Regulating FinTech in Asia

Global Contexts, Local Perspectives

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Over the last decade, “FinTech” — broadly defined as the use of new information technologies to compete in the marketplace of financial institutions and intermediaries — has disrupted the financial services sector. And like other recent technological “revolutions”, Fintech is a global event that plays out in distinct local contexts. The dynamic interplay between global trends and local circumstances results in a highly complex and fast-changing technological, economic and regulatory environment.

Diverse stakeholders — most obviously incumbent financial service providers, tech startups, and regulators — all pursue a competitive edge against a background of profound uncertainty about the future direction and social and economic effects of multiple emerging technologies. Even within the short history of FinTech, for instance, there are already numerous types and iterations of various technologies and services.

Compounding these difficulties are the uncertainties surrounding political and regulatory responses and the resulting new legal risk. Policymakers often struggle to identify an appropriate regulatory response and increasingly make recourse to policy experimentation of various kinds. Such issues add to the challenge for all the different actors operating in the FinTech space.

The situation is particularly fluid in an Asian context as several jurisdictions are seeking to establish themselves as a regional hub for new financial services. They seek to leverage innovative technologies to attract investment/startups and promote economic growth. And in those jurisdictions that are more skeptical, putting in place a regulatory framework that can adequately protect public interests without stifling innovation is not always easy.

This workshop and book aim to bring together scholars and practitioners working on FinTech regulation in an Asian context to better understand current trends and future prospects. The aim? To situate these local/regional developments in the context of broader technological, economic and regulatory transformations.