This paper starts by revisiting the true definition of money and identifies that electronic money is not a new concept. It explains the spectrum of money in the context of the past, present, and future and argues that technology can only enhance the way we deal with money and will never change...

FinTech holds great potential for both financial inclusion and economic development in a wider sense. Digital financial solutions have been expanding access and reach to consumers, especially the unbanked and under-banked. They have been significantly lowering the costs of providing financial...

Project Stella studies the possible use of distributed ledger technology (DLT) on financial market infrastructures (FMIs). DLT solutions have the potential to improve the safety and efficiency of existing systems, as shown by research undertaken by central banks and FMIs. Yet, balancing...

FinTech offers a new way to mobilize resources for all kinds of uses – including for funding sustainable development. Roughly 3%-13% of funding required for the UN's Sustainable Development Goals (SDGs) – or around $50 billion to $125 billion – could come from a ‘FinTech Dividend.' Such...

The article begins by addressing central definitional and taxonomical issues for crowdlending (also known as peer-to-peer lending) as an evolving species of debt-based crowdfunding within the FinTech industry. It considers the regulatory tension between facilitating growth of the crowdlending...

This study gives an overview of recent innovations in the financing of small and medium-sized enterprises (SMEs) in Asia. While SMEs are an important contributor to employment and gross domestic product in Asia, they often face significant credit constraints. Recently, in the context of Asia's...

We find that granting foreign investors access to domestic stock markets facilitate efficiency-enhancing product specialization in the recipient countries. After countries liberalize their stock markets and allow foreign investors to acquire equity stakes in domestic firms, products that do not...