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1 results

  • 17 - The New Systemic Risks

  • from Part IV - From FinTech to TechFin to BigTech to FinTech 4.0
  • Ross P. Buckley, University of New South Wales, Sydney, Douglas W. Arner, The University of Hong Kong, Dirk A. Zetzsche, Université du Luxembourg
  • Book:
    FinTech
    Published online:
    09 November 2023
    Print publication:
    23 November 2023, pp 267-282

  • 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.