The Bank of Italy will contribute its experience with its innovation hub.38 Given the cross-cutting nature of FinTech, international coordination on policies is already involving many institutions and standard setting bodies, each according to its mandate.39 The FSB has identified two issues that deserve the authorities’ attention from a financial stability perspective, and should be a priority for international cooperation: managing operational risks from third party service providers, and mitigating cyber risks.
Many third party service providers are outside the regulatory perimeter, and the authorities should carefully evaluate whether the existing oversight frameworks are  35 36 37 38  39  FSB, “Financial Stability Implications from FinTech, Supervisory and Regulatory Issues that Merit Authorities’ Attention,” 27 June 2017.