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47 Geo. J. Int'l L. 1271 (2015-2016)
The Evolution of FinTech: A New Post-Crisis Paradigm

handle is hein.journals/geojintl47 and id is 1282 raw text is: THE EVOLUTION OF FINTECH: A NEW POST-CRISIS PARADIGM? DOUGLAS W. ARNER*,J NOS BARBERISt, AND Ross P. BUCKLEY-, ABSTRACT FinTech, a contraction of 'financial technology, refers to technology- enabled financial solutions. It is often seen today as the new marriage of financial services and information technology. However, the interlinkage of finance and technology has a long history and has evolved over three distinct eras, during which finance and technology have evolved together: first in the analogue context; then with a process of digitalization of finance from the late twentieth centuy onwards; and since 2008, a new era of FinTech emerging in both the developed and developing world. This new era is defined not by the financial products or services delivered, but by who delivers them and the application of rapidly developing technology at the retail and wholesale levels. This latest evolution of Fin Tech, led by start-ups, poses challenges for regulators and market participants alike, particularly in balancing the potential benefits of innovation with the possible risks of new approaches. We analyze the evolution of Fin Tech over the past 150 years, and on the basis of this analysis, argue against its too-early or rigid regulation at this juncture. I. INTRODUCTION ................................... 1272 II. FINTECH: NEW TERM FOR AN OLD RELATIONSHIP ............ 1274 III. FINTECH 1.0 (1866-1967): FROM ANALOGUE TO DIGITAL .... 1276 A. The First Age of Financial Globalization ............. 1278 * Professor of Law, Co-Director, Duke-HKU Asia America Institute in Transnational Law, and Member of the Board of Management, Asian Institute of International Financial Law, University of Hong Kong. f Senior Research Fellow, Asian Institute of International Financial Law, Faculty of Law, University of Hong Kong, Founder, FinTech HK and Co-Editor of THE FINTECH BooIK Centre for International Finance and Regulation King & Wood Mallesons Chair of International Financial Law, Scientia Professor, and Member, Centre for Law, Markets & Regulation, University of New South Wales. The authors gratefully acknowledge: the financial support of the Hong Kong Research Grants Council Theme-based Research Scheme (Enhancing Hong Kong's Future as a Leading International Financial Centre) and the Australian Research Council Linkage Grant Scheme (Regulating a Revolution: A New Regulatory Model for Digital Finance); the research assistance of Jessica Chapman; and comments and suggestions on earlier versions of this paper from partici- pants in seminars, conferences and workshops in Hong Kong, Singapore, Sydney, Melbourne, Cape Town, Oxford, and London. © 2016, Douglas W. Arner,Janos Barberis, and Ross P. Buckley. 1271

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