The work of the Financial Stability Board (FSB) and other international standard-setting bodies (SSBs) will be crucial in this endeavour. However, as pointed out by the FSB, regulatory and supervisory approaches to FinTech are becoming increasingly fragmented, undermining the effectiveness of financial institutions' efforts to address the ensuing risks.
We, first of all, need to determine the legitimate uses and purposes of FinTech innovations and then define guiding principles at global level that serve to avoid fragmentation across countries’ regulatory approaches. In other words, we do not want to overregulate.