Digital Finance, Financial Inclusion and Sustainability:
Building Better Financial Systems
2020/21 RGC Senior Research Fellow Scheme
The team's papers have garnered over 32,000 new downloads and ranked 6th for the last 12 months and have amassed an impressive 220,000+ lifetime downloads of full-text papers through the SSRN website. Find out more: SSRN Website
Professor Douglas W. Arner and his team and collaborators investigate how the global digital transformation of finance and its regulation, as well as the potential of FinTech and regulatory technology (RegTech) can – and more importantly, should – promote sustainable inclusive development, in terms of each of the UN’s 17 Sustainable Development Goals (SDGs) in projects funded by the 2020/21 RGC Senior Research Fellow Scheme.
We work together with the United Nations (UN), World Bank, Bank for International Settlements (BIS), Asian Development Bank, APEC, Alliance for Financial Inclusion and European Bank for Reconstruction and Development on research projects at the crossroads of FinTech, RegTech, digital finance, financial inclusion, and sustainability.
FinTech: Finance, Technology and Regulation
New book by Ross Buckley, Douglas Arner, and Dirk Zetzsche
This book delivers a unique understanding of Fintech as an interactive system involving finance, technology and law. Now available on Amazon. Learn more & avail a discount!
LATEST TEAM RESEARCH ON SSRN / SUPPORTED SITES
Monetary Hegemony, Technological Evolution and the International Monetary System
In this article published in the Boston University International Law Journal, Ross Buckley, Anton Didenko, Dirk Zetzsche and Douglas Arner analyse the evolution of the international monetary system. They focus on two aspects which have been under-addressed in discussions of money and its evolution in international transactions: (1) the role of technology and (2) the role of law. The central thesis: a technological revolution in monetary and payments systems is introducing alternatives and competitors to the existing international monetary regime and offers the opportunity to build an improved international system. The authors bring these various elements together to consider a range of scenarios for the future of the international monetary system, highlighting in particular new initiatives from the IMF and BIS which could serve as the basis of new international multicurrency payment arrangements.
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The Emergence of Financial Data Governance and the Challenge of Financial Data Sovereignty
Chapter of the book "Data Sovereignty: From the Digital Silk Road to the Return of the State" (OUP 2023) 178-210 (forthcoming). This chapter explores the challenges of datafication in finance and financial data sovereignty. It examines datafication, the intersection of data governance and finance, and the evolving regulations around personal financial data and Open Banking. It also presents four financial data governance strategies from the U.S., EU, China, and India, highlighting their domestic data governance regimes. The chapter discusses how these strategies lead to data localization and suggests that transnational regulatory frameworks in finance could help develop solutions to support both financial and data regulation objectives.
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NEW BOOK: The AI-fication of Jobs: Preparing Ourselves for the Future of Work
By Huy Nguyen Trieu
BUY A PAPERBACK OR KINDLE COPY ON AMAZON.COM
Catch Huy Nguyen Trieu for a comprehensive discussion about the book on Wed, November 20th at: REGULATORY RAMBLINGS!
Bigtechs and the Emergence of New Systemically Important Financial Institutions: Lessons from the Chinese Experience
This paper (Wang and Arner) discusses how the emergence of Bigtechs in the financial sector has led to the platformization of finance, with potential benefits but also risks. Using China's regulatory experience as a reference, the paper recommends timely review and adaptation of regulatory mechanisms, effective data sharing mechanisms, and both activity-based and entity-based regulations to mitigate risks.
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Datafication of Sustainable Finance
This paper (Zetzsche, Unterstell, Buckley, and Arner) examines the EU's Sustainable Finance Strategy, emphasizing its foundation as a data-driven approach aimed at integrating sustainability into the financial, production, and services sectors. The authors argue that the strategy involves the datafication of these sectors to include sustainability metrics previously ignored in financial analysis. By comparing this with other datafication processes in finance, they offer policy recommendations, including the adoption of digital reporting standards, the use of Green RegTech and SupTech, and the establishment of centralized digital reporting infrastructure like the European Single Access Point.
