Article2017

Emergence of Fintech and cybersecurity in a global financial centre

169 citations0/0 files storedJournal of Financial Regulation and Compliance

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FinTech, Crowdfunding, Digital Finance Digital Transformation in Financial Services Global Financial Regulation and Crises

Abstract

Purpose This paper aims to explore how the regulator of a global financial centre (GFC) under an international trend of adopting emerging technologies for financial services (Fintech) articulates such opportunities and risks strategically. Design/methodology/approach With a literature review on the global regulatory environment and the underlying risks related to Fintech, it looks into the formulation and implementation of complementary regulatory policies in the case of Hong Kong as a GFC. Relevant policy documents disclosed by the financial regulator on cybersecurity and pertinent issues are examined. Findings Adopting a strategic approach that seizes opportunities associated with Fintech, the financial regulator harnesses comprehensive risk-based mechanisms to embrace exposures to cyber risks while promoting institutionalization of cybersecurity among the regulated firms with strategic controls. This study suggests a pathway for the evolution of a profession with both technical and ethical competence for mitigating the emerging risks arising from Fintech. However, such an approach is yet to be tested with respect to efficacy for the unexplored territories of fraud exposures, resulting from swift Fintech developments across borders. Research limitations/implications As Fintech has only emerged rapidly in the recent years, it is not conclusive in this review of performance and effectiveness of the financial regulator in its strategic approach. Further studies may utilize a longitudinal method to analyze and examine the regulatory measures undertaken by financial regulators in various GFCs. Originality/value This study reveals a strategic approach adopted by an emerged GFC in embracing Fintech innovation that however brings about unidentified risks and potential frauds to its financial services sector. Pertinent anti-fraud and cybersecurity measures are highlighted.

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References

2015The Evolution of Fintech: A New Post-Crisis Paradigm?2018Association of Certified Fraud Examiners (ACFE)2015Emergence of Fintech and the Lasic Principles 2016Analysis and outlook of applications of blockchain technology to equity crowdfunding in China 2017The Future of FinTech

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