Overview
- Showcases how Fintech is blurring the boundaries between intermediaries and markets
- Explores paradigm changes to the traditional financial system, presenting both challenges and opportunities
- Identifies the key legislatives policies of Fintech regulation within the G-20
Part of the book series: Palgrave Macmillan Studies in Banking and Financial Institutions (SBFI)
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About this book
Strengthening financial sector regulatory arrangements has been a major focus of the G-20 since the crisis in 2008, and progress in strengthening financial regulations is often cited as its success. Nonetheless, the overall contribution of the G20 as a political forum for the oversight of international financial regulation is diming as FinTech is blurring the boundaries between intermediaries and markets, as well as between digital service providers moving into the financial space, nonbank financial companies, and banks. Along the same line, financial technology is causing paradigm changes to the traditional financial system, presenting both challenges and opportunities. As FinTech grows rapidly, the importance of regulation and supervision becomes more prominent.
The three cornerstones of banking: taking deposits, making loans, and facilitating payments are being reassembled functionally and digitally outside of the bank regulatory perimeter by certain firms. Without comprehensive consolidated supervision, no single regulator can see the whole picture and understand how a firm as a whole operates and takes risk. No crypto firm to date is subject to comprehensive consolidated supervision, creating gaps in supervision alongside risks. Countries around the world are taking divergent views on cryptocurrency and other so-called “Web3” technologies based on blockchain. This book aims to provide a comparison between the various available approaches, models, or legislations by identifying certain key legislative policies within the G-20 as they cope with innovative financial technologies, and will be of interest to scholars, students, and practitioners of banking, financial regulation, risk management, and financial technology.
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Keywords
Table of contents (24 chapters)
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Front Matter
Authors and Affiliations
About the author
Felix I. Lessambo is Adjunct Associate Professor at Fordham University, USA, where he teaches Corporate Tax and Audit & Assurance Services. He was an Associate Professor at Central Connecticut State University School of Business where he taught Financial Statements Analysis, Global Financial Reporting, and Law & Finance. He has practiced international tax, transfer pricing, and alternative investment management where he structured and advised on hedge funds and private equity cross-border transactions.
Bibliographic Information
Book Title: Fintech Regulation and Supervision Challenges within the Banking Industry
Book Subtitle: A Comparative Study within the G-20
Authors: Felix I. Lessambo
Series Title: Palgrave Macmillan Studies in Banking and Financial Institutions
DOI: https://doi.org/10.1007/978-3-031-25428-4
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2023
Hardcover ISBN: 978-3-031-25427-7Published: 28 March 2023
Softcover ISBN: 978-3-031-25430-7Published: 29 March 2024
eBook ISBN: 978-3-031-25428-4Published: 27 March 2023
Series ISSN: 2523-336X
Series E-ISSN: 2523-3378
Edition Number: 1
Number of Pages: XXVIII, 321
Number of Illustrations: 33 b/w illustrations, 71 illustrations in colour
Topics: Financial Services, Financial Engineering, Finance, general