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Fintech

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The Economic Value of Digital Disruption

Part of the book series: Management for Professionals ((MANAGPROF))

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Abstract

The financial world is getting a digital makeover. Traditional banks are set to disappear in a decade. Digital payments are the norm making the world a cashless and a more inclusive society. Crypto, the digital currency, was originally conceived to replace the centralized financial system but is ending up as a haven for speculators and illegitimate players. Through AI, high-frequency trading has taken over 90% of global securities trading.

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Notes

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    Stripe Payments https://stripe.com/en-in in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  8. 8.

    TD Ameritrade https://www.tdameritrade.com/home.page in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  9. 9.

    Manulife Financial Corporation, Canadian https://www.manulife.com/ in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  10. 10.

    Santander, https://www.santander.com/en/home in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  11. 11.

    Forester in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  12. 12.

    Bain Consulting in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  13. 13.

    JPMorgan Chase in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  14. 14.

    Omers Ventures, https://www.omersventures.com/ in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  15. 15.

    UBS in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  16. 16.

    Backbase https://www.backbase.com/ in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

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    MoffettNathanson https://www.moffettnathanson.com/ in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  18. 18.

    McKinsey in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  19. 19.

    Bain Capital in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  20. 20.

    CB Insights in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  21. 21.

    PitchBook in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  22. 22.

    JPMorgan in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  23. 23.

    Google Pay in Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  24. 24.

    Investment in fintech booms as upstarts go mainstream, The Economist, 15 July 2021.

  25. 25.

    Wall Street’s latest shiny new thing: quantum computing, The Economist, 19 Dec 2020.

  26. 26.

    BBVA, a Spanish bank in Wall Street’s latest shiny new thing: quantum computing, The Economist, Dec 16, 2020.

  27. 27.

    Wall Street’s latest shiny new thing: quantum computing, The Economist, Dec 16, 2020.

  28. 28.

    Tech’s raid on the banks, The Economist, May 2, 2019.

  29. 29.

    A brave new world for banks, The Economist, 6 May 2021.

  30. 30.

    Sensor Tower in ‘Neobanks’ May Not Be New, or Banks, but They Are Hot Stocks, Wall Street Journal, Aug 13, 2021.

  31. 31.

    Colarion Partners in ‘Neobanks’ May Not Be New, or Banks, but They Are Hot Stocks, Wall Street Journal, Aug 13, 2021.

  32. 32.

    ‘Neobanks’ May Not Be New, or Banks, but They Are Hot Stocks, Wall Street Journal, Aug 13, 2021.

  33. 33.

    Bank for International Settlements in How fintech will eat into banks’ business, The Economist, 6 May 2021.

  34. 34.

    Federal Reserve Bank of Boston in How fintech will eat into banks’ business, The Economist, 6 May 2021.

  35. 35.

    How fintech will eat into banks’ business, The Economist, 6 May 2021.

  36. 36.

    A future with fewer banks, The Economist, 8 May 2021.

  37. 37.

    Banks that have no branches are making a surprising resurgence, The Economist, Nov 9, 2013.

  38. 38.

    BCG Consulting in Neobanks are changing Britain’s banking landscape, The Economist, May 2, 2019.

  39. 39.

    Allied Irish Banks in Neobanks are changing Britain’s banking landscape, The Economist, May 2, 2019.

  40. 40.

    Accenture in Neobanks are changing Britain’s banking landscape, The Economist, May 2, 2019.

  41. 41.

    Finder.com in Neobanks are changing Britain’s banking landscape, The Economist, May 2, 2019.

  42. 42.

    Neobanks are changing Britain’s banking landscape, The Economist, May 2, 2019.

  43. 43.

    Temenos in The battle for the remittances market, The Economist, May 5, 2018.

  44. 44.

    Accenture in The battle for the remittances market, The Economist, May 5, 2018.

  45. 45.

    Swift in The battle for the remittances market, The Economist, May 5, 2018.

  46. 46.

    Central Bank of Singapore in The battle for the remittances market, The Economist, May 5, 2018.

  47. 47.

    Ripple in The battle for the remittances market, The Economist, May 5, 2018.

  48. 48.

    World Bank in The battle for the remittances market, The Economist, May 5, 2018.

  49. 49.

    Ripple in The battle for the remittances market, The Economist, May 5, 2018.