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Digital Finance, Financial Inclusion and Gender Equality: Digital Public Goods, Rearchitecting Financial Systems and Economic Empowerment of Women
The authors (Gibson, Gazi and Arner) examine how technology can address barriers to gender equality and financial inclusion in relation to identification, contractual, employment and property rights. The most significant barriers restricting women’s access to finance are in developing countries. New technologies and digital public infrastructure offer significant opportunities to rearchitect financial systems to economically empower women and drive forward balanced sustainable development. They argue that a functional regulatory approach can remove customary gender-based barriers and technology-driven gender bias to build an inclusive digital financial ecosystem in the post-COVID-19 era. This is critical for achieving gender equality, female empowerment and women’s unabridged financial and economic participation in developing countries and around the world.
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Policy Framework on Developing a National FinTech Strategy
Roadmap to implementing a national FinTech strategy that is complementary to national financial inclusion strategies can: Support the growth of FinTech companies; Drives innovation; Enhances financial inclusion; And contributes to economic development and competitiveness in the digital era. This report outlines the key processes and elements that are necessary for a thriving and innovative FinTech ecosystem. Download to learn more.
VISIT AND DOWNLOAD AT: ALLIANCE FOR FINANCIAL INCLUSION
The Financialization of Crypto
In this paper (Arner, Zetzsche, Buckley and Kirkwood): Cryptocurrencies, blockchain and decentralized finance were designed to address weaknesses in traditional finance, such as the systemic risk and government profligacy at the heart of many financial crises. Yet, failures of prominent crypto firms highlight the flaws in this argument. Crypto is neither special nor immune and has come to feature all the classic problems of traditional finance. As the crypto ecosystem has evolved, the market failures and externalities of traditional finance have emerged — a process we term the “financialization” of crypto. These include conflict of interests, information asymmetries, centralization and interconnections, large numbers of poorly informed, over-enthusiastic market participants, plus agency, operational and financial risks. We argue that the regulation of crypto needs to learn from the centuries of experience of traditional finance: in order to function properly, crypto requires appropriate regulation and supervision to address market failures and externalities, and to support transparency and efficiency. While it appears the “Crypto Winter” of 2022-2023 has prompted the world’s financial regulators to act, policymakers need to overcome the difficulties posed by decentralization as the underlying paradigm of the crypto industry, which results in a multi-jurisdictional environment of crypto markets, participants, infrastructure and intermediaries. We argue that regulatory systems can (and must) now be instituted to ensure the proper functioning of crypto and its interconnections with traditional finance.
Access to Finance and the UN Sustainable Development Goals: Building Digital Payments Ecosystems
We are now at that halfway point in terms of the United Nations Sustainable Development Goals (SDGs), with the 2030 target getting ever closer. This article examines how digital payments innovations and innovative payment initiatives including digital payments infrastructure and regulation can play a pivotal role in fostering micro, small and medium enterprise (MSME) access to finance and how access to finance in turn supports broader sustainable development as reflected in the UN SDGs as we move closer to 2030 and beyond. Achieving these envisaged benefits will require thoughtful consideration and management of various systemic technological risks and impacts across jurisdictions and governance levels.
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From Credit Information to Credit Data Regulation: Building an Inclusive Sustainable Financial System in China
A lack of sufficient information about potential borrowers is a major obstacle to access to financing from the traditional financial sector. In response to the need for better information to prevent fraud, to increase access to finance and to support balanced sustainable development, countries around the world have moved over the past several decades to develop credit information reporting requirements and systems to improve the coverage and quality of credit information. Until recently, such requirements mainly covered only banks. However, with the process of digital transformation in China and around the world, a range of new credit providers have emerged, in the context of financial technology (FinTech, TechFin and BigTech). Application of advanced data and analytics technologies provides major opportunities for both market participants – both traditional and otherwise – as well as for credit information agencies: by utilizing advanced technologies, participants and credit reporting agencies can collect massive amounts of information from various online and other activities (‘Big Data’), which contributes to the analysis of borrowing behavior and improves the accuracy of creditworthiness assessments, thereby enhancing availability of finance and supporting growth and development while also moderating prudential, behavioral and conduct related concerns at the heart of financial regulation.
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Sustainability, Financial Inclusion and Efficiency: A Trilemma or a Trifecta for the Regulation of Digital Finance?
