The Financial Stability Board has provided a summary of the FSB's work on FinTech, which includes: (i) working with the standard-setting bodies to share information on FinTech-related projects and to collaborate whenever appropriate; (ii) considering the financial stability implications of distributed ledger technology; and (iii) conducting an in-depth study of the financial stability implications of P2P lending with the BIS Committee on the Global Financial System. The FSB is also undertaking a study of the key elements underlying FinTech innovations and has identified three "elemental promises" common to a broad range of FinTech innovations. The FSB warns that these elements have financial stability implications and authorities should therefore be vigilant and actively monitor the effects that FinTech innovations have on specific products and services, as well as on incumbent financial institutions, markets, and the broader economy.