Fintech, regtech, suptech and central bank decision making

Ashraf Khan and Majid Malaika

T. Rabi Sankar, Deputy Governor of the Reserve Bank of India, noted in a virtual seminar that “CBDCs [central bank digital currencies] are likely to be in the arsenal of every central bank going forward … [E]very idea will have to wait for its time. Perhaps the time for CDBC is nigh.” (Bhat, 2021). When looking at the chapters in this book, it is clear that it is not just CBDC but financial technology (fintech) in general that is here to stay.

How could it not be? The various authors have reflected on advanced artificial intelligence (AI) and machine-learning (ML) applications from a perspective of enhancing supervision and regulation, and by ensuring enhanced compliance from a financial institution and fintech perspective. Others have outlined the pros and cons of virtual currencies, highlighting the benefits this might bring by allowing easier and safer cross-border transfers, especially for worker remittances that many low-income countries and emerging markets depend on.

Many have also shared country-specific experiences: South Africa, Hong Kong SAR, Tunisia, Bermuda and China. Some have covered digital assets and stablecoin, others have looked at CBDCs. Organisational