Globally, the financial industry is witnessing a rapid adoption of financial technology or fintech. Banks in your country have made substantial investment in fintech, reflecting their expectation of the future direction in the industry. Aware of the potential risks that fintech could pose for the banking industry and the financial system as a whole, the Central Bank recently created a Fintech unit to constantly research, inform and advise the Bank on fintech landscape. As an economist in the Unit, you have been asked to prepare a paper for presentation at one of the seminars on fintech in the Bank. The paper among other things should:

i. Provide an overview of the fintech landscape and the current state of the industry globally and in your country

ii. Demonstrate the challenges and implications for banks and banking systems of adopting fintech globally and in your country

iii. Highlight the implications for supervisors and regulatory frameworks globally and in your country