Review Literature

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{\operator chalo}{\creatim \yr2023 \mo4 \dy9 \hr10 \min54 }{\revtim \yr2023 \mo4 \
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kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 Finance is
undergoing a profound transformation. Digital technologies are reshaping}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 }{\
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9
payments, lending, insurance and wealth management \uc1 \u8211 ? a process that the
COVID-1}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
langnp1033 9 }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9
\langnp9 pandemic has accelerated. While this is making financial services in many
economies}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
f0 \lang9 \langnp9 more diverse, competitive, efficient, and inclusive, it may also
increase concentration}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
loch \f0 \lang9 \langnp9 in markets. Moreover, new risks may arise to a range of
key public policy goals. This}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
hich \af0 \loch \f0 \lang9 \langnp9 paper draws on the underlying economics of
financial services and their industrial}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
hich \af0 \loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \dbch \
af0 \hich \af0 \loch \f0 \lang9 \langnp9 organization to examine \uc1 \u8211 ? with
recent empirical evidence \uc1 \u8211 ? the implications of digital}{\fs28 \
innovation for market structure and attendant policies, including financial and}{\
C}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9
ompetition regulation.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
f0 \lang9 \langnp9 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \
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fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \af0 {\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 The key organizing
framework for the discussion is economic frictions such as}{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 }{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 information
asymmetries and economic forces such as economies of scale and scope.}{\fs28 \
af0 \loch \f0 \lang9 \langnp9 These frictions and forces give rise to financial
intermediaries and shape market}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
hich \af0 \loch \f0 \lang9 \langnp9 structure. We show that while technological
advances are not new to finance, digital}{\fs28 \kerning2 \rtlch \ltrch \dbch \
af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 innovation has brought major
improvements in the connectivity of systems and in}{\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 computing power and cost,
which have resulted in large volumes of newly created and}{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 usable data. For
example, mobile phone usage has surged globally, social and}{\fs28 \kerning2 \rtlch
\ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 economic activity has
shifted online (often to platform-based businesses), and new}{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033
\langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang9 \langnp9 technologies like cloud computing have become widely adopted.}{\fs28
\kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 \par }\pard
\plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \
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af0 \loch \f0 \lang9 \langnp9 These improvements have alleviated frictions, blurred
firm and industry}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
f0 \lang9 \langnp9 boundaries, and given rise to new business models. New, often
smaller and}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
f0 \lang9 \langnp9 specialized financial technology (}{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 fin tech}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 ) players
have }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
langnp1033 bundled}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang9 \langnp9 services (see}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
hich \af0 \loch \f0 \lang9 \langnp9 definitions below). However, classic economic
forces remain relevant. Economies of}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
af0 \hich \af0 \loch \f0 \lang9 \langnp9 scale and network effects are strong in
digital platforms and cloud computing.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
hich \af0 \loch \f0 \lang9 \langnp9 \par }\pard \plain \ql \li0 \ri0 \lisb0 \
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af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \
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ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 These}{\fs28 \kerning2 \rtlch
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 scale effects,
alongside economies of scope encourage re-bundling, and allow large}{\fs28 \
technology (big tech) firms and other new players to deepen their inroads into
core}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
lang9 \langnp9 financial products. Available evidence shows that big tech firms in
particular are}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
f0 \lang9 \langnp9 rapidly expanding their footprint in finance, and can use big
data in ways that reduce}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch
\f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
loch \f0 \lang9 \langnp9 the need for collateral. Meanwhile, incumbent financial
institutions have adapted by}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang9 \langnp9 adopting new technologies and }{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 dis aggregating}
{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9
their production of financial services}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
af0 \hich \af0 \loch \f0 \lang9 \langnp9 to improve efficiency.}{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 \par }\pard \plain \ql
\li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \
adjustright \lin0 \rin0 \tql \tx568 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2
\hich \af0 \loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
f0 \lang9 \langnp9 Digital innovation could drive a range of industrial
organization outcomes. On}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
af0 \loch \f0 \lang9 \langnp9 the one hand, digital technology enables niche
providers to reach a target custome}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich
