https://doi.org/10.53908/NMMR.29040E
Vol 29, Issue-4, October-December 2021
Things around us are changing at a pace like never before. Gone are the days when changes in society were influencing business and industry. Today changes in business practices and processes are deciding the destiny of nations. Some of these changes are linear and progressive, whereas most are disruptive. This disruption comes from the path-breaking innovations and their applications in our lives. It is surprising to find how swiftly such innovations are altering the way we live: the way we transact, do business and interact with various stakeholders of our life. Technology has brought multiple changes altering the way our society survived and excelled. More and more application of technology reduces the cost of living, enhances the standard of living, and builds better experiences.
I intend to discuss technological innovation- particularly in the context of transactions, i.e., how we do our financial transactions; how we save, transfer, invest and digitize our net worth. Technology applications in the financial sector have not only created convenience for customers. However, they have led to innovative business models, newer entities, and value-added exchange methods by seamlessly integrating business processes with technological advancements and innovations.
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References :
• Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The evolution of Fintech: A new post-crisis paradigm. Georgetown Journal of International Law, 47(04), 1271-1320.
• Kelly, G. (2014). The digital revolution in banking. Occasional Paper 89, 1-52. https:// citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.697.1966&rep=rep1&type=pdf
• Brummer, C. (2015). Disruptive technology and securities regulation. Fordham L. Rev., 84, 977-1052. https://ir.lawnet.fordham.edu/flr/vol84/iss3/6
• Brummer, C., & Gorfine, D. (2014). FinTech: Building a 21st-century regulator’s toolkit. Milken Institute working paper, 1-14. https://milkeninstitute.org/sites/default/ files/reports-pdf/3.14-FinTech-Reg-Toolkit-NEW_2.pdf
• ICBC Chairman welcomes Fintech Reg, Finance Asia, available at http://www. financeasia.com/News/400732,icbc-chairman-welcomes-Fintech-regs.aspx retrieved on 01-12-2021. As an example, approximately 33000 staff working at Goldman Sachs are engineers, more than LinkedIn, Twitter, or Facebook.
• Arner, D. (2016). FinTech: Evolution and regulation. Presentation Slides, June. 1-33. https://law.unimelb.edu.au/__data/assets/pdf_file/0011/1978256/D-Arner-FinTechEvolution-Melbourne-June-2016.pdf
• Arner, D. W., Barberis, J., & Buckley, R. P. (2016). 150 years of Fintech: An evolutionary analysis. Jassa, (3), 22-29. https://search.informit.org/doi/10.3316/ ielapa.419780653701585
• Singh, Rantej (2016, September 16). How startups are leading innovation in Fintech 3.0. Vccircle. https://www.vccircle.com/how-startups-are-leading-innovationfintech-30
