FinTech and the law and economics of disintermediation

Abstract

Although this chapter is entirely the result of joint work, sections 2 and 3 should be attributed to Edoardo Martino. We thank Balázs Bodó, Iris Chiu, Gudula Deipenbrock, and Luca Enriques for valuable input and feedback. All errors are our own.

The Role of Sectoral Regulators and other State Actors in Formulating Novel and Alternative Pro-Competition Mechanisms in Fintech

“…109 Moreover, within a platform economy dominated by BigTech infrastructure increased competition has the potential to negatively affect both investor protection and financial stability. 110 While competition may benefit consumers and the wider economy, fintech policy needs to be holistic and not divorced from the broader regulatory landscape including the financial services, anti-money laundering, data protection and competition law landscape. Consumer protection and financial stability goals permeate these systems and demonstrate that competition at all costs should not be welcomed.…”