RESTRICTED  
  
S/FIN/M/9 3 
 
7 November 2019  
(19-7583) Page: 1/4 
Committee on Trade in Financial Services    
 
 REPORT OF THE MEETIN G HELD ON 28 OCTOBER  2019  
NOTE BY THE SECRETAR IAT1 
The Committee on Trade in Financial Services held a meeting on 28 October 2019, under the 
Chairpersonship of Mr. Ding Li (China). The agenda was contained in Airgram  WTO/AIR/CTFS/10.  
1  ITEM A – PROPOSAL FOR A THEMA TIC SEMINAR - FINTEC H: TRADE, FINANCIAL 
INCLUSION AND DEVELOPME NT – COMMUNICATION F ROM CHINA (S/FIN/W/9 4) 
1.1.  The representative of  China  introduced the proposal contained in document S/FIN/W/94. He 
said that e merging technologies in the financial sector (so -called "FinTech") were transforming the 
supply of financial services in such areas as payments, financing, trading, financial information and 
advice, and asset management – to name a few. These developments brought both opportunities 
and challenges for consumers, service providers and regulators ali ke. He said that FinTech may 
play a crucial role in the expansion of trade in financial services. Moreover, FinTech may be pivotal 
in enabling financial institutions to expand access to banking, insurance and financial services for 
all, thus enhancing fina ncial inclusion and promoting economic development.  
1.2.  In keeping with the Committee's mandate "to provide a forum for technical discussions, to 
conduct studies on measures of Members and to conduct examinations of any other technical 
matters affecting trade in [financial] services", as stated in the Decision on Institutional 
Arrangements for the General Agreement on Trade in Services (S/L/1 dated 4 April 1995), in 
China's view the Committee was the appropriate forum to review these developments and discuss 
their impact on trade in financial services.  
1.3.  Building on the previous work conducted at the Committee on technological developments 
and financial inclusion, China proposed that the Committee organized a thematic seminar on 
"FinTech: Trade, Financial Inclusio n and Development", with a view to increasing Members' 
understanding of FinTech and its effect on trade in financial services, financial inclusion and 
development. The seminar would allow for discussion and exchange of views among experts on 
FinTech issues , contributing to the dialogue among national regulators, trade negotiators, relevant 
international organizations and the private sector. Furthermore, the seminar could serve as a first 
step in the consideration of these issues, which could then be further  explored in the Committee.  
1.4.  The proposed one -day program would consist of four sessions. Following an introductory 
session aimed at providing an overview of FinTech, the second session would focus on 
technological developments in the payments industry and  their effect on cross -border 
e-commerce. The afternoon would be devoted to a discussion on FinTech's contribution to financial 
inclusion in developing economies, and to the consideration of the interplay between FinTech, 
trade in financial services and fi nancial regulation.  Presentations would be made by national 
regulators, private sector representatives and international officials from relevant international 
organizations. The program should allow for an interactive exchange between those experts and 
Members. His delegation looked forward to working with the Secretariat and other Members to 
develop the program.  
                                                
1 This document has been prepared under the Secretariat's own responsibility and is without prejudice 
to the positions of Members or to their rights and obligations under the WTO.  S/FIN/M/ 93 
 
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  1.5.  The representative of the Kingdom of Bahrain  supported the proposal, and the idea of 
discussing FinTech -related issues in the Committee. He looked  forward to further contributing to 
the program.  
1.6.  The representative of Switzerland  welcomed the initiative and considered that China's 
communication contained an already well -elaborated proposal. All Members should benefit from 
such a seminar. He further s aid that financial services legislation in Switzerland was technology -
neutral and was constantly being reviewed to take account of new developments, for example in 
the area of FinTech, where potential barriers to market entry had been eliminated. He added that 
further information on these issues could be found in the notifications by Switzerland contained in 
documents S/C/N/897 and S/C/N/ 922.  
1.7.  The representative of Australia  showed interest in further discussing challenges and 
opportunities related to FinTe ch and supported information sharing through a seminar and 
exchange of views among regulators, academics and businesses. She thanked China for the 
outlined program and looked forward to working with China and the Secretariat on the 
development of the progr am.  
1.8.  The representative of India said that emerging technologies in the financial sector were 
revolutionizing the supply of financial services. These developments brought opportunities and 
challenges for consumers and providers alike. Her delegation supported the holding of a seminar 
as proposed by China. Such a seminar would help Members better understand FinTech and its 
effects on trade in financial services, financial inclusion and development. The views of regulators, 
private sector representatives and international organizations woul d be very valuable for all 
Members.  
1.9.  Speaking on behalf of the ACP Group , the representative of Barbados  said that the issues of 
financial inclusion and development were of critical importance to the Group. The Group took note 
of the proposal and expressed interest in broadening the seminar to include issues of interest for 
the Group. Barbados was still waiting for concrete feedback from the Members of the Group. She 
suggested having further consultations with the proponents and the Chair to discuss the way 
forward.  
1.10.   Speaking in her national capacity, the representative of Barbados  thanked China for the 
proposal to hold this seminar and for the draft program. This kind of proposal on issues impacting 
on trade and development, and in particular on small and vulnerable economies and least -
developed countries, formed a core aspect of the work of the Committee on Trade in Financial 
Services. Barbados saw financial technology as a vehicle for financial inclusion, investment and 
economic development. Barbados was th erefore interested in creating an appropriate regulatory 
framework, which would enable the development of innovative FinTech products, services and 
solutions. She added that her authorities were examining the proposal with the aim of ensuring 
that Barbados ' interests were adequately reflected. She requested to be part of any consultations 
the Chairperson may conduct on this proposal.  
1.11.   The representative of Turkey  welcomed the proposal, which would serve to reinvigorate the 
work of the Committee. In addition,  the proposed seminar would complement Members' work on 
e-commerce and trade in services. Internal consultations were still on -going on the proposed 
program, the outcome of which would be shared with China in due course.  
1.12.   The representative of Mexico  welcomed the proposal, and expressed the interest of her 
delegation on the topic. Mexico had recently introduced regulation in this area. She looked forward 
to participating in the preparatory discussions, to ensure a thematica lly and geographically 
balanced program.  
1.13.   The representative of Pakistan  supported the organization of the seminar as proposed by 
China. He further considered that FinTech was evolving as a key enabler for financial services, 
helping in particular small - and medium -sized enterprises, and contributing to digital inclusion and 
economic development. The evolution of these technologies also raised challenges for developing 
countries.  S/FIN/M/ 93 
 