This article argues that the digital transformation of finance is being driven by the quests for (i) efficiency, (ii) financial inclusion, and (iii) sustainability. These in turn are central to regulatory approaches to digital finance. We argue that — rather than a trilemma — the three factors in fact form a mutually reinforcing trifecta which can be supported and reinforced via appropriate policy, regulation and infrastructure. These three factors are necessarily intertwined: financial inclusion underpins long-term oriented economies, and unsustainable outcomes generate numerous risks for finance.
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G20 Framework Incorporates Policy 4.0 Report Through IMF-FSB Synthesis Paper
'Policy 4.0 Report: Interdependencies in Crypto Ecosystems: Drivers, Implications and Policy Responses' - This research paper discusses the emergence of a paradigm shift in the global cryptocurrency ecosystem, as it develops into a complex network of interrelationships and interdependencies between systems and market participants. The authors highlight the events of the Crypto Winter in early 2022, which underscored the potential for systemic risks and contagion. The paper explores the role of interdependencies in risk management and crisis control mechanisms in the crypto ecosystem, using case studies of significant events in 2022-2023. The authors argue for the need to build regulations based on actual vulnerabilities and focused approaches to address market failures and negative externalities. They suggest three fundamental adjustments to risk management and crisis mitigation, including substantial remodelling of internal risk frameworks, restructuring of risk control and crisis mitigation practices through regulation and supervision, and appropriate guidance to support the evolution of decentralised frameworks. Keywords for this research paper include FTX, cryptocurrency, crypto regulation, stablecoin, financial crisis, crypto crisis, interdependency, SIFIs, risk management, systemic risks, DeFi, crypto conglomerates, and macroprudential regulation. Douglas W. Arner (The University of Hong Kong - Faculty of Law), Tanvi Ratna (Policy 4.0.), Sijuade Animashaun (The University of Hong Kong) and Jatin Bedi (Policy 4.0).
LINK TO FULL RESEARCH AND DOWNLOAD | LINK TO G20 UPDATE
Corporate Digital Identity: No Silver Bullet, but a Silver Lining
Corporate digital identity streamlines company identification, reducing risks and costs in business transactions. It acts as a key to access financial and non-financial services while providing information to stakeholders. Political support, tech advancements, and policies can boost corporate digital ID, improving efficiency, market integrity, and financial stability. No single solution exists, and various stakeholders like registries, banks, regtech firms, and regulators must collaborate. Legal Entity Identifier (LEI), decentralized identifiers (DIDs), and public individual digital ID reforms benefit small and medium-sized enterprises, fostering sustainable development, employment, and innovation. This paper delves into these innovations and future possibilities in corporate digital ID.
Remaining Regulatory Challenges in Digital Finance and Crypto-Assets after MiCA
This study analyses the need to adopt further EU financial regulation on decentralized finance after the implementation of the Markets in Crypto Asset Regulation and the revision of the Transfer of Funds Regulation, with a special view on crypto lending, crypto staking, crypto custody, the use of non-formal information, NFTs and sustainability.
FinTech: Finance, Technology and Regulation (Introduction to a Forthcoming Book)
In their forthcoming reader-friendly book, Buckley, Arner, and Zetzsche provide a comprehensive overview of FinTech. They cover various technologies such as AI, blockchain, and cryptocurrencies, emphasizing the interconnected nature of finance, technology, and regulation. The authors discuss the evolution of FinTech, highlight key technologies, and stress the importance of managing innovation risks. They also delve into the significance of digital infrastructure, drawing lessons from China, India, and the EU, while considering the impact of crises like pandemics and sustainability challenges. The book concludes by presenting forward-looking strategies for leveraging FinTech to address contemporary global issues.
EBRD Report: Receivables Finance for MSME Resilience and Economic Growth
Access to financing is vital for the growth of micro, small, and medium-sized enterprises (MSMEs) globally. However, many face obstacles in securing the necessary funds. The European Bank for Reconstruction and Development (EBRD) sheds light on a promising solution in a report led by Catherine Bridge Zoller and supported by Milot Ahma, Liubov Skoryk of EBRD, and with support from Marek Dubovec (International Law Institute), and Giuliano G. Castellano (HKU Law - Asian Institute of International Financial Law). A key focus of this report is "receivables financing" that harnesses the untapped potential of businesses' outstanding customer payments, transforming them into valuable assets that generate working capital. However, regulatory complexities thwart its immense advantages. To address these issues, policymakers can drive change through legal reforms, supporting credit guarantee schemes, and incentivizing financial institutions to offer receivables financing. Learn more through the URL below.
