Time：14: 00-15: 00, 13 May, 2019
Place：Main Building E-1004
Abstract:The global financial crisis that began in 2007 has triggered a comprehensive reform of the financial regulatory architecture, as well as a profound rethinking of the effectiveness of financial supervision. Potentially as a consequence (and partly an additional cause) of the post-crisis reforms, a major transformation of the financial services industry is underway. A flurry of new business models, products and services based on technological innovations is seen across the globe, commonly referred to as “FinTech”. There is enormous potential for greater competition, consumer choice and convenience, interoperability, operational efficiency through cost savings, and improved risk management.
Financial authorities are looking into how to keep their financial systems stable while harnessing the benefits of FinTech, and existing supervisory policies, procedures and resources may no longer be adequate to address a fast changing landscape. In fact, several supervisory agencies are piloting or implementing new approaches based on technological solutions developed by two subsets of FinTech, which are discussed in more length in this Note: RegTech and SupTech. These new approaches may well have a deep impact on financial supervision.