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  1.14.   The representative of Brazil  supported the proposal, which was timely and on a  relevant 
topic. His delegation stood ready to contribute to the organization of the seminar.  
1.15.   The representative of Singapore  supported the holding of the thematic seminar. She 
expressed interest in participating in future consultations on the issue.  
1.16.   The representative of Canada  also expressed interest in the seminar proposed by China. 
Internal consultations  among her authorities  were still on -going on the topics proposed. She 
requested to be associated in the consultations  the Chairperson might conduct .  
1.17.   The representative of the United States  said that FinTech -related trade issues were very 
important. The United States  could go along with the proposed seminar but was interested in 
ensuring a balanced coverage of topics in the program. In that regard, he  noted that the agenda 
proposed by China suggested that the seminar would discuss how regulation could affect financial 
stability. While it was important to consider how to allow trade in financial services and at the 
same time  meet regulatory and supervisor y objectives, the United States was of the view that this 
was not the appropriate forum for a deep discussion on FinTech and financial stability. In that 
regard, the international standard -setting bodies were already undertaking extensive work on 
these iss ues and that work should not be duplicated in the WTO. Furthermore, he added, 
prudential regulation was explicitly carved -out from the scope of the GATS. The United States was 
willing to help shape the agenda for the seminar. He looked forward to working w ith Members, the 
Chair and the Secretariat as this proposal moved forward .  
1.18.   The representative of Chinese Taipei  supported a comprehensive and balanced discussion 
on the topic proposed by China. He shared the points made by the United States. He asked to b e 
associated in the consultations.  
1.19.   The representative of Liechtenstein  also commended China for the proposal. He expressed 
interest in participating in the preparation of the program. In that regard, Liechtenstein could 
contribute with its national experi ence, which included the recent passage of a comprehensive law 
on the token economy.  
1.20.   The representative of Colombia  supported the proposal and expressed interest in 
participating in the consultations.  
1.21.   The representative of Hong Kong, China  said that the development of FinTech was also one 
of Hong Kong, China's policy priorities. He looked forward to working with the Chairperson and 
other Members in developing the program  
1.22.   The representative of the European Union  said that FinTech had important implications  for 
trade in financial services. The EU could support holding a thematic seminar that would improve 
Members' understanding of opportunities and challenges offered by the use of FinTech in the 
financial services sector. She looked forward to participating in the discussions, with a view to 
developing a balanced program that would look at the different aspects involved and would bring 
together private sector operators, regulators and international organizations working in this 
domain.  
1.23.   The representative of Chile supported the proposal and expressed interest in participating in 
the consultations.  
1.24.   The representative of the Russian Federation  said that the topic proposed by China was 
within the mandate of the Committee. Members needed to further discuss the in teraction of 
FinTech, trade in financial services and regulation. She expressed interest in the proposal, and 
looked forward to being involved in further consultations on the matter.  
1.25.   The representative of New Zealand  said that Fintech was an important and  relevant topic for 
discussion. He looked forward to participating in the discussions on the preparation of the 
program.  
1.26.   The representative of Japan  welcomed China's initiative to hold a thematic seminar on 
FinTech. He expressed interest in participating i n the preparation of the detailed program.  S/FIN/M/ 93 
 
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  1.27.   Reacting to the comments made by Members, the representative of China  said that the 
discussion showed the interest of Members in the topic proposed for the seminar. He agreed that 
the topics should be further dev eloped. He looked forward to consultations on the program by the 
Chairperson.  
1.28.   In concluding, the Chairperson  said that the discussion had been  interesting and productive. 
There had been  general support for the seminar. Various valuable comments and suggestions had 
been made, including to focus on development issues, to make the program more balanced and to 
avoid duplication of work with other international organizations. A balanced progr am should be 
developed. Some Members expressed interest in participating in the development of the program. 
With that in mind, as suggested by many Members, he would hold consultations on the 
programme for the proposed seminar.  
1.29.   The Committee took note  of the statements made and agreed  on the way forward 
suggested by the Chairperson.  
2  ITEM B – OTHER BUSIN ESS  
2.1.  The Chairperson  informed Members that a written procedure would be follow ed for the 
adoption of the annual report.  
2.2.  The Committee took note  of the state ment.  
 
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