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Introduction to FinTech: Legal and Regulatory Issues

1h 35m

Created on October 10, 2016

Beginner

Overview

The hottest new trend in the financial services world is FinTech. FinTech is about using new technology to upend the way financial services are delivered. It’s about using technology like big data analytics, social networks, and mobile accessibility to promote innovation and offer compelling new services at low costs, with high returns, through more efficient customer acquisition channels than more traditional competitors.

The FinTech revolution is happening across the financial services industry, impacting both the front-office and client experience, as well as the infrastructure that financial firms rely on. From online lending, digital payments and crowdfunding, to roboadvice and the blockchain, financial technology is a transformative force in the marketplace. Companies like Lending Club use peer-to-peer networks to enable borrowers to take out unsecured personal loans from willing investors, challenging a field historically dominated by banks. Other companies like VersaPay use cloud technology to cut out bank services by providing easy cloud-based exchange of documents and payments directly between vendors and customers. Key to advances in the FinTech market have been partnerships between FinTech startups – relying on strong technical skills, agile market approach and lack of legacy codebases – and traditional financial institutions, which have the benefit of regulatory clarity, huge customer bases, and large amounts of capital.

Since 2010 private investment in global FinTech has increased tenfold creating a multibillion dollar industry overnight. In 2015, that private investment surpassed $19 billion dollars.

This course presented by Reuben Grinberg of Davis Polk & Wardwell, Huu Nguyen of Squire Patton Boggs and Alexey Sokolin of Vanare, a pioneer of digital advice platforms for financial institutions. It reviews legal and regulatory issues associated with FinTech, addresses concerns for those negotiating FinTech technology agreements, and provides a case study in FinTech by looking at an entrepreneur’s creation, pivot and exit of roboadvisor, Nest Egg Wealth.


Learning Objectives:
  1. Define FinTech and the roles that startups and financial institutions play
  2. Identify the regulatory issues, like usury caps and licensing, associated with some of the different types of FinTech
  3. Understand the digitization of financial services across retail capital markets, asset management, wealth management and personal finance
  4. Examine how regulation and legal issues may spur innovation and catalyze transformation in the financial services industry

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