Competing Claims to Cryptoassets
At the height of the ‘crypto winter’, with several crypto- intermediaries filing for insolvency and subjected to schemes of arrangement, who owns what and who has a claim on what becomes all important. Meanwhile, Distributed Ledger Technologies (DLT) are frequently presented as a digital solution to these perennial problems of competing claims to the same asset. This article makes two contributions to the literature: First, we show that neither technology nor law solves the competing claims issue. Second, we suggest policy solutions based on a comparative legal analysis. In essence, the law must: (1) recognise property rights in cryptoassets, (2) provide for negotiability based on the assertion of control over private keys, and (3) facilitate the enforcement of titles in cryptoassets by the interplay of private and financial law. Jannik Woxholth (University of Luxembourg), Dirk A. Zetzsche (Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC); European Banking Institute), Ross P. Buckley (University of New South Wales (UNSW) - UNSW Law & Justice), and Douglas W. Arner (The University of Hong Kong - Faculty of Law)
The Financialization of Crypto: Lessons from FTX and the Crypto Winter of 2022-2023
This research paper discusses the emergence of market failures and externalities in the cryptocurrency ecosystem, a process the authors term as the "financialization" of crypto. The authors argue that while cryptocurrencies, blockchain, and decentralized finance were designed to address weaknesses in traditional finance, they have come to feature the classic problems of traditional finance, including conflict of interests, information asymmetries, centralization and interconnections, and agency, operational, and financial risks. The authors contend that appropriate regulation and supervision are necessary to address these issues and ensure the proper functioning of crypto and its interconnections with traditional finance. The paper also mentions the "Crypto Winter" of 2022-2023, which has prompted financial regulators to act. The keywords for this research paper include financialization, Crypto Winter, financial regulation, FTX, crypto assets, cryptocurrencies, financial stability, decentralized finance, and DeFi. Douglas W. Arner (The University of Hong Kong - Faculty of Law), Dirk A. Zetzsche (Universite du Luxembourg - Faculty of Law, Economics and Finance; Heinrich Heine University Dusseldorf - Center for Business & Corporate Law (CBC); European Banking Institute), Ross P. Buckley (University of New South Wales (UNSW) - UNSW Law & Justice) and Jamieson M. Kirkwood (The University of Hong Kong - Faculty of Law)
RELATED MEDIA:
Building Regulatory and Supervisory Technology Ecosystems: For Asia’s Financial Stability and Sustainable Development
This paper explores the evolution of technology in the finance sector, particularly in the realm of regulatory compliance and financial infrastructure design. Regulatory technology (regtech) is the use of information technology to aid regulatory implementation, compliance, and monitoring, while supervisory technology (suptech) refers to technology used for regulatory supervision and compliance requirements. The paper highlights the need for an ecosystem approach to regtech strategies and introduces key policy frameworks to enable ecosystem relationships at national, regional, and international levels. It also emphasizes the importance of supporting local innovation ecosystems to support sustainable development and financial stability. Douglas W. Arner (The University of Hong Kong - Faculty of Law), Syed Musheer Ahmed (Independent) and Sangita Gazi (The University of Hong Kong - Faculty of Law)
ROADMAP FOR INCLUSIVE GREEN FINANCE IMPLEMENTATION
Building Blocks to Implement IGF Initiatives and Policies
Alliance for Financial Inclusion (AFI)’s “Roadmap for Inclusive Green Finance Implementation - Building Blocks to Implement IGF Initiatives and Policies" presents the opportunities in which AFI-affiliated countries can mitigate climate disaster outcomes by adopting a green-finance policy development to enhance financial inclusion, support digital access and build financial infrastructure to support crisis resilience, response and recovery.
