Regulating Fintech in Asia: An Introduction

In the context of a fast-developing, technology-driven economy, policymakers increasingly regard regulation as an essential element in gaining a competitive edge and establishing themselves as a regional hub for technology-focused businesses. In the context, of fintech, for example, a number of Asian jurisdictions have recently introduced regulatory reforms that aim at filling gaps in existing legislation or resolving uncertainties. Such legal reforms are motivated by the desire to encourage the development of fintech, while also ensuring that vital public interests are adequately protected. This book is a preliminary attempt to map some of these legal developments in an Asian context via a series of case studies focused on key jurisdictions. Here, by way of introduction to the substantive chapters that follow, we briefly review the disruption of incumbents and the new opportunities that have been triggered by the emergence of fintech and summarize the chapters and regulatory reforms that different jurisdictions have introduced. Common themes across all chapters are a recognition of the importance of fintech in the future development of financial services and the importance of more flexible regulatory forms that provide the freedom for all stakeholders to bring new financial technologies to the market.