Fintech Regulation and Supervision Challenges within the Banking Industry: A Comparative Study within the G-20

The G-20 has been focusing on strengthening financial sector regulatory arrangements since the crisis in 2008, but FinTech is blurring the boundaries between intermediaries and markets, nonbank financial companies, and banks. This is causing paradigm changes to the traditional financial system, presenting both challenges and opportunities. Without comprehensive consolidated supervision, no single regulator can see the whole picture and understand how a firm as a whole operates and takes risk. Countries around the world are taking divergent views on cryptocurrency and other so-called "Web3" technologies based on blockchain, and 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.

Format: Hardback
Length: 321 pages
Publication date: 28 March 2023
Publisher: Springer International Publishing AG

Since the financial crisis of 2008, the G-20 has prioritized the enhancement of financial sector regulatory frameworks, and progress in this regard is frequently celebrated as a success. However, the overall role of the G-20 as a political forum for overseeing international financial regulation is diminishing as FinTech blurs the boundaries between intermediaries, markets, and digital service providers entering the financial space. Non-bank financial companies, banks, and digital service providers are all merging into a single, interconnected ecosystem.

FinTech is also causing paradigm shifts in the traditional financial system, presenting both challenges and opportunities. As FinTech continues to grow rapidly, the importance of regulation and supervision becomes increasingly prominent.

The traditional banking model, which revolves around the three core functions of taking deposits, making loans, and facilitating payments, is being reassembled functionally and digitally outside of the traditional bank regulatory perimeter by certain firms. Without comprehensive consolidated supervision, no single regulator can have a complete view of how a firm operates and manages risk. Currently, no crypto firm is subject to comprehensive consolidated supervision, leading to 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 comparative analysis of the various available approaches, models, or legislations by identifying key legislative policies within the G-20 as they grapple with innovative financial technologies. It will be of interest to scholars, students, and practitioners in banking, financial regulation, risk management, and financial technology.

Weight: 585g
Dimension: 210 x 148 (mm)
ISBN-13: 9783031254277
Edition number: 1st ed. 2023