This report was written by Prof. Dr. Dirk Zetzsche (ADA Chair in Financial Law - Inclusive Finance, University of Luxembourg), Prof. Dr. Ross P. Buckley (KWM & KPMG Law Chair in Financial Disruption, UNSW Sydney), Prof. Dr. Douglas W. Arner (Kerry Holding Professor in Law, University of Hong Kong), Johanna Nyman (Head of Inclusive Green Finance), Laura Ramos (Policy Manager, Inclusive Green Finance) and Jeanette Moling (Policy Specialist, Inclusive Green Finance)
This paper is available for download at SSRN - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4278277
AFI INNOVATIVE REGULATORY APPROACHES TOOLKIT
Countries are enhancing their digital finance and FinTech sectors for financial inclusion and sustainable development, using innovation hubs and sandboxes with technology support. This toolkit offers regulators guidance on implementing these approaches and complements existing resources.
Digital Financial Services
Working Group (DFSWG)
This Toolkit is a product of the Digital Financial Services Working Group (DFSWG) and its members. The development of this toolkit was led by Douglas W Arner, Ross P Buckley, Dirk A Zetzsche, Eriks K Selga and Roberta Consiglio, with contributions from Jaheed Parvez and Ghiyazuddin Mohammad from the AFI Management Unit.
This paper is available for download at SSRN - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3827568
FINTECH FOR FINANCIAL INCLUSION:
A Framework for Digital Financial Transformation
Digital Financial Services
Working Group (DFSWG)
Global Standards Proportionality
Working Group (GSPWG)
Access to finance and financial inclusion have been important policy objectives, with recent initiatives showing significant progress. However, there is still a need to address the 1.7 billion people who lack access to financial services. To fully harness the potential of financial technology (FinTech) and achieve greater financial inclusion, a framework is needed that includes digital identification, electronic payment systems, and supportive policies and regulations. This framework should be built on four pillars: establishing digital identification systems, developing digital payment infrastructure, promoting account opening and access, and designing digital financial markets and systems. Regulatory changes are necessary to support these pillars and drive financial inclusion and digital economic development.
This report was developed through consultations with members of the Digital Financial Services (DFS) Working Group and the Global Standards and Proportionality (GSP) Working Group, and benefited from inputs received at the G24-AFI Policymakers’ Roundtable at the Spring Meetings in April 2018 and the Global Standards and Policy Committee meeting in June 2018. This was authored by Douglas W Arner (University of Hong Kong, Ross P Buckley (University of New South Wales), Dirk A Zetzsche (University of Luxembourg).
This paper is available for download at SSRN - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3245287
Selected body of work in collaboration with international organisations and academic institutions
FinTech and the Four Horsemen of the Apocalypse
This is a copy-edited version of the contribution accepted for publication in the Banking and Finance Law Review: (2022) 39.1 B.F.L.R. Forthcoming. Ross P. Buckley, Douglas W. Arner, and Dirk A. Zetzsche
UNSW, HKU, UNIVERSITY OF LUXEMBOURG
Financial Data Governance: The Datafication of Finance, the Rise of Open Banking and the End of the Data Centralization Paradigm
