Cross-Border Cooperation in Financial Regulation: Crossing the Fintech Bridge

Abstract

This article examines the implications of the rise of Fintech for achieving effective cooperation in the area of financial regulation. While the disruptive and transformative impacts of Fintech pose significant challenges for domestic regulators, Fintech also presents opportunities to enhance cross-border regulatory cooperation, which is particularly important in an increasingly complex globalised financial economy. To provide insights into the way in which regulatory cooperation in relation to Fintech can evolve, we examine the role played by domestic regulators and the International Organization of Securities Commissions in establishing a cross-border securities enforcement framework. We show how the initial steps by financial regulators to enter into bilateral Fintech agreements have the potential to translate into more substantial and wide-reaching cooperative arrangements.

Keywords: Fintech, financial regulation, innovation, financial services, technology, regulatory cooperation, International Organization of Securities Commissions