  50. 50.

    Western Union in The battle for the remittances market, The Economist, May 5, 2018.

  51. 51.

    WorldRemit in The battle for the remittances market, The Economist, May 5, 2018.

  52. 52.

    The battle for the remittances market, The Economist, May 5, 2018.

  53. 53.

    How mobile money is spreading, The Economist, May 4, 2018.

  54. 54.

    Findex in How mobile money is spreading, The Economist, May 4, 2018.

  55. 55.

    Consultative Group to Assist the Poor, a partner of World Bank study.

  56. 56.

    Ant Group and fintech come of age, The Economist, Oct 20, 2020.

  57. 57.

    The 2020 McKinsey Global Payments Report, McKinsey.

  58. 58.

    “Thousands of ATMs in Australia removed, branches closed due to coronavirus,” ATM Marketplace, August 17, 2020, atmmarketplace.com.

  59. 59.

    McKinsey in How mobile money is spreading, The Economist, May 5, 2018.

  60. 60.

    How mobile money is spreading, The Economist, May 5, 2018.

  61. 61.

    Hong Kong Exchange News in How mobile money is spreading, The Economist, May 5, 2018.

  62. 62.

    “More Than a Third of China Is Now Invested in One Giant Mutual Fund”. wsj.com. 28 March 2019.

  63. 63.

    What Ant Group’s IPO says about the future of finance, The Economist, Oct 10, 2020.

  64. 64.

    Economist in What Ant Group’s IPO says about the future of finance, The Economist, Oct 10, 2020.

  65. 65.

    Company reports, Press reports, Economist in What Ant Group’s IPO says about the future of finance, The Economist, Oct 10, 2020.

  66. 66.

    British Broadcasting Corporation, 13 April 2021, https://www.bbc.com/news/business-56728038.

  67. 67.

    The Wall Street Journal in Fintech comes to America at last, The Economist, 27 March 2021.

  68. 68.

    Fintech comes to America at last, The Economist, 27 March 2021.

  69. 69.

    MoffettNathanson in America used to be behind on digital payments. Not anymore, The Economist, 25 March 2021.

  70. 70.

    America used to be behind on digital payments. Not anymore, The Economist, 25 March 2021.

  71. 71.

    Mastercard and Visa seek to get the most out of the digital-payments boom, The Economist, 3 Oct 2020.

  72. 72.

    “Overview”. World Bank.

  73. 73.

    UFA2020 Overview: Universal Financial Access by 2020, The World Bank, Oct 1, 2018.

  74. 74.

    Financial inclusion is making great strides, The Economist, May 4, 2018.

  75. 75.

    Better than Cash Alliance in Global Finance, March 3, 2022.

  76. 76.

    Better than Cash Alliance, an UN initiative comprising of companies, organizations, and governments in Global Finance, March 3, 2022.

  77. 77.

    bKash, of Bangladesh in Global Finance, March 3, 2022.

  78. 78.

    bKash in Global Finance, March 3, 2022.

  79. 79.

    Findex in Global Finance, March 3, 2022.

  80. 80.

    Gates Foundation in Global Finance, March 3, 2022.

  81. 81.

    World Bank in Global Finance, March 3, 2022.

  82. 82.

    Global Finance, March 3, 2022, https://www.gfmag.com/global-data/economic-data/worlds-most-unbanked-countries.

  83. 83.

    Mobile financial services are cornering the market, The Economist, May 4, 2018.

  84. 84.

    Accion in Mobile financial services are cornering the market, The Economist, May 4, 2018.

  85. 85.

    Ant Financial in Mobile financial services are cornering the market, The Economist, May 4, 2018.

  86. 86.

    DBS in Mobile financial services are cornering the market, The Economist, May 4, 2018.

  87. 87.

    Who gains and who loses from more financial inclusion, The Economist, May 4, 2018.

  88. 88.

    Better Than Cash Alliance in Who gains and who loses from more financial inclusion, The Economist, May 4, 2018.

  89. 89.

    Findex in Who gains and who loses from more financial inclusion, The Economist, May 4, 2018.

  90. 90.

    Financial inclusion in the rich world, The Economist, May 4, 2018.

  91. 91.

    House of Lords, UK government in Financial inclusion in the rich world, The Economist, May 4, 2018.

