Mario Marcel: High-level policy panel discussion on central bank digital currencies

Remarks by Mr Mario Marcel, Governor of the Central Bank of Chile, at the "High-level Policy Panel Discussion on Central Bank Digital Currencies", OECD Global Blockchain Policy Forum, Paris, 12 September 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
19 September 2019
by Mario Marcel
PDF full text
(1,304kb)
  |  11 pages

Disruptive technologies in Finance or "FinTech" are transforming the financial industry landscape, challenging traditional business models. These technologies have been able to address some gaps in the traditional financial industry that can be grouped into five categories: Access, Speed, Cost, Transparency, and Security.

Leveraging on open-source technologies and Smartphone penetration, FinTech has seen fast adoption, disrupting all areas of the financial services such as payments, investments, savings & lending, insurance and risk management.

One example of the innovation across different financial services is this research framework from the World Economic Forum. Fintech innovations are identified and grouped into clusters, which in turn are a result of innovation triggered by common themes that cut across financial services. These themes are enabled by different technologies.