University of Hong Kong Faculty of Law Research Paper No. 2022/08, European Banking Institute Working Paper Series 2022 - no. 117 Number of pages: 63 Posted: 25 Feb 2022 Last Revised: 23 Mar 2022 Douglas W. Arner, Giuliano G. Castellano and Eriks Selga
HKU, EUROPEAN BANKING INSTITUTE
Governing FinTech 4.0: BigTech, Platform Finance and Sustainable Development
Forthcoming Vol XXVII of the Fordham Journal of Corporate & Financial Law, UNSW Law Research Paper No. 21-57, University of Hong Kong Faculty of Law Research Paper No. 2021/043 Number of pages: 84 Posted: 14 Sep 2021 Last Revised: 22 Jan 2022 Douglas W. Arner, Ross P. Buckley, Kuzi Charamba, Artem Sergeev and Dirk A. Zetzsche
UNSW, HKU
The Case for a Best Execution Principle in Cross-border Payments
University of Luxembourg Law Research Paper No. 2021-002, UNSW Law Research Paper No. 21-45, Bocconi Legal Studies Research Paper No. 3834335, Forthcoming Journal of Business Law Number of pages: 38 Posted: 04 May 2021 Last Revised: 17 May 2022 Dirk A. Zetzsche, Ross P. Buckley, Douglas W. Arner and Maria Lucia Passador
UNIVERSITY OF LUXEMBOURG, HKU LAW, BOCCONI LEGAL STUDIES
Digital Finance, COVID-19 and Existential Sustainability Crises: Setting the Agenda for the 2020s
University of Hong Kong Faculty of Law Research Paper No. 2021/001, UNSW Law Research Paper No. 21-16, University of Luxembourg Law WPS 2021-003 Number of pages: 31 Posted: 12 Feb 2021 Last Revised: 23 Sep 2021 Douglas W. Arner, Ross P. Buckley, Andrew M. Dahdal and Dirk A. Zetzsche
HKU, UNIVERSITY OF LUXEMBOURG, UNSW
MSME Access to Finance: The Role of Digital Payments
United Nations, Economic and Social Commission for Asia and the Pacific, MSME Financing Series No.7 (June 2022), University of Hong Kong Faculty of Law Research Paper No. 2022/38 Number of pages: 51 Posted: 24 Jun 2022 Last Revised: 27 Jul 2022 Douglas W. Arner, Sijuade Animashaun, Kuzi Charamba and Yixiao Cai
HKU, UNESCAP
Stablecoins: Risks, Potential and Regulation
BIS Working Paper no. 905 (2020), University of Hong Kong Faculty of Law Research Paper No. 2021/57 Number of pages: 31 Posted: 15 Dec 2021 Douglas W. Arner, Raphael Auer and Jon Frost
BANK FOR INTERNATIONAL SETTLEMENTS, HKU
The Transnational Data Governance Problem
Berkeley Technology Law Journal, Forthcoming, University of Hong Kong Faculty of Law Research Paper No. 2021/039 Number of pages: 67 Posted: 02 Sep 2021 Last Revised: 08 Oct 2021 Douglas W. Arner, Giuliano G. Castellano and Eriks Selga
HKU LAW, BERKELEY TECHNOLOGY LAW JOURNAL
Sovereign Digital Currencies: Reshaping the Design of Money and Payments Systems
15(1) Journal of Payments Strategy and Systems 7 (2021), UNSW Law Research 21-61 Number of pages: 17 Posted: 03 May 2021 Last Revised: 23 Sep 2021 Ross P. Buckley, Douglas W. Arner, Dirk A. Zetzsche, Anton N. Didenko and Lucien van Romburg
JOURNAL OF PAYMENTS STRATEGY AND SYSTEMS, HKU LAW, UNIVERSITY OF LUXEMBOURG, UNSW
Three Decades of International Financial Crises: What Have We Learned and What Still Needs to be Done?
Fragility that periodically erupts into a full-blown financial crisis appears to be an integral feature of market-based financial systems in spite of the emergence of sophisticated risk management tools and regulatory systems. If anything, the increased frequency of modern crises underscores how difficult it is to diversify away systemic risk and that perceptions of perfectly stable financial systems are normally flawed, even if the source of the next crisis remains well concealed to the expert eye.
ADB, HKU
Ukraine, Sanctions and Central Bank Digital Currencies: The Weaponization of Digital Finance and the End of Global Monetary Hegemony?
