Global Challenges and Regulatory Strategies to Fintech

Banking & Finance Law Review (Forthcoming, 2020, Issue 36.1)

SMU Centre for AI & Data Governance Research Paper No. 2020/01

38 Pages Posted: 21 Apr 2020 Last revised: 20 Aug 2020

See all articles by Aurelio Gurrea-Martínez

Aurelio Gurrea-Martínez

Singapore Management University - Yong Pung How School of Law

Nydia Remolina

Singapore Management University - Centre for AI & Data Governance

Date Written: April 15, 2020

Abstract

The rise of new technologies has changed the operation, regulation and supervision of financial markets, bringing new challenges and opportunities for consumers, regulators and financial institutions. This article seeks to explore the most common regulatory strategies used by financial regulators around the world to address the challenges associated with the rise of financial technology (“fintech”). These strategies include the imposition of bans, regulatory passivity, adoption of new legislation, permission on a case-by-case basis and more interactive approaches such as innovation offices, accelerators and sandboxes. This article argues that the adoption and desirability of each regulatory approach will depend on a variety of country-specific factors, including the goals and priorities of the regulator, and the particular features of a country. Therefore, there are no one-size-fits-all solutions that can be suggested to promote financial innovation and effectively address the challenges generated by the rise of new technologies in the financial services industry.

Keywords: fintech, financial regulation, financial innovation, sandbox, capital markets, banking, cryptoassets, crowdfunding, artificial intelligence, digital payments

JEL Classification: K22, G18, G23

Suggested Citation

Gurrea-Martínez, Aurelio and Remolina, Nydia, Global Challenges and Regulatory Strategies to Fintech (April 15, 2020). Banking & Finance Law Review (Forthcoming, 2020, Issue 36.1), SMU Centre for AI & Data Governance Research Paper No. 2020/01, Available at SSRN: https://ssrn.com/abstract=3576506 or http://dx.doi.org/10.2139/ssrn.3576506

Aurelio Gurrea-Martínez

Singapore Management University - Yong Pung How School of Law ( email )

55 Armenian Street
Singapore, 179943
Singapore
(+65) 6808-5160 (Phone)

HOME PAGE: http://https://law.smu.edu.sg/faculty

Nydia Remolina (Contact Author)

Singapore Management University - Centre for AI & Data Governance ( email )

55 Armenian Street
Singapore
Singapore

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