The FSB formed a task force to develop initial recommendations for discussion that would: •  clarify what is meant by the “shadow banking system”;  •  set out potential approaches for monitoring the shadow banking system; and  •  explore possible regulatory measures to address the systemic risk and regulatory arbitrage concerns posed by the shadow banking system.
What is more, it is up to us to help shape this transition, which some are calling the fourth industrial revolution. This is challenging, because our objective – successfully shaping digital transformation in the financial sector – is in flux and the processes involved are complex.