UNSW Law Research Paper No. 22-19, University of Hong Kong Faculty of Law Research Paper No. 2022/36 Number of pages: 62 Posted: 23 Jun 2022 Last Revised: 27 Jul 2022 Ross P. Buckley, Douglas W. Arner, Anton N. Didenko and Dirk A. Zetzsche
UNSW, HKU
A Principles-based Approach to the Governance of BigFintechs
UN Dialogue on Global Digital Finance Governance Technical Paper 3.3, University of Hong Kong Faculty of Law Research Paper No. 2021/55, UNSW Law Research Paper No. 21-79 Number of pages: 22 Posted: 07 Dec 2021 Douglas W. Arner, Ross P. Buckley, Kuzi Charamba, Dirk A. Zetzsche and Artem Sergeev
UNDP-UNCDF, HKU, UNSW
BigFintechs and International Governance, Policymaking and the United Nations Sustainable Development Goals: the SDGs in the International Governance of Finance
UNDP-UNCDF, The Dialogue on Global Digital Finance Governance Paper Series, Technical Paper 3.2, 2021, University of Hong Kong Faculty of Law Research Paper No. 2021/31 Number of pages: 25 Posted: 02 Jul 2021 Last Revised: 02 Dec 2021 Kuzi Charamba, Douglas W. Arner and Artem Sergeev
UNDP - UNCDF, HKU
Regulating Artificial Intelligence in Finance: Putting the Human in the Loop
43 Sydney Law Journal 43 (2021) , University of Hong Kong Faculty of Law Research Paper 2021/016 Number of pages: 40 Posted: 22 Apr 2021 Last Revised: 04 Jun 2021 Ross P. Buckley, Dirk A. Zetzsche, Douglas W. Arner and Brian Tang
HKU, UNIVERSITY OF LUXEMBOURG, UNSW, SYDNEY LAW JOURNAL
FinTech and RegTech in a Nutshell, and the Future in a Sandbox
The 2008 global financial crisis represented a pivotal moment that separated prior phases of the development of financial technology (FinTech) and regulatory technology (RegTech) from the current paradigm. Today, FinTech has entered a phase of rapid development marked by the proliferation of startups and other new entrants, such as IT and ecommerce firms that have fragmented the financial services market. This new era presents fresh challenges for regulators and highlights why the evolution of FinTech necessitates a parallel development of RegTech. In particular, regulators must develop a robust new framework that promotes innovation and market confidence, aided by the use of regulatory "sandboxes." Certain RegTech developments today are highlighting the path toward another paradigm shift, which will be marked by a reconceptualization of the nature of financial regulation.
CFA INSTITUTE, HKU
Building Regional Payment Areas: The Single Rule Book Approach
BIS Working Paper No 1016, May 2022, UNSW Law Research Paper No. 22-16, University of Hong Kong Faculty of Law Research Paper No. 2022/25 Number of pages: 53 Posted: 25 May 2022 Douglas W. Arner, Ross P. Buckley, Thomas Lammer, Dirk A. Zetzsche and Sangita Gazi
BANK FOR INTERNATIONAL SETTLEMENTS, UNSW, HKU
Open Banking, Open Data and Open Finance: Lessons from the European Union
Forthcoming in Linda Jeng (ed), Open Banking (Oxford University Press, 2021), Chapter 8, UNSW Law Research Paper No. 21-69, University of Hong Kong Faculty of Law Research Paper No. 2021/49 Number of pages: 47 Posted: 11 Nov 2021 Last Revised: 06 Dec 2021 Douglas W. Arner, Ross P. Buckley and Dirk A. Zetzsche
UNSW, HKU
Policymakers, BigFintechs and the United Nations Sustainable Development Goals
This paper - part of a series from the UN Taskforce on Global Digital Finance Governance - examines existing regulatory frameworks relating to digital finance platforms - "BigFintechs" (BFTs) - and their positive and negative impacts on the United Nations Sustainable Development Goals (the SDGs), with a particular focus on regulatory initiatives in relation to or originating from developing countries.
UN TASKFORCE ON GLOBAL DIGITAL FINANCE GOVERNANCE, HKU LAW
AFI Innovative Regulatory Approaches Toolkit
University of Hong Kong Faculty of Law Research Paper No. 2021/012 Number of pages: 46 Posted: 19 Apr 2021 Douglas W. Arner, Ross P. Buckley, Dirk A. Zetzsche, Eriks Selga, Ghiyazuddin Mohammad, Jaheed Parvez and Roberta Consiglio
ALLIANCE FOR FINANCIAL INCLUSION, UNIVERSITY OF LUXEMBOURG, HKU, UNSW
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DOUGLAS ARNER: TOP TEN ALL TIME MOST DOWNLOADED LAW AUTHOR AT SSRN WITH OVER 180,000 DOWNLOADS
Michael Bryane
Meet the global team
Michael Bryane
Lucien Van Romborg
Ajay Shamdasani
Janos Barberis
Alessandro Di Lullo
Sangita Gazi
Neo Chan
Sijuade Animashaun
Kuzi Charamba
Douglas Arner
Musheer Ahmed
Alex Ng
Eriks Kristians Selga
Shuping Li
Yixiao Cai
Pros Laput
Jamieson Kirkwood
Menglu Wang
Anshita Mahana
Brian Tang
Joyce Shum
Michael Bryanne
