2 Takeaways from the 2019 Annual Meetings by the International Monetary Fund (IMF) and the World Bank

Last week, the IMF and The World Bank held their conference-style event in Washington D.C. These Annual Meetings bring together central bankers, ministers of finance and development, private sector executives and academics to discuss global issues such as global economy, international development, and the world’s financial markets.

Here are my 2 takeaways from the 2019 Annual Meetings focused on technology and cybersecurity including my related articles:

  1. TECHNOLOGICAL ADVANCEMENTS AND JOBS
    •  Impacts of Technology
      • Technology can help IMF membership countries to reach their development goals
      • Technology can create financial inclusion which:
        • reduces inequality
        • reduces poverty
        • increases overall growth
      • Technology can help remove inefficiencies in traditional financial systems
      • Technology needs an environment to flourish in innovation
      • Technology has to be:
        • Citizen-Centric
        • Goal-Orientated Innovation
        • Able to address cybersecurity
        • A key contributor to financial inclusion
      • Big Tech should abide by the same rules as Big Banks because they have:
        • Technology
        • Global reach
        • Established customer networks
        • Vast amounts of customer data
        • Access to capital
        • Brand recognition
    • Role of Central Banks in the Digital Age
      • Ensure systematic integrity
      • Reduce cost of services
      • Test crypto currencies as it relates to fiat currencies
      • Track crypto currencies in macroeconomics
    • Crypto for Transactions will Spread more Rapidly when:
      • Data protection laws are in place
      • Data empowerment is encouraged
      • Trust is needed for widespread adoption
  1. PARTNERSHIPS
    • Technology usage for finance is being tested by IMF internally
    • Technology needs partnerships at both private and public sectors for infrastructure needs such as electricity, internet access and internet speed
    • Technology should open standards
    • Technology interoperability is needed for cross-border and cross-currencies

Bonus: IMF’s conducted its own startup-style pitch event

For the 2019 Spring Meetings, here are my 2 takeaways.

For the 2018 Spring Meetings, here are my 2 takeaways.

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