Assessing the Impact of Law and Legal Culture on the Development of FinTech in the US, UK, EU and China (14 June 2018)

Asian Institute of International Financial Law
Faculty of Law, The University of Hong Kong


Assessing the Impact of Law and Legal Culture on the Development of FinTech in the US, UK, EU and China

Professor Jane K. Winn
Charles I. Stone Professor of Law
University of Washington

Thursday, 14 June 2018
12:30 – 1:30 pm
Academic Conference Room, 11/F Cheng Yu Tung Tower
The University of Hong Kong

Although the term “FinTech” originally described disruptive innovators seeking to capitalize on the slow pace of technology innovation in conventional financial markets, it has now become a major locus of regulatory competition among regulators in major financial centers. Politicians and regulators around the world are experimenting with different policy instruments in the drive to make their financial markets more innovative and competitive. While some developments such as regulatory sandboxes and cryptocurrencies are frequently in the spotlight, it remains unclear how much practical impact they are likely to have. Frustrated at the glacial pace of change in European financial markets, the EU has reverted to command and control in an effort to mandate the acceleration of competition and innovation. More “patient” regulators in the US, UK and China may ultimately enjoy more success as a result of their efforts to limit the scope of direct government intervention in markets. Regulatory culture may help to explain differences in both regulators’ choice of policy instruments and the uptake of FinTech innovations among consumers and producers of financial services in different jurisdictions around the world.

Professor Jane K. Winn is a leading international authority on law and policy issues related to electronic commerce, regulatory innovation and the governance of global market architectures. In 2016-2017, she visited National Tsinghua University in Taiwan, Hong Kong University and Guanghua Law School, Zhejiang University in China with a Fulbright research grant to study the integration of e-banking services in Greater China.