2  BIS Review 49/2009  the gap between advanced economies and emerging markets has widened substantially (Lane and Milesi-Feretti 2008). The pattern of financial integration has been very different as well. For advanced economies, financial integration has mainly taken the form of an intensive two-way trade of debt and equity instruments, reflecting portfolio optimisation strategies by private agents (Fecht et a. 2007).
In view of the growing significance of FinTech innovations and their interface with the financial sector as well as financial sector entities, the Reseve Bank is strengthening its surveillance framework and has also issued draft guidelines on “Enabling Framework for Regulatory Sandbox” for obtaining the comments of stakeholders. Mr. Carstens’s talk today will surely give us relevant insights in this direction.