Page 4 - IMF-欧洲的金融科技：机遇与挑战（英文）-2020.11-35页.pdf

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OVERVIEW

1. What aspects of fintech does this paper cover? While there are numerous
definitions of fintech, the IMF/World Bank Bali Fintech Agenda defines it as advances in
technology that have the potential to transform the provision of financial services spurring
new business models, applications, processes and products. Thus fintech covers a broad
1
range of activities, including new areas such as crypto-currencies and the use of artificial
intelligence (AI) for fraud detection, as well as innovation in more traditional financial
services. This paper looks at fintech payment and lending activities, their regulation and their
potential impact on existing banks within the European context. Digital currencies and other
types of fintech activities, such as insurance and asset management, are not considered.

2. The emergence of fintech in Europe comes against a backdrop of already high
levels of financial development compared to other regions (Figure 1). The financial
development index, which ranks countries along several dimensions including depth, access
and efficiency of financial institutions and markets, shows that Europe is a global leader in
the development of both financial institutions and financial markets. The average country in
2
Europe has a similar level of financial development as the best performers in Latin America
and the Middle East, while the least developed country in Europe is at par with the average
country in Africa. Similarly, the level of financial inclusion, measured by the availability of
automated teller machines and bank deposit accounts, is notably higher in Europe than
elsewhere.

Figure 1. Global Outlook on Financial Development
Europe leads other regions in financial development… …. with large gaps.
Financial Development Index by Region, 2018 Financial Development Index, 2018
(Index from 0 (lowest) to 1 (highest)) (Index from 0 (lowest) to 1 (highest))
1 1.0
Europe
Western Hemisphere
0.8 Asia and Pacific 0.8
Middle East and Central Asia
Africa
0.6 0.6 Europe Average
0.4 0.4

0.2 0.2

0 0.0
Total Institutions Markets CHE GBR ESP FRA ITA SWE LUX DEU NLD FIN PRT IRL DNK BEL NOR AUT ISR MLT CYP TUR GRC HRV RUS ISL CZE POL HUN BGR SVN SVK ROU EST BIH LVA SRB LTU MDA UKR ALB BLR WHD APD MCD AFR
Source: IMF Financial Development Index Database. Source: IMF Financial Development Index Database.

1 In this paper we also refer to “fintechs” as shorthand for companies that implement these solutions. For a
broader discussion of the definition of fintech see Schueffel (2016).

2 The index, developed by Sahay and others (2015), measures the development of financial institutions and
financial markets in terms of their depth (size and liquidity), access (ability of individuals and companies to
access financial services), and efficiency (ability of institutions to provide financial services at low cost and
with sustainable revenues and the level of activity of capital markets).