Geneva, Switzerland, 26 August 2019
The International Telecommunication Union (ITU)
organized a workshop on Fintech Security which took place on 26 August 2019 in ITU headquarters, in Geneva, Switzerland. The workshop took place a day before the ITU-T Study Group 17 meeting
held from 27 August -5 September 2019 at the same venue.
Fintech refers to the use of ICT technologies across all financial service functions, for example, banking, payments and insurance, etc. Mobility and online payment are two main drivers for the Fintech innovation.
Fintech represents the next wave of innovation for the financial service sector. Strong authentication technologies, emerging decentralized technologies like blockchain, analytical technologies for fraud detection and anti-money laundering compliance are changing digital financial services. Security and privacy aspects must be the top priority in order to build trust and confidence in Fintech services and applications and to protect financial infrastructure and customers.
The objectives of the workshop included:
identifying security and privacy threats and risks for Fintech services and applications;
- sharing best current practices on how to address security and privacy challenges;
- investigating requirements on security and privacy controls for Fintech services and applications;
- investigating the impact of decentralized frameworks (e.g., blockchain/distributed ledger technology) on data ownership and consent management for Fintech services and applications;
- discussing policy implications for Fintech services and applications;
- sharing on-going activities among relevant groups or organizations and industries; and
- identifying ways forward for SG17 to undertake in the future, including potential new work items.
ITU Member States, ICT Policy Makers & Regulators, Fintech Policy Makers & Regulators, Fintech service providers; ICT service/platform providers, Mobile operators, International Standards Organizations, NGOs interested in Fintech security.