. we remain committed to fully implementing the basel standards under the revised timeline. we are by no means backtracking on the progress in strengthening the regulatory and supervisory framework that has been made since the previous financial crisis. with regard to future actions, the ecb is continuously monitoring developments – also from a macroprudential perspective – and assessing the need for additional steps, including the further release of buffers or measures to support their usability. we also continue to closely monitor non - bank financial institutions. some investment funds have been experiencing significant outflows since the outbreak of market volatility, but the ecb ’ s recent policy actions have helped to improve conditions. in particular, following our decision to expand private sector asset purchases to non - financial commercial paper, outflows from euro area money market funds have been stemmed. these events also emphasise the importance of extending macroprudential frameworks beyond banking over the medium term. european responses to the coronavirus shock fiscal and structural policies should be targeted at enhancing the european countries ’ capacity to deal with the economic and social impact of the coronavirus pandemic and to support the subsequent economic recovery. we welcome the initiatives already taken by european governments and european institutions to ensure sufficient healthcare resources and to provide support to affected companies and employees. these will help in securing employment and safeguarding the survival of productive firms. we also welcome the provision of credit guarantees. such actions should help to complement and reinforce the unprecedented monetary policy measures taken by the ecb ’ s governing council in response to the crisis. international responses to the coronavirus shock as national authorities take the necessary steps to fight the pandemic, global cooperation and resource sharing across nations remain vital. addressing international trade disruptions, preserving trade openness and assuring the flow of vital medical supplies and other goods and services across borders is of paramount importance in helping to contain the economic fallout from the outbreak. 2 / 3 bis central bankers'speeches further international efforts will be needed to counter the consequences of the outbreak and spread of the coronavirus. the ecb supports the crisis - response measures by the imf, notably the adjustments to its emergency lending toolkit and the creation of a short - term liquidity line for countries with strong macroeconomic fundamentals. we are also open to exploring a possible new special drawing rights ( sdr ) allocation for all imf members. the october 2019 package on imf resources needs to be implemented speedily to help maintain the imf ’ s

opening remarks by francois groepe, deputy governor of the south african reserve bank, at the inaugural intergovernmental fintech outreach workshop council for scientific and industrial research, pretoria 19 april 2018 the fintech phenomenon : five emerging habits that may influence effective fintech regulation introduction good morning, ladies and gentlemen. welcome to the inaugural intergovernmental fintech outreach workshop. let us begin with the words of joseph schumpeter : “ situations emerge in the process of creative destruction in which many firms may have to perish that nevertheless would be able to live on vigorously and usefully if they could weather a particular storm. ” 1 there is no doubt that we are witnessing a wave of disruptive innovation and technology that one can liken to schumpeter ’ s ‘ creative destruction ’, one that will leave no aspect of human endeavour untouched. financial services in particular are within the eye of the storm of the change as a result of financial technology, or ‘ fintech ’. an elementary google search on fintech results in no fewer than 35. 2 million hits. investment in fintech over the last three years is estimated to have been well over us $ 300 billion dollars. 2 joseph a. schumpeter ( 2013 ). capitalism, socialism and democracy. routledge. kpmg ( august 2017 ). global analysis of investment in fintech. page 1 of 11 attention to the emergence of fintech has come from every quarter. there have been contributions from the world economic forum reflecting the potential of distributed ledger technology across wide - ranging financial services and activities. the international monetary fund has been vocal about the potential impact of cryptocurrencies. more recently, under the argentinian presidency, the g203 has committed to deepening the analysis on how financial inclusion could be achieved through digital innovations. all of these examples suggest a heightened expectation of shifts to financial services as a result of fintech. at the outset, it may be appropriate to attempt to define what fintech is. ‘ fintech ’ usually refers to innovative start - ups or underlying technologies such as blockchain, cloud computing, and machine learning. founded on an activity - based analysis conducted by the financial stability board ( fsb ), the evolving definition of ‘ fintech ’ is that it is neither the fintech firms, nor the start - ups, nor the emerging technologies. rather, ‘ fintech ’ is the technology - enabled innovation in financial services as a result of the process of ‘