Нэмэгдсэн: 2017-11-15 16:54:00

Congratulatory speech by Dr. Davaasuren Sodnomdarjaa

Chairman of Financial Regulatory Commission of Mongolia

at the opening of the International FinTech Seminar: FinTech Landscape and Supervisory Challenges

Shilla Hotel, Seoul, 15 November 2017

 

 

Excellencies,

Distinguished Delegates and Participants,

 

 

I am very much delighted to be here today and honoured to be invited to speak at the opening of the International FinTech Seminar: "FinTech Landscape and Supervisory Challenges". Before I say anything else, I would like to thank the Korean Financial Supervisory Service, the Seminar Secretariat for their excellent preparatory works and thoughtful arrangements and warmly congratulate Governor, Mr. Choe Heungsik, in particular, on this timely occasion for hosting us today and for the opportunity to share knowledge and experiences on the emergence of FinTech.

 

Over the past 50 years, technological advances ranging from replacement of abacus with electronic calculator to online banking and digital currencies fostered new industries such as digital financial market and made possible an unmatched openness to trade, financial transactions, to people and great ideas. The accompanying burst of financial innovation spread the application of these technologies and stimulated the growth global financial markets enhancing cross-border transactions.

 

One such example is the emergence of FinTech—a new financial innovation revolutionizing the way we think about finance and provide financial services. The rapid expansion of FinTech driven by information technology advances advocates us, as regulators; to make informed decisions and protect the consumers against potential risks while its usage has become an inevitable part of our everyday lives, without which our life would seem much less efficient and inconvenient.  Thus, the proliferation of FinTech and the ensuing challenges urges regulators and policy-makers for adoption of new regulatory approach in their market supervision and surveillance.

 

With the right infrastructure and regulatory framework, FinTech could help make the financial system more resilient with greater diversity and efficiency, and deliver significant benefits to consumers and businesses across the world, ultimately widening access to financial services and enhancing financial inclusion. While the Financial Regulatory Commission of Mongolia is encouraging FinTech’s development, it demands us to reinforce regulation for safer market practices and to safeguard consumers against the inherent risks of digital financial services. 

 

A solution is always mined through exchange of ideas and experiences learnt; I believe the aim of this event is alike. I am thrilled to be in the presence of FinTech leaders, industry regulators and prospective FinTech developers who are adopting new technologies to reinforce their markets and economies.

 

I am confident that this seminar will deliver fruitful outcomes and hope to learn from experiences of peer regulators and to continue our cooperation to supervise the ever changing landscape of FinTech.