The financial value chain is being disrupted and complemented by new, digitized and innovative business models, which are being developed by FinTechs, incumbents and BigTechs. This has an immediate impact on traditional financial services providers, institutions and regulators, and changes the approaches of how to construct, collect and disseminate (statistical) information. Those broad changes call for new approaches of how to construct, collect and disseminate information on FinTechs, while not overburdening start-ups and firms with reporting requirements. In addition, a fast-paced development in specialized technologies, eg from the crypto ecosystem, creates new and innovative forms of business models while also challenging authorities' understanding of those business models. Hence it is important (difficult but ultimately feasible) to gather statistics and other type of information on such Fintech activities and firms. In parallel, and reflecting remarkable development of financial digital technology, various digital assets have mushroomed throughout the world. But, reflecting the novel character of the digital assets, the framework of statistical classification is still undergoing.

The objective of this session is to facilitate an active exchange of views and share the experiences of statistics compilers around the world, aiming to develop a framework on new forms of financial activities and digital assets in the SNA. Opinions from users are also indispensable to construct the new framework. Recording digital assets, which include central bank digital currencies (CBDCs), global stablecoins, and other types of crypto-assets, is one of the most important issues in the discussion of BPM6/2008 SNA update, as mentioned in the guidance note (GN) prepared by the Joint Financial and Payment Systems Task Team (FITT). For example, to find an adequate recording rule for crypto-assets without a corresponding liability (eg bitcoins) is a tough challenge.

Organiser: Mr Bruno Tissot 

Chair: Mr Ko Nakayama  

Speaker: Ms Yoshiko Sato 

Speaker: Ulf von Kalckreuth 

Speaker: Giuseppina Marocchi 

Speaker: Norman Wilson