An Outlook on the Role of Finance Regulation under the Fourth Industrial Revolution

Archives of Business Research, Vol. 6, Issue 10, pp. 423-434, 2018. ISSN: 2054-7404

25 Pages Posted: 17 Apr 2019

See all articles by Pablo Sanz Bayón

Pablo Sanz Bayón

Comillas Pontifical University Law School (ICADE)

Luis Garvía Vega

Comillas Pontifical University

Date Written: October 1, 2018

Abstract

A new industry called FinTech has emerged within the financial system as of 2008. FinTech promotes a paradigm shift which does not rest as much on products or services being provided as on who provides them, and how are they provided. It is not by chance that such developments, which encompass both new services (i.e. BlockChain, cryptocurrencies or smart contracts) and new players, is taking place in parallel with Internet and mobile devices developments. There is a factor that is common to all such developments: the intensive use of computer technology and the speed and security of information flows. It is somehow ironic that when dealing with financial and technological globalisation, both national lawmakers and the international financial institution framework have so far failed to regulate emerging technologies and commercial issues. The goal of this paper is to provide a reflection on the new digital technologies that are changing the financial system, and to critically examine any feasible approaches to regulatory policies that are able to comprehend and supervise such developments.

Keywords: Financial Regulation, Fourth Industrial Revolution, FinTech, RegTech, Financial Markets, Electronic Finance, BlockChain

Suggested Citation

Sanz Bayón, Pablo and Vega, Luis Garvía, An Outlook on the Role of Finance Regulation under the Fourth Industrial Revolution (October 1, 2018). Archives of Business Research, Vol. 6, Issue 10, pp. 423-434, 2018. ISSN: 2054-7404 , Available at SSRN: https://ssrn.com/abstract=3362912

Pablo Sanz Bayón (Contact Author)

Comillas Pontifical University Law School (ICADE) ( email )

Alberto Aguilera 23
Madrid, 28015
Spain

HOME PAGE: http://web.upcomillas.es/profesor/psbayon

Luis Garvía Vega

Comillas Pontifical University

Alberto Aguilera 21
Madrid, Madrid 28015
Spain

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