IIF Authors

Status: Will be live at 03/09/2020 09:27

FRT Episode 61: The G20 Digital Agenda And A Look At Potential COVID-19 Impact

IIF’s Conan French and Brad Carr discuss the main themes and action items coming out of the G20 meetings in Saudi Arabia.  The official communique put payments, regtech, and bigtech in finance on the FSB and BIS action list for this spring with data policy and the future of money forming the context. The meetings were also dominated by COVID-19 as the story shifted from China to a global financial shock with policymakers preparing to do their part in the response.

The Issues for Further Actions from the G20 included: 

  • A roadmap to enhance global cross-border payment arrangements from the FSB with CPMI – October 2020.
  • A follow-up report on BigTech in finance from FSB with a focus on the perspective of emerging markets and developing economies. This would build on the December 2019 report: “BigTech in Finance: Market Developments and Potential Financial Stability Implications” – July 2020
  • FSB report on the range of practices in the use of RegTech and SupTech – July 2020.

We also expect significant interplay between this G20/ FSB digital workstream and the new BIS Innovation Hubs and technology initiatives which have a special focus on central bank digital currency (CBDC) and stable coins.  

At the same time, the US G7 presidency is highlighting data policy as a major focal point for their workstream this summer so we see the landscape for a busy digital agenda moving forward in these global forums.