Brave New Digital World? – Financial Technology and the Power of Information

Abstract

In this paper we focus on the development of FinTech, how is it evaluated and managed in selected areas, in the European Union, in China and in Hungary.Some of the pertinent questions in this field are the following: How can regulators keep up with the rapid pace of development?Can regulation be based on a precise definition and can a level playing field be ensured between traditional banks and FinTech start-ups?What are the risks?How can they be handled by supervision and regulation?We can conclude that FinTech is in the initial phase of a "revolutionary" process, and the definition of this phenomenon is broad and changing.Regulators and supervisors must influence the conditions in a way that a level playing field and risk assessment should be the same for traditional banks and FinTech companies.All of the actors have responsibility, including central banks, regulators, supervisors, incumbent banks, consumers and FinTech companies.Information is power, and several economists claim that digital is the new normal.In our paper we partly justify the first part of the sentence and we put a question mark at the end of the second part.

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