  92. 92.

    Centre for the New Middle Class in Financial inclusion in the rich world, The Economist, May 4, 2018.

  93. 93.

    Federal Reserve, USA in Financial inclusion in the rich world, The Economist, May 4, 2018.

  94. 94.

    “The cost of cash in the United States” (PDF). The Fletcher School Tufts University. p. 9.

  95. 95.

    ““Negative” Interest Rates and the War on Cash”. February 8, 2016.

  96. 96.

    Deutsche Bundesbank in Rogoff, Kenneth S. (25 August 2016). “The Sinister Side of Cash”. WSJ.

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    Corporation for Enterprise Development. “The Most Unbanked Places in America” (PDF).

  98. 98.

    Asia Leading the Cashless Revolution, Statista, Jan 24, 2020.

  99. 99.

    Forrester Research in Asia Leading the Cashless Revolution, Statista, Jan 24, 2020.

  100. 100.

    eMarketer in Asia Leading the Cashless Revolution, Statista, Jan 24, 2020.

  101. 101.

    The Cashless Society Has Arrived—Only It’s in China, The Wall Street Journal, January 4, 2018.

  102. 102.

    Rich countries must start planning for a cashless future, The Economist, 8 Jan 2019.

  103. 103.

    Visa in Digital-Payments Growth Has a Ways to Run Yet, The Wall Street Journal, June 6, 2022.

  104. 104.

    Goldman Sachs in Digital-Payments Growth Has a Ways to Run Yet, The Wall Street Journal, June 6, 2022.

  105. 105.

    Federal Reserve, USA in Digital-Payments Growth Has a Ways to Run Yet, The Wall Street Journal, June 6, 2022.

  106. 106.

    Digital-Payments Growth Has a Ways to Run Yet, The Wall Street Journal, June 6, 2022.

  107. 107.

    CivicScience in Digital-Payments Growth Has a Ways to Run Yet, The Wall Street Journal, June 6, 2022.

  108. 108.

    Americans Don't Buy Into a Cashless World, Statista, April 9, 2019.

  109. 109.

    Euromonitor International in The Number of ATMs Has Declined as People Rely Less on Cash, The Wall Street Journal, March 3, 2023.

  110. 110.

    American Bankers Association in The Number of ATMs Has Declined as People Rely Less on Cash, The Wall Street Journal, March 3, 2023.

  111. 111.

    The Number of ATMs Has Declined as People Rely Less on Cash, The Wall Street Journal, March 3, 2023.

  112. 112.

    High internet use and state support help countries ditch cash, The Economist, Aug 1, 2019.

  113. 113.

    AT Kearney in High internet use and state support help countries ditch cash, The Economist, Aug 1, 2019.

  114. 114.

    Bank of England, World Bank in High internet use and state support help countries ditch cash, The Economist, Aug 1, 2019.

  115. 115.

    Cryptocurrency and Global Financial Security Panel at Georgetown Diplomacy Conf Archived 15 August 2014 at the Wayback Machine, MeetUp.

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    Four Reasons You Shouldn't Buy Bitcoins Archived 23 August 2017 at the Wayback Machine, Forbes, 3 April 2013.

  117. 117.

    Decentralized currencies impact on central banks Archived 4 March 2016 at the Wayback Machine, RTÉ News, 3 April 2014.

  118. 118.

    Wharton School.

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    Is a greener, faster, and more decentralised alternative to Bitcoin possible? The Economist, 1 Jan 2022.

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    Ethereum Foundation in The future of crypto is at stake in Ethereum’s switch, The Economist, 6 September 2022.

  121. 121.

    ConsenSys in The future of crypto is at stake in Ethereum’s switch, The Economist, 6 September 2022.

  122. 122.

    The future of crypto is at stake in Ethereum’s switch, The Economist, 6 September 2022.

  123. 123.

    Blockchain Is Much More Than Crypto, The Wall Street Journal, December 6, 2022.

  124. 124.

    Elliptic in What Is Cryptocurrency, and How Does It Work? The Wall Street Journal, Dec 2, 2021.

  125. 125.

    What Is Cryptocurrency, and How Does It Work? The Wall Street Journal, Dec 2, 2021.

  126. 126.

    Getting down with the cool kids on bitcoin, The Economist, Oct 29, 2020.

