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Werden traditionelle Banken aufgrund des Erfolgszugs finanztechnologischer Innovationen wie Bitcoin in naher Zukunft obsolet? Was passiert, wenn das Phänomen FinTech auf geltendes Recht trifft? Das hierbei entstehende Spannungsverhältnis zwischen Recht und Innovation offenbart ein fruchtbares Forschungsfeld.

BaFin --- Bitcoin --- FinTech --- Innovationsforschung --- Crowdlending --- Distributed Ledger-Technologie --- Finanztechnologische Innovationen --- Handels- und Gesellschaftsrecht, Wirtschaftsrecht, Steuerrecht --- Law / Commercial --- Law

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The emergence of financial technologies—fintech—has become an engine of change, promising to expand access to financial services and give a boost to financial inclusion. The ownership of accounts in formal financial institutions increased from 51 percent of the world’s adult population in 2011 to 76 percent in 2021, but there is still significant variation across countries. So has the rapid growth of fintech delivered the promise of broadening financial services to the under-served populations? In this paper, I use a comprehensive dataset to investigate the relationship between fintech and financial inclusion in a panel of 84 countries over the period 2012–2020 and obtain interesting empirical insights. First, the magnitude and statistical significance of fintech on financial inclusion varies according to the type of instrument. While digital lending has a significant negative effect on financial inclusion, digital capital raising is statistically insignificant. Second, the overall impact of fintech is also statistically insignificant for the full sample, but becomes positive and statistically highly significant in developing countries. Policymakers need to develop an adequate regulatory framework that balances fostering innovation and ensuring equitable treatment of individuals and groups. This requires better financial education, strong regulatory institutions, and well-calibrated prudential regulations for a level playing field and effective supervision.

Digital financial services --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Finance --- Finance: General --- Financial inclusion --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Financial markets --- Financial sector development --- Financial services industry --- Financial services --- Financial technology (fintech) --- Fintech --- Government and the Monetary System --- Industries: Financial Services --- Monetary Systems --- Payment Systems --- Personal Income, Wealth, and Their Distributions --- Regimes --- Standards --- Technological innovations --- Technology

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This paper discusses Sweden’s Financial System Stability Assessment. Sweden recovered rapidly from the coronavirus disease 2019 crisis, and gross domestic product reached its pre-pandemic level in mid-2021. In the context of a robust supervision and regulation framework, the financial sector exited the crisis with substantial capital and liquidity buffers. Going forward, growth is expected to slow amid higher energy prices, tighter financial conditions, and reduced confidence following sharply lower house prices. Stress tests indicate that banks are broadly resilient to simulated shocks, as their capital should remain above minimum requirements. The rapid digitalization of the Swedish payment system raises risks of cyber-attacks and of supervision falling behind. Authorities should consider higher capital requirements for banks given commercial real estate and residential real estate risks. They should also address resource constraints to strengthen supervision of banks and fintech firms. The macroprudential policy toolkit should be expanded and institutions should better coordinate. The materiality of Central Bank Digital Currency risks on the financial system should be further evaluated.

Sweden --- Money and Monetary Policy --- International Economics --- Finance: General --- Industries: Financial Services --- Financial Risk Management --- Monetary Policy --- International Agreements and Observance --- International Organizations --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: Government Policy and Regulation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Crisis Management --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- International institutions --- Finance --- Financial technology (fintech) --- Economic & financial crises & disasters --- Monetary policy --- International organization --- Stress testing --- Financial sector policy and analysis --- Systemic risk --- Fintech --- Technology --- Crisis management --- Financial crises --- Financial Sector Assessment Program --- International agencies --- Financial risk management --- Financial services industry --- Technological innovations

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The rapid growth of crypto assets has raised questions about the appropriate regulatory perimeter and the ability of the existing regulatory architecture to adapt to changing conditions. Effective regulation of financial services promotes long- term economic stability and minimizes the social costs and negative externalities from financial instability. The same underlying principles for regulation should apply to nascent products and services based on innovative technologies, notwithstanding design challenges.

Cryptocurrencies. --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Blockchain and DLT --- Blockchains --- Corporate crime --- Crime --- Criminology --- Currency crises --- Databases --- Distributed ledgers --- Economic & financial crises & disasters --- Economic sectors --- Economics of specific sectors --- Economics --- Economics: General --- Financial crises --- Financial institutions --- Financial instruments --- Financial services industry --- Financial technology (fintech) --- Fintech --- Foreign Exchange --- General Financial Markets: General (includes Measurement and Data) --- Government and the Monetary System --- Illegal Behavior and the Enforcement of Law --- Industries: Financial Services --- Informal Economy --- Informal sector --- Investment & securities --- Investments: General --- Macroeconomics --- Monetary Systems --- Money laundering --- Payment Systems --- Regimes --- Securities --- Standards --- Technological innovations --- Technology --- Underground Econom --- Virtual currencies --- White-collar crime --- Malta

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Fintech payments leverage large digital platforms to fill gaps in the traditional payment system. They have made great strides in increasing access to payment services in several countries around the globe. At the same time, like any innovation, the new payment models are exposed to risks in their operating environment. We review the main fintech payment models (mobile money, internet-based fintech payment, and digital money) and discuss operational and financial risks as well as challenges they face. We then explore how public financial management (PFM), especially treasury payments and non-tax revenue collections, could benefit from fintech payments by providing examples of early fintech applications in different countries and discuss the challenges of integrating them into the public sector. The use of fintech in public finance could bring various benefits—including strengthening fiscal transparency, improving budget planning and execution, and upgrading cash management—if public sector institutional and technological capacities are strengthened and risks are adequately mitigated.

India --- Macroeconomics --- Economics: General --- Industries: Financial Services --- Public Finance --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: Other --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Taxation, Subsidies, and Revenue: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Financial technology (fintech) --- Public finance & taxation --- Distributed ledgers --- Fintech --- Technology --- Mobile banking --- Public financial management (PFM) --- Revenue administration --- Digital currencies --- Currency crises --- Informal sector --- Economics --- Financial services industry --- Technological innovations --- Banks and banking, Mobile --- Finance, Public --- Revenue