Description
Our previous research was related to information and communication platforms as a complex approach for solving information asymmetry problems, where we were convinced that such types of platforms play an important role in solving informational asymmetry problems. A great deal of other research into FinTech platforms has focused on their regulation. For instance, Arner, Barberis, Buckley (2015) analyzed the FinTech platform development and found that its history goes back more than 150 years. It should be admitted that this is the deepest analysis on FinTech platforms’ performance and, in their opinion, it can be divided into three periods.
The current period started after 2008 and it runs until till present. The authors of this paper tend to consider FinTech as a union of financial industries and IT technologies because of the innovation movement. Whereas, financial regulators are afraid of risks that they can take regarding FinTech platforms’ development. However, the scientists are convinced that it is not the time to launch the FinTech regulation.
Later, the team of the mentioned authors Arner, Barberis, Buckley (2016), described the reasons for 4 regulatory reconceptualizations in financial markets. Changing approaches to bank lending has caused regulatory problems. Their RegTech concept is directed towards the facilitation of financial regulation. They are sure that using their concept will allow them to save up expenditure related to regulation. The peculiarity of the offered concept lies not only in digitalization manual processes, but also in reducing risks caused by enabling real-time operations.
