Open AccessInnovative regulating technologies: revision of finance supervision
Author(s) -
David I. Philippov
Publication year - 2018
Publication title -
vestnik rossijskogo èkonomičeskogo universiteta imeni g. v. plehanova
Language(s) - English
Resource type - Journals
eISSN - 2587-9251
pISSN - 2413-2829
DOI - 10.21686/2413-2829-2018-5-54-68
Subject(s) - disintermediation , finance , securitization , structured finance , financial services , business , project finance , trade finance , economics , financial innovation , financial crisis , public finance , macroeconomics
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.