  127. 127.

    How to put bitcoin into perspective, The Economist, August 30, 2018.

  128. 128.

    Goldman Sachs in How to put bitcoin into perspective, The Economist, August 30, 2018.

  129. 129.

    Autonomous Next in How to put bitcoin into perspective, The Economist, August 30, 2018.

  130. 130.

    Ashwath Damodaran, Money Control, June 29, 2021.

  131. 131.

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    From Bitcoin to Dogecoin: What’s Driving Cryptocurrencies’ Rise and the Challenges Ahead, The Wall Street Journal, May 17, 2021.

  133. 133.

    CoinDesk in Is the financial establishment coming round to bitcoin? The Economist, 9 Jan 2021.

  134. 134.

    Is the financial establishment coming round to bitcoin? The Economist, 9 Jan 2021.

  135. 135.

    Bitcoin Surges Into 2021, Rose Nearly 20% Over Weekend, The Wall Street Journal, Jan 4, 2021.

  136. 136.

    JPMorgan in What explains bitcoin’s latest boom? The Economist, Jan 1, 2021.

  137. 137.

    What explains bitcoin’s latest boom? The Economist, Jan 1, 2021.

  138. 138.

    Bitcoin on the Balance Sheet Is an Accounting Headache for Tesla, Others, The Wall Street Journal, June 14, 2021.

  139. 139.

    Gartner in Bitcoin Looks to Gain Traction in Payments, The Wall Street Journal, Dec 31, 2020.

  140. 140.

    Bitcoin Looks to Gain Traction in Payments, The Wall Street Journal, Dec 31, 2020.

  141. 141.

    BitInfoCharts in The Crypto Party Is Over, The Wall Street Journal, June 18, 2022.

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    Société Générale in The Crypto Party Is Over, The Wall Street Journal, June 18, 2022.

  143. 143.

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  144. 144.

    CoinMarketCap in Crypto Volatility Creates Opportunity for Wall Street Traders, The Wall Street Journal, October 1, 2022.

  145. 145.

    Sequoia Capital in Crypto Volatility Creates Opportunity for Wall Street Traders, The Wall Street Journal, October 1, 2022.

  146. 146.

    Galaxy Digital in Cryptocoins are proliferating wildly. What are they all for? The Economist, 10 June 2021.

  147. 147.

    Chainalysis in Crypto Volatility Creates Opportunity for Wall Street Traders, The Wall Street Journal, October 1, 2022.

  148. 148.

    Crypto Volatility Creates Opportunity for Wall Street Traders, The Wall Street Journal, October 1, 2022.

  149. 149.

    https://www.coindesk.com/price/bitcoin/.

  150. 150.

    Cryptocoins are proliferating wildly. What are they all for? The Economist, 10 June 2021.

  151. 151.

    Coinbase in Coinbase goes public with a pop, The Economist, 10 April 2021.

  152. 152.

    Payments Companies Are Playing Hide-the-Crypto, The Wall Street Journal, March 31, 2021.

  153. 153.

    Coinbase goes public with a pop, The Economist, 10 April 2021.

  154. 154.

    Coinbase Fetches $85 Billion Valuation in Market Debut, The Wall Street Journal, April 14, 2021.

  155. 155.

    Coinbase Profit Surges in Crypto Exchange’s First Report as Public Company, The Wall Street Journal, May 13, 2021.

  156. 156.

    As bitcoin lurches, Wall Street plots its way into cryptoland, The Economist, 20 May 2021.

  157. 157.

    Cryptocurrency Comes to Retirement Plans as Coinbase Teams Up With 401(k) Provider, The Wall Street Journal, June 10, 2021.

  158. 158.

    What is the fuss over central-bank digital currencies? The Economist, 16 Feb 2021.

  159. 159.

    Bitcoin crosses $50,000, The Economist, 20 Feb 2021.

  160. 160.

    Bank for International Settlements in The digital currencies that matter, The Economist, 8 May 2021.

  161. 161.

    The digital currencies that matter, The Economist, 8 May 2021.

  162. 162.

    A circular prison with cells arranged around a central well, from which prisoners could at all times be observed.

  163. 163.

    When central banks issue digital money, The Economist, 6 May 2021.

  164. 164.

