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

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Abstract

Financial 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.

About The Authors:

Dirk A. Zetzsche Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC); European Banking Institute

Dirk A. Zetzsche

Universite du Luxembourg – Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf – Center for Business & Corporate Law (CBC); European Banking Institute

Ross Buckly, University of New South Wales (UNSW) - Faculty of Law

Ross P. Buckley

University of New South Wales (UNSW) – Faculty of Law

Douglas Arner, The University of Hong Kong - Faculty of Law

Douglas W. Arner

The University of Hong Kong – Faculty of Law: Expert and Senior Lecturer at CFTE – Centre for Finance Technology & Entrepreneurship

Janos Nathan Barberis The University of Hong Kong - Faculty of Law; CFTE - Centre for Finance Technology & Entrepreneurship

Janos Nathan Barberis

The University of Hong Kong – Faculty of Law; Expert and Senior Lecturer at CFTE – Centre for Finance Technology & Entrepreneurship

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