Innovative regulating technologies: revision of finance supervision
https://doi.org/10.21686/2413-2829-2018-5-54-68
Abstract
The global finance crisis of 2008 ushered a new era of finance technologies (fintech) marked by a whole wave of new start-ups supplying new technologies. At the same time the global finance crisis caused a serious reform of finance regulation and considerable revision of finance supervision efficiency. As a result of post-crisis reforms a drastic transformation of the finance market and finance services took place. The author shows that growth in finance technologies raises certain questions for finance bodies, for example, whether it is necessary to extend regulating and supervising perimeter; if new types of digital finance services comply with existing rules; how to identify, estimate, cut and monitor risks of fintech-innovation. There are also questions concerning possible disintermediation caused by finance technologies, which means the exclusion of mediators from production and sale chain, i.e. selling products directly to customers without wholesale and retail resellers and potential impact on finance stability as well as new ways of central banks functioning. And finally, another question, if risks to cyber-security and data protection are well understood, managed and reduced.
About the Author
D. I. Philippov
Plekhanov Russian University of Economics.
Russian Federation
Russian Federation
David I. Filippov, PhD, Assistant Professor of the Department for Finances and Prices.
Moscow.
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Review
For citations:
Philippov D.I. Innovative regulating technologies: revision of finance supervision. Vestnik of the Plekhanov Russian University of Economics. 2018;(5):54-68. (In Russ.) https://doi.org/10.21686/2413-2829-2018-5-54-68
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