Book contents
- FinTech
- FinTech
- Copyright page
- Contents
- Figures
- Acknowledgements
- Abbreviations and Technical Terms
- 1 Introduction
- Part I Digital Transformation of Finance and Regulation
- Part II Addressing the Challenges of Innovation in Finance
- Part III Building Better Financial Systems
- Part IV From FinTech to TechFin to BigTech to FinTech 4.0
- 16 Of TechFins, Digital Financial Platforms, BigTechs, and FinTech 4.0
- 17 The New Systemic Risks
- 18 The New SIFIs
- 19 The Challenge of Scale
- Part V Conclusion
- Index
17 - The New Systemic Risks
Cybersecurity and Data Risks
from Part IV - From FinTech to TechFin to BigTech to FinTech 4.0
Published online by Cambridge University Press: 09 November 2023
- FinTech
- FinTech
- Copyright page
- Contents
- Figures
- Acknowledgements
- Abbreviations and Technical Terms
- 1 Introduction
- Part I Digital Transformation of Finance and Regulation
- Part II Addressing the Challenges of Innovation in Finance
- Part III Building Better Financial Systems
- Part IV From FinTech to TechFin to BigTech to FinTech 4.0
- 16 Of TechFins, Digital Financial Platforms, BigTechs, and FinTech 4.0
- 17 The New Systemic Risks
- 18 The New SIFIs
- 19 The Challenge of Scale
- Part V Conclusion
- Index
Summary
Since the 1960s, finance has undergone a long process of digital transformation and is today probably the most globalised segment of the world’s economy and among the most digitised and datafied. This process is evident across four major axes: the emergence of global wholesale markets, an explosion of financial technology (FinTech) start-ups since 2008, an unprecedented digital financial transformation in developing countries (particularly China), and the increasing role of large technology companies (BigTechs) in financial services. This process of digital financial transformation brings structural changes with both benefits and risks. This chapter considers new risks, particularly new systemic risks which have emerged, focusing on cybersecurity and data.
- Type
- Chapter
- Information
- FinTechFinance, Technology and Regulation, pp. 267 - 282Publisher: Cambridge University PressPrint publication year: 2023