As I look forward and ponder the forces that are shaping the evolution of the global financial system, the FSB is currently grappling with two issues—financial innovation and market fragmentation—that have the potential to profoundly affect financial stability, so let me start there. Owing to our forward-looking orientation, the FSB has been actively engaged in monitoring financial innovation for some time.
Starting a little over five years ago, there was an explosion of 4/6  BIS central bankers' speeches  financial innovation that had a technological component, which we now call fintech. This encompasses peer-to-peer lending, cryptocurrencies like Bitcoin, and the use of new techniques like artificial intelligence and machine learning.