“Why is there such hesitation regarding standardisation, and why are people afraid that it will put a dampener on innovation?” asks Björn Fastabend. He argues that standardisation, such as in the introduction of XBRL for digital reporting, can in fact nurture and facilitate innovation.
This is a guest opinion piece from Björn Fastabend. Björn is head of the XBRL collection and processing unit at BaFin, Germany’s Federal Financial Supervisory Authority, where he supervises all related activities and propagates international relations and initiatives. He also brings us his wealth of experience in implementing digital reporting as Chair of XBRL International’s […]
Amid the chaos that Covid-19 has wrought on the financial sector, it has also created an urgency to prioritise and deploy regulatory innovation and fintech initiatives.
It goes without saying that 2020 has been a difficult year, with all sectors facing unprecedented challenges. However, in slim silver-linings news, the stay-at-home orders have accelerated an already-underway pivot to digital across the board. In fact, the need for rapid, high-quality data while tracking the effects of the pandemic has also highlighted just how crucial digital, structured, machine-readable […]
A recent speech by Benoît Cœuré, Head of the Bank for International Settlements Innovation Hub, at the World FinTech Festival, outlined the role central banks have to play in innovation.
The International Monetary Fund (IMF) have added their voice to those highlighting the unique challenge big tech and fintech pose to financial stability at the opening of the G20 Seminar on “Our Future in the Digital Age” in Japan last week. Christine Lagarde, head of the IMF, voiced concerns that, if not managed with balance, […]
How best to balance the opportunities and threats presented by fast-growing Fintech? The IMF’s First Deputy Managing Director, David Lipton, called for a multilateral, international approach at the 2nd IMF Fintech Roundtable this week. Fintech has seen world-wide changes, with reduced costs and transaction times and boosts to growth and living standards – however, it […]
A Deutsche Bank white paper published this month recognises the importance of regulators in driving innovation and the uptake of new technology in finance.
Strong, consistent semantics, data provenance and standardisation are, almost universally, poorly thought out inside large organisations. This makes the business of government harder than it should be. The XBRL standard can assist with many aspects of these problems.
Fintech-driven technology and process improvements are revolutionising the way information is collected, managed, published and used. Collaboration is key to making it all work.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
