Abstract
The application of technology in the PE industry has become diversified and popularized.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
The FSB has been investigating how innovation is transforming financial institutions and markets. Although markets have developed differently across jurisdictions, there are commonalities that warrant international discussion (FSB 2019). Impacts of innovation on jurisdictions depend on the state of development of the financial services industry and the regulatory environment. In addition, FSB (2022) find that the COVID-19 pandemic has accelerated the trend toward digitalisation of retail financial services.
- 2.
China’s regulatory authorities have implemented new requirements to enhance the regulation of large non-financial companies that have significant interest in financial services (Carstens et al. 2021).
- 3.
- 4.
In September 2022, the U.S. releases the First-Ever Comprehensive Framework for the Responsible Development of Digital Assets, which guides responsible innovation, ensuring U.S. leadership in the global digital asset ecosystem.
- 5.
- 6.
As a new type of production factor, data is the basis of digitization and intelligence, and has been profoundly changing the modes of production, lifestyle and social governance (CAICT 2022). Countries and enterprises work together to construct a data factor market, and release the value of the data.
- 7.
- 8.
The volume of regulatory change was expected to increase, and this was seen as a compliance challenge for both corporate boards and compliance officers. Respondents of a survey by Thomson Reuters Regulatory Intelligence (2023) said that the overall cost of compliance staff was expected to increase.
- 9.
- 10.
- 11.
- 12.
- 13.
- 14.
- 15.
In 2023, the SEC took significant steps to strengthen its enforcement of crypto platforms and exchanges, initiating legal proceedings against Coinbase, Binance, and Bittrex.
- 16.
- 17.
- 18.
- 19.
References
Bank of England. Embracing the promise of fintech. Quart Bull. 2019; Q1. https://www.bankofengland.co.uk/quarterly-bulletin/2019/2019-q1/embracing-the-promise-of-fintech.
Carstens A, Claessens S, Restoy F, Shin HS. Regulating big techs in finance. BIS Bull. 2021; 45. https://www.bis.org/publ/bisbull45.htm.
Chen YZ, Zhang WG. Research on the construction and countermeasures of the science and technology financial ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area. Urban Observ. 2019;3:20–35 (in Chinese).
China Academy of Information and Communications Technology. White paper on big data (2022); 2023. http://www.caict.ac.cn/english/research/whitepapers/202303/t20230316_416841.html
Choo TL. Application of blockchain technology in private equity. World scientific book chapters. In: Lee DKC, Ding D, Guan C, editors. Financial management in the digital economy, chapter 5. World Scientific Publishing Co. Pte. Ltd.; 2021. pp. 85–104.
Ernst and Young. UK FinTech: on the cutting edge; 2016. https://fintechauscensus.ey.com/2018/Documents/EY-UK-FinTech-On-the-cutting-edge.pdf.
Financial Conduct Authority. Business plan 2017/18; 2017. https://www.fca.org.uk/publication/business-plans/business-plan-2017-18.pdf
Financial Stability Board. FinTech and market structure in financial services: market developments and potential financial stability implication; 2019. https://www.fsb.org/wp-content/uploads/P140219.pdf.
Financial Stability Board. FinTech and market structure in the COVID-19 pandemic: implications for financial stability; 2022. https://www.fsb.org/wp-content/uploads/P210322.pdf.
Gensler, G. Testimony before the subcommittee on financial services and general government, U.S. house appropriations committee; 2021. https://www.sec.gov/news/testimony/gensler-2021-05-26#:~:text=While%20the%20SEC%E2%80%99s%20formal%20budget%20request%20will%20be,Purpose%20Acquisition%20Companies%20Private%20Funds%20Crypto%20Assets%20Fintech.
Gispert TA, Chatain PL. Embracing the promise of Fintech responsibly through regulation and supervision; 2023. https://blogs.worldbank.org/psd/embracing-promise-fintech-responsibly-through-regulation-and-supervision.
Guan XL. The road of financial technology development in private equity industry under the new situation. Tsinghua Financ Rev. 2017; 12:90–1. https://doi.org/10.19409/j.cnki.thf-review.2017.12.027. (in Chinese).
Hu M. Application and enlightenment of fintech in the private equity investment industry in the United Kingdom and the United States. Finance. 2022;3:89–94 (in Chinese).
Thomson Reuters Regulatory Intelligence. 2023 cost of compliance regulatory burden poses operational challenges for compliance; 2023. https://legal.thomsonreuters.com/content/dam/ewp-m/documents/legal/en/pdf/reports/cost-of-compliance-report-final-web.pdf.
JD Finance. Global fintech report 2017: industry development and legal frontier; 2017. http://www.199it.com/archives/621150
KPMG. The pulse of fintech H1; 2023. https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2023/07/global-pulse-of-fintech-h123-report-web.pdf.
Li YL. When finance meets technology-global financial technology development trend report. Technol Finance. 2019;6:42–9 (in Chinese).
Mahoney J. The rise of Chinese fintech: lessons for the United States. New York: Columbia University Press; 2019. https://www8.gsb.columbia.edu/leadership/newsn/6881/the-rise-of-chinese-fintech-lessons-for-the-united-states.
Monetary Authority of Singapore. MAS Commits S$250 million to accelerate innovation and technology adoption in financial sector; 2020. https://www.mas.gov.sg/news/media-releases/2020/mas-commits-s$250-million-to-accelerate-innovation-and-technology-adoption-in-financial-secto.
Pan FH, Liu YF. Research progress on the distribution and influencing factors of global financial technology industry. World Geogr Res. 2021;4:696–707 (in Chinese).
Wang HD, Wu JW. Changes in innovative corporate financing from the shrinking IPO market in the United States. China Secur Futures. 2018;5:86–96. https://doi.org/10.19766/j.cnki.zgzqqh.2018.05.014. (in Chinese).
World Economic Forum. Deloitte. Beyond fintech: apragmatic assessment of disruptive potentialin financial services; 2017. https://www.weforum.org/reports/beyond-fintech-a-pragmatic-assessment-of-disruptive-potential-in-financial-services.
Xu Z, Xu RH. “Chapter 7: Regulating FinTech for sustainable development in China. In: Amstad M, Huang B, Morgan PJ, Shirai S, editors. FinTech in Asia: policies and practices. Tokyo, Japan: Asian Development Bank Institute Press; 2020.
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2023 The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.
About this chapter
Cite this chapter
Xu, R., Zhao, D. (2023). International Practice of Technology Applications in the Private Equity Industry. In: Digital Transformation of Private Equity in China. Contributions to Finance and Accounting. Springer, Singapore. https://doi.org/10.1007/978-981-99-8482-4_10
Download citation
DOI: https://doi.org/10.1007/978-981-99-8482-4_10
Published:
Publisher Name: Springer, Singapore
Print ISBN: 978-981-99-8481-7
Online ISBN: 978-981-99-8482-4
eBook Packages: Economics and FinanceEconomics and Finance (R0)