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Doctrine / Fintech

Doctrine / Fintech

« Embracing the promise of fintech »

"The word ‘fintech’ is simply a combination of the words ‘financial’ and ‘technology’. It can be defined broadly as technology-enabled financial innovation that could result in new business models, applications, processes, or products with an associated material effect on financial markets, institutions and the provision of financial services."( p. 1)
 

Les initiatives de la Bank of England :
"In mid-2016, the Bank launched its Fintech Accelerator project, which operated over two years and had two key objectives:
(i) to improve our familiarity with fintech services, concepts and firms: their strengths and weaknesses, their implications for financial markets, and their potential applications in central bank operations; and
(ii) to give fintech firms some insight into the emerging questions and needs central banks might have, as policymakers, regulators and operators. 
....
Building on the success of the Accelerator, a permanent Fintech Hub was set up in March 2018.(4) Sitting at the heart of the Bank, the Hub brings together the Bank’s work on what fintech means for the stability of the financial system, the safety and soundness of financial firms, and our ability to use technology to supervise firms". (p. 3)

Les démarches pour aider l'innovation :
"The Bank’s Prudential Regulation Authority (PRA) and the Financial Conduct Authority established the New Bank Start-up Unit (NBSU) in January 2016(1) to help prospective new banks through the early stages of authorisation, as well as provide a focused supervisory resource during their first year as a regulated firm.
New banks are important to delivering innovation in the UK financial services sector, particularly where there is an underserved demand in the market. This may be through the services they provide, the customers they serve, the products they sell or the technologies they use. The PRA has authorised 41 new banks since 2013, four of which have been digital-only banks". (p. 8)

Le Legal Entity Identifier :
"Legal Entity Identifiers (LEIs) are universal, unique 20-digit identifiers, allowing firms and regulators to clearly identify the legal structure of entities. The LEI is a leading example of a global data standard and contains critical information about a legal entity, such as where it is based and who owns it. This creates a ‘single source of truth’, enabling identification of parties across different systems, sectors and jurisdictions. Its adoption can improve transparency in the financial system and, ultimately, increase effectiveness of finance. 
To support this initiative the Bank will make LEIs mandatory for all payments going between financial institutions in the new Real-Time Gross Settlement system. Risks will be reduced by allowing payments to be rerouted more effectively between systems, and by standardising and improving the data that supports fraud detection and financial crime". (p. 11)
 

iusNet DB 24.06.2019

Doctrine / Fintech

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Réglementation et surveillance

Doctrine / Fintech

« Embracing the promise of fintech »

"The word ‘fintech’ is simply a combination of the words ‘financial’ and ‘technology’. It can be defined broadly as technology-enabled financial innovation that could result in new business models, applications, processes, or products with an associated material effect on financial markets, institutions and the provision of financial services."( p. 1)
 

Les initiatives de la Bank of England :
"In mid-2016, the Bank launched its Fintech Accelerator project, which operated over two years and had two key objectives:
(i) to improve our familiarity with fintech services, concepts and firms: their strengths and weaknesses, their implications for financial markets, and their potential applications in central bank operations; and
(ii) to give fintech firms some insight into the emerging questions and needs central banks might have, as policymakers, regulators and operators. 
....
Building on the success of the Accelerator, a permanent Fintech Hub was set up in March 2018.(4) Sitting at the heart of the Bank, the Hub brings together the Bank’s work on what fintech means for the stability of the financial system, the safety and soundness of financial firms, and our ability to use technology to supervise firms". (p. 3)

iusNet DB 24.06.2019

 

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