Home | Databases | WorldLII | Search | Feedback Edited Legal Collections Data

Bromberg, Lev; Godwin, Andrew; Ramsay, Ian --- "Sandboxes and bridges - the impact of Fintech on regulatory convergence and coordination in Asia" [2020] ELECD 233; in Arner, W. Douglas; Wan, Yee Wai; Godwin, Andrew; Shen, Wei; Gibson, Evan (eds), "Research Handbook on Asian Financial Law" (Edward Elgar Publishing, 2020) 547

Book Title: Research Handbook on Asian Financial Law

Editor(s): Arner, W. Douglas; Wan, Yee Wai; Godwin, Andrew; Shen, Wei; Gibson, Evan

Publisher: Edward Elgar Publishing

Section: Chapter 27

Section Title: Sandboxes and bridges – the impact of Fintech on regulatory convergence and coordination in Asia

Author(s): Bromberg, Lev; Godwin, Andrew; Ramsay, Ian

Number of pages: 22

Abstract/Description:

Financial technology or Fintech provides economic benefits and increasing levels of financial inclusion. However, it also comes with potential risks to consumers, investors and financial systems. Mitigating these risks while encouraging innovation is a significant challenge for financial regulators. Various initiatives have been adopted to support innovation. At the domestic level, these include regulatory sandboxes and innovation hubs. At the cross-border level, the initiatives include Fintech memoranda of understanding, which are sometimes signed as part of broader Fintech bridges. This chapter examines regional developments in respect of sandboxes, particularly in Australia, Singapore, Hong Kong and Malaysia, and also in respect of Fintech memorandums of understanding and Fintech bridges. The chapter concludes by examining the potential impact of sandboxes and cooperation agreements on regulatory convergence, noting that the pressure for convergence is likely to increase as more jurisdictions establish sandboxes and sign Fintech memorandums of understanding.