bank of Japan describes how the BoJ and the European Central Bank are collaborating on improving their payments and settlements systems through innovations in distributed ledger technology. Jeff Bandman sets out 10 core principles for promoting engagement between fintech companies and regulatory authorities.

Pēteris Zilgalvis of the European Commission outlines the development of the European 'digital single market', and the emphasis on free flow of data across borders. Mojmír Hampl, vice-governor of the Czech National Bank, argues that alternative currencies are still negligible in size and scope and do not constitute any threat to the monetary system.

Madrid features in this edition's Focus report on financial centres.

Former Bangladesh Bank Governor Atiur Rahman writes that developing countries can serve as suitable incubators for testing advances in fintech. Matthew Saal of the International Finance Corporation describes how innovators in emerging markets are exploiting a gap left by the formal banking sector. One such market is Kenya, as Oliver Thew writes.

Other highlights of the October 2017 edition:

  • Ben Robinson and Bhavin Patel explain the economic background of the findings in OMFIF's Africa Capital Markets Index, which will be launched in Washington on 13 October.
  • Seedwell Hove reports on sub-Saharan Africa's economic performance.
  • Otaviano Canuto describes how the Brazilian judiciary's corruption investigation will bring major long-term benefits.
  • Elliot Hentov describes how official institutional investors are increasingly adopting environmental, social and governance strategies.
  • Christian Déséglise urges standardisation of global rules to help channel capital towards climate-friendly initiatives.
  • David Nowakowski explains how intervening in currency markets has become part of emerging market central banks' policy arsenals.
  • Ben Robinson and Danae Kyriakopoulou spell out the future of the ECB's quantitative easing.
  • The 24 September elections raise new challenges for Chancellor Angela Merkel, not least regarding deeper European integration, as David Marsh describes.
  • Alan Budd recalls Britain’s inglorious exit from the European exchange rate mechanism in 1992 in his appraisal of Six Days in September – Black Wednesday, Brexit and the making of Europe from OMFIF Press.
  • Julian Frazer critiques Rutger Bregman's Utopia for Realists, which presents an impassioned, if not always elegant, argument for universal basic income.
  • Darrell Delamaide explores the puzzle over low inflation and dwells on the future of Federal Reserve Chair Janet Yellen.
  • Yellen is likely to be replaced in February 2018 by Gary Cohn, Donald Trump's chief economic adviser, according to this month's Advisers Network poll.

The Bulletin is available to OMFIF members, and to non-members on a subscription basis. To subscribe please contact membership@omfif.org.