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Article: From FinTech to TechFin: The Regulatory Challenges of Data-Driven Finance

TitleFrom FinTech to TechFin: The Regulatory Challenges of Data-Driven Finance
Authors
KeywordsBig Data
FinTech
TechFin
Financial Regulation
Supervision
Issue Date2017
PublisherThe European Banking Institute.
Citation
NYU Journal of Law and Business, 2017, v. 14 n. 2, p. 393-446 How to Cite?
AbstractFinancial technology (‘FinTech’) is transforming finance and challenging its regulation at an unprecedented rate. Two major trends stand out in the current period of FinTech development. The first is the speed of change driven by the commoditization of technology, Big Data analytics, machine learning and artificial intelligence. The second is the increasing number and variety of new entrants into the financial sector, including pre-existing technology and e-commerce companies. This paper considers the impact of these new entrants with their typically large pre-existing non-financial services customer bases. These firms (loosely termed ‘TechFins’) may be characterised by their capacity to leverage the data gathered in their primary business into financial services. In other words, TechFins represent an Uber moment in finance. This shift from financial intermediary (FinTech) to data intermediary (TechFin) raises implications for incumbent financial services firms, FinTech startups and regulators. This seachange calls for analysis to underpin regulatory approaches with a view to balancing the competing interests of innovation, development, financial stability and consumer protection.
Persistent Identifierhttp://hdl.handle.net/10722/241271
SSRN
Series/Report no.EBI Working Paper Series, 2017 – no. 6

 

DC FieldValueLanguage
dc.contributor.authorZetzsche, DA-
dc.contributor.authorBuckley, RP-
dc.contributor.authorArner, DW-
dc.contributor.authorBarberis, JN-
dc.date.accessioned2017-05-31T02:25:34Z-
dc.date.available2017-05-31T02:25:34Z-
dc.date.issued2017-
dc.identifier.citationNYU Journal of Law and Business, 2017, v. 14 n. 2, p. 393-446-
dc.identifier.urihttp://hdl.handle.net/10722/241271-
dc.description.abstractFinancial technology (‘FinTech’) is transforming finance and challenging its regulation at an unprecedented rate. Two major trends stand out in the current period of FinTech development. The first is the speed of change driven by the commoditization of technology, Big Data analytics, machine learning and artificial intelligence. The second is the increasing number and variety of new entrants into the financial sector, including pre-existing technology and e-commerce companies. This paper considers the impact of these new entrants with their typically large pre-existing non-financial services customer bases. These firms (loosely termed ‘TechFins’) may be characterised by their capacity to leverage the data gathered in their primary business into financial services. In other words, TechFins represent an Uber moment in finance. This shift from financial intermediary (FinTech) to data intermediary (TechFin) raises implications for incumbent financial services firms, FinTech startups and regulators. This seachange calls for analysis to underpin regulatory approaches with a view to balancing the competing interests of innovation, development, financial stability and consumer protection.-
dc.languageeng-
dc.publisherThe European Banking Institute.-
dc.relation.ispartofNYU Journal of Law and Business-
dc.relation.ispartofseriesEBI Working Paper Series, 2017 – no. 6-
dc.rightsThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.-
dc.subjectBig Data-
dc.subjectFinTech-
dc.subjectTechFin-
dc.subjectFinancial Regulation-
dc.subjectSupervision-
dc.titleFrom FinTech to TechFin: The Regulatory Challenges of Data-Driven Finance-
dc.typeArticle-
dc.identifier.emailArner, DW: douglas.arner@hku.hk-
dc.identifier.authorityArner, DW=rp01237-
dc.description.naturepostprint-
dc.identifier.hkuros295741-
dc.identifier.ssrn2959925-
dc.identifier.hkulrp2017/007-

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