"PREFACE" [2019] ELECD 1997; in Madir, Jelena (ed), "FinTech" (Edward Elgar Publishing, 2019) xxii

Book Title: FinTech

Editor(s): Madir, Jelena

Publisher: Edward Elgar Publishing

Section Title: PREFACE

Number of pages: 2

Extract:

PREFACE




FinTech has become an inescapable buzzword in the last few years: the term is popularly used to
describe internet- and smartphone-enabled financial innovations that have risen to prominence
since the 2008 global financial crisis. Just as with other sectors, the tentacles of technology have
coiled their way into the financial services industry. Agile disruptors in the form of innovative
start-ups have been joined by large technology companies as they seek to take market share from
incumbent financial services providers. In this context, there are new opportunities for
innovation and growth, but also new challenges, particularly for regulators, who are often
struggling to apply laws crafted decades ago and, in many cases, built on the assumptions now
being challenged by technology.
This book falls into four parts. The first part explains what FinTech is, and examines legal
and regulatory aspects of technology-enabled developments in the areas of banking, payments
and fundraising ­ from open banking and alternative funding platforms, such as crowdfunding,
to cryptoassets and initial coin offerings.
The second part focuses on blockchain, which is often held up as a signifier for innovation
and is seen by many as the door to a distributed, decentralised internet. This part of the book
examines potential blockchain applications in the financial services industry, with a particular
focus on smart contracts. It also analyses legal and regulatory challenges to widespread adoption
of blockchain ­ from data privacy and cybersecurity concerns to uncertainties about applicable
law and allocation of liability in a decentralised ...