    Facebook-Backed Digital Currency Project Revamps to Address U.S. Regulators’ Concerns, The Wall Street Journal, 12 May 2021.

  165. 165.

    Frank Xie, a professor in business at University of South Carolina Aiken in China wants to weaponize its currency, CNN, 4 Dec 2020.

  166. 166.

    Goldman Sachs in China wants to weaponize its currency, CNN, 4 Dec 2020.

  167. 167.

    Bank for International Settlements in China wants to weaponize its currency, CNN, 4 Dec 2020.

  168. 168.

    Because two countries are involved in each transaction, individual percentages add up to 200% instead of 100%

  169. 169.

    China wants to weaponize its currency, CNN, 4 Dec 2020.

  170. 170.

    IMF in China’s Digital Yuan Poses No Threat to the Dollar’s Dominance, The Wall Street Journal, April 19, 2021.

  171. 171.

    China Creates Its Own Digital Currency, a First for Major Economy, The Wall Street Journal, April 5, 2021.

  172. 172.

    China’s Digital Yuan Poses No Threat to the Dollar’s Dominance, The Wall Street Journal, April 19, 2021.

  173. 173.

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  174. 174.

    Chinese central bank in Will going digital transform the yuan’s status at home and abroad? The Economist, 3 May 2021.

  175. 175.

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    Coveware in Cryptocurrency Has Yet to Make the World a Better Place, The Wall Street Journal, May 20, 2021.

  178. 178.

    Cryptocurrency Has Yet to Make the World a Better Place, The Wall Street Journal, May 20, 2021.

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    Cryptocurrency Startup Ripple’s Future Hinges on SEC Case, The Wall Street Journal, Jan 24, 2021.

  180. 180.

    Ban Cryptocurrency to Fight Ransomware, The Wall Street Journal, May 25, 2021.

  181. 181.

    Nature Communications in Totting up bitcoin’s environmental costs, The Economist, 10 April 2021.

  182. 182.

    Totting up bitcoin’s environmental costs, The Economist, 10 April 2021.

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    Ross S. Delston, an expert on anti-money laundering compliance in Is this the end of crypto? Economist, 17 November 2022.

  185. 185.

    US Treasury in Is this the end of crypto? Economist, 17 November 2022.

  186. 186.

    Chainalysis in Is this the end of crypto? Economist, 17 November 2022.

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    Elliptic in Is this the end of crypto? Economist, 17 November 2022.

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  193. 193.

    The World of High-Frequency Algorithmic Trading, Investopedia, April 30, 2020.

  194. 194.

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    The stockmarket is now run by computers, algorithms and passive managers, The Economist, Oct 5, 2019.

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    JP Morgan Chase, US Equity Strategy & Global Quant Research, EPFR.

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    Morningstar in Ahead of the tape, The Economist, 21 June 2007.

  203. 203.

    Deutsche Bank in Ahead of the tape, The Economist, 21 June 2007.

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    Tabb Group in Ahead of the tape, The Economist, 21 June 2007.

  205. 205.

    JP Morgan Chase in Ahead of the tape, The Economist, 21 June 2007.

  206. 206.

    Russell 3000 index in Ahead of the tape, The Economist, 21 June 2007.

  207. 207.

    Bernstein in Ahead of the tape, The Economist, 21 June 2007.

  208. 208.

    HFR in Ahead of the tape, The Economist, 21 June 2007.

  209. 209.

    Chicago University in Ahead of the tape, The Economist, 21 June 2007.

  210. 210.

    Two Sigma in Ahead of the tape, The Economist, 21 June 2007.

  211. 211.

    Aite Group in Ahead of the tape, The Economist, 21 June 2007.

  212. 212.

    Ahead of the tape, The Economist, 21 June 2007.

  213. 213.

    Securities and Exchange Commission in High-frequency trading brings real benefits but still could wind up hurting the stock market—here’s why, Donald McKenzie, Market Watch, June 3, 2021.

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    High-frequency trading brings real benefits but still could wind up hurting the stock market—here’s why, Donald McKenzie, Market Watch, June 3, 2021.

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  1. Azygos Consulting, Bengaluru, India

    Vijay Kumar

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Kumar, V. (2023). Fintech. In: The Economic Value of Digital Disruption. Management for Professionals. Springer, Singapore. https://doi.org/10.1007/978-981-19-8148-7_2

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