of the Eurex Executive Board; Chairman of the Executive Board, Deutsche Boerse Asia Holdings Ltd “The FinTech Book really lives up to its title. Janos and Susanne have not just succeeded in explaining the key trends, drivers and implications across a wide spectrum of FinTech themes (including payments, crowdfunding, advisory and cryptocurrencies), but have also clearly laid out the path forward, pragmatically detailing enablers such as regulatory / compliance management, analytic capabilities, and technical competency that are required to effectively capture and monetize the different FinTech disruptions. This is a truly cross-discipline, hands-on and comprehensive FinTech bible, which all players in the FinTech space, including investors, entrepreneurs, incumbent institutions and regulators, can benefit from.” “FinTech innovation is an important component of economic development, especially for emerging economies. There are few books that summarize the FinTech movement more completely than The FinTech Book. It provides a wonderful summary of the global innovation in the industry to date.” “I have a passion for helping businesses invest and grow, and often the key to this is education. At a stroke here is a book that opens up the FinTech world to all who are curious, ambitious and entrepreneurial. FinTech is moving at a tremendous pace and this truly excellent book enables the reader to keep up and even get ahead of how global innovation in financial and payment technology will change and shape the world we live in. The joint editors, Susanne Chishti and Janos Barberis, have done an outstanding job.” “London is rapidly becoming known as a leading FinTech centre internationally. The development of The FinTech Book is timely and innovative, capturing the knowledge of the City's ecosystem players. It will be a valuable resource for those seeking to understand the implications of these disruptive technologies for the finance landscape.”
This edition first published 2016
© 2016 Susanne Chishti and Janos Barberis
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Library of Congress Cataloging-in-Publication Data
Names: Chishti, Susanne, author. | Barberis, Janos, author.
Title: The FinTech Book / Susanne Chishti, Janos Barberis.
Description: Hoboken: Wiley, 2016. | Includes index.
Identifiers: LCCN 2016000567 | ISBN 9781119218876 (paperback)
Subjects: LCSH: Banks and banking. | Bank loans. | Credit. | Financial services industry – Information technology. | BISAC: BUSINESS & ECONOMICS /
Finance.
Classification: LCC HG1601 .C47 2016 | DDC 332.1028/4 – dc23 LC record available at http://lccn.loc.gov/2016000567
A catalogue record for this book is available from the British Library.
ISBN 978-1-119-21887-6 (pbk) ISBN 978-1-119-21893-7 (ebk)
ISBN 978-1-119-21888-3 (ebk) ISBN 978-1-119-21890-6 (ebk)
Cover Design: Wiley
Cover Image: © pkproject/Shutterstock
Edited by
Susanne Chishti
Janos Barberis
Preface
We both started off delving into the field of FinTech at roughly the same point in time. Eager to learn more, we quickly discovered that there existed no single, consolidated, and authoritative source on the subject. On a remarkably sunny London day, we met up in a local café, ascertaining our mutual passion for FinTech and our desire to find out more. Typically of entrepreneurs, we decided to fill the currently existing gap in FinTech knowledge and produce a FinTech book ourselves, a book that would provide food for thought to FinTech newbies, pioneers, and well-seasoned experts alike. This is how The FinTech Book was born.
The reader will notice that this is the first “globally crowdsourced” treatment of the subject. The reason we decided to reach out to the global FinTech community in sourcing contributors for the book lies in the inherently fragmented nature of the field of Financial Technology. There was no single author, organization, or indeed region in the world that could exhaustively cover all the facets and nuances of FinTech. What is more, by being able to call upon a truly global contributor base, we not only stayed true to the spirit of FinTech, making use of technological channels of communication in reaching out to, selecting, and reviewing our would-be contributors, we also made sure that every corner of the globe had the chance to have its say. Thus, we aimed to fulfil one of the most important purposes of The FinTech Book, namely to give a voice to those that would remain unheard, those that did not belong to a true FinTech community in their local areas, and spread that voice to an international audience. We have immensely enjoyed the journey of editing The FinTech Book and sincerely hope that you will enjoy the journey of reading it, at least as much.
More than 160 authors from 27 countries submitted 189 abstracts to be part of the book. We asked our global FinTech community for their views regarding which abstracts they would like to have fully expanded for The FinTech Book. From all these potential contributors, we selected 86 authors who have been asked to write full chapters, which have now been included in this book. We conducted a questionnaire among all our selected authors to further understand their background and expertise.
Our selected final authors come from 20 countries. The majority have postgraduate university degrees (60 %) (Figure 1), strong domain