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Article: TechRisk

TitleTechRisk
Authors
Issue Date2020
PublisherNational University of Singapore, Faculty of Law. The Journal's web site is located at http://www.law.nus.edu.sg/sjls
Citation
Singapore Journal of Legal Studies, 2020, March, p. 35-62 How to Cite?
AbstractFintech is now defined by a long-term, global process of digitisation of finance, increasingly combined with datafication and new technologies including cloud computing, blockchain, Big Data and artificial intelligence. Cybersecurity and technological risks are thus evolving into major threats to financial stability and national security. This trend has been magnified by the COVID-19 crisis which has heightened dependence on digital technologies and seen substantial parts of the population working from home through systems of questionable security. Additionally, the entry of BigTech firms brings two new issues. The first arises with new forms of potentially systemically important infrastructure. The second arises because data—like finance—benefits from economies of scope and scale and from network effects and—even more than finance—tends towards monopolistic or oligopolistic outcomes. This leads to potential systematic risk from new forms of 'Too Big to Fail' and 'Too Connected to Fail' phenomena. We suggest some basic principles about how to address this entire range of risks.
DescriptionSpecial Feature
Persistent Identifierhttp://hdl.handle.net/10722/293372
ISSN
2023 SCImago Journal Rankings: 0.190

 

DC FieldValueLanguage
dc.contributor.authorBuckley, RP-
dc.contributor.authorArner, DW-
dc.contributor.authorZetzsche, DA-
dc.contributor.authorSELGA, EK-
dc.date.accessioned2020-11-23T08:15:47Z-
dc.date.available2020-11-23T08:15:47Z-
dc.date.issued2020-
dc.identifier.citationSingapore Journal of Legal Studies, 2020, March, p. 35-62-
dc.identifier.issn0218-2173-
dc.identifier.urihttp://hdl.handle.net/10722/293372-
dc.descriptionSpecial Feature-
dc.description.abstractFintech is now defined by a long-term, global process of digitisation of finance, increasingly combined with datafication and new technologies including cloud computing, blockchain, Big Data and artificial intelligence. Cybersecurity and technological risks are thus evolving into major threats to financial stability and national security. This trend has been magnified by the COVID-19 crisis which has heightened dependence on digital technologies and seen substantial parts of the population working from home through systems of questionable security. Additionally, the entry of BigTech firms brings two new issues. The first arises with new forms of potentially systemically important infrastructure. The second arises because data—like finance—benefits from economies of scope and scale and from network effects and—even more than finance—tends towards monopolistic or oligopolistic outcomes. This leads to potential systematic risk from new forms of 'Too Big to Fail' and 'Too Connected to Fail' phenomena. We suggest some basic principles about how to address this entire range of risks.-
dc.languageeng-
dc.publisherNational University of Singapore, Faculty of Law. The Journal's web site is located at http://www.law.nus.edu.sg/sjls-
dc.relation.ispartofSingapore Journal of Legal Studies-
dc.titleTechRisk-
dc.typeArticle-
dc.identifier.emailArner, DW: douglas.arner@hku.hk-
dc.identifier.authorityArner, DW=rp01237-
dc.identifier.hkuros320241-
dc.identifier.volumeMarch-
dc.identifier.spage35-
dc.identifier.epage62-
dc.publisher.placeSingapore-
dc.identifier.issnl0218-2173-

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