Fintech: Hype or Reality?

Abstract

Fintech is a term given to financial technology in the digital age. At its core sit the twin concepts of blockchain and distributed ledgers. These technology solutions bring with them the promise of faster, cheaper, more secure and transparent financial transactions over the internet. In a more widely used context, Fintech is conceived and even defined as enabling disruptive innovation in financial markets and financial services. This briefing explains what Fintech is and investigates whether the promise of Fintech is hype or reality. It also highlights the resultant policy implications that are generated by the phenomena and what issues lawmakers should be cognisant of.