\af0 \loch \f0 \lang1033 \langnp1033 r }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
hich \af0 \loch \f0 \lang9 \langnp9 base and be economically viable. On the other
hand, customer acquisition, funding,}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
af0 \hich \af0 \loch \f0 \lang9 \langnp9 \uc1 \u8220 ?assembly,\uc1 \u8221 ? and
switching costs tend to favour larger providers of digital financial}{\fs28 \
services. One possibility is a \uc1 \u8220 ?barbell\uc1 \u8221 ? outcome composed
of a few large players and}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
af0 \loch \f0 \lang9 \langnp9 many niche players. The large, multi-product players
could include traditional}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
af0 \loch \f0 \lang9 \langnp9 financial institutions, }{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 fin techs}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 and big
techs \uc1 \u8211 ? thus both incumbents and new entrants.}{\fs28 \kerning2 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 Small
players may include }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0
\lang1033 \langnp1033 fin-techs}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang9 \langnp9 as well as geographically or sector focused}{\fs28 \
incumbents.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 While a \uc1 \u8216 ?\uc1 \
u8216 ?barbell\uc1 \u8217 ?\uc1 \u8217 ? is not the only potential outcome, it is a
central case given the}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
loch \f0 \lang9 \langnp9 economic forces at work. It is a potential steady-state
market structure as some}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch
\f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
loch \f0 \lang9 \langnp9 participants leverage scale economies and network effects
to grow larger, while}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
loch \f0 \lang9 \langnp9 innovation continues to result in new entrants. There will
be a tendency for players to}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
af0 \loch \f0 \lang9 \langnp9 either hyper-focus or to aim for the large, multi-
product space. However, continued}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
af0 \loch \f0 \lang1033 \langnp1033 customization}{\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 , stalled re-aggregation, or limits
on entry could result in a different}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
af0 \hich \af0 \loch \f0 \lang9 \langnp9 configuration.}{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 \par }\pard \plain \ql \li0 \
ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \
f0 \lang9 \langnp9 This analysis gives rise to important policy issues regarding
competition,}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
f0 \lang9 \langnp9 regulatory perimeters, and ensuring a level playing field.
Concentration risks may}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch
\ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 increase in the provision
of financial services to end-users, and in the provision of}{\fs28 \kerning2 \rtlch
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 infrastructure to
financial institutions. Market structures that concentrate data and}{\fs28 \
supercharge network effects could reduce }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0
\hich \af0 \loch \f0 \lang1033 \langnp1033 inter mediation}{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 costs and broaden}{\
}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9
inclusion. In many markets, however, the resulting market power might be seen as}{\
}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9
detrimental. Competition regulators will have to strike a balance appropriate to }
{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
langnp1033 the needs}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0
\lang9 \langnp9 of their markets, since different societies will attach different
preferences to}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
f0 \lang9 \langnp9 market structure outcomes.}{\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 \par }\pard \plain \ql \li0 \ri0 \
lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0
\rin0 \tql \tx568 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \
loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \
langnp9 At the same time, financial regulatory authorities are working to manage
policy}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
lang9 \langnp9 trade-offs among (i) stability and integrity, (ii) competition and
efficiency, and (iii)}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
loch \f0 \lang9 \langnp9 consumer protection and privacy. The barbell outcome, for
example, could present}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
loch \f0 \lang9 \langnp9 challenges in terms of stability with respect to both
large and small payers.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
loch \f0 \lang9 \langnp9 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \
sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \tql \tx568 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 Widespread
access to data raises privacy concerns. Regulators need to balance th}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 e }{\
innovation and efficiency brought by new entrants with the potential challenges
for}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
lang9 \langnp9 oversight, enforcement and consumer protection. Emerging policy
approaches \uc1 \u8211 ? such}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \
hich \af0 \loch \f0 \lang9 \langnp9 as new anti-trust rules for the digital era,
data mobility requirements and data}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich
\af0 \loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
hich \af0 \loch \f0 \lang9 \langnp9 protection laws \uc1 \u8211 ? may help to
mitigate the policy trade-offs. Yet the responsibility for}{\fs28 \kerning2 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 these
changes generally lies with different public authorities, and with legislatures.
To}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
lang9 \langnp9 navigate this new territory effectively, and to balance the
necessary policy goals,}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
af0 \loch \f0 \lang9 \langnp9 authorities will need to collaborate. This will need
to occur both domestically \uc1 \u8211 ? with}{\fs28 \kerning2 \rtlch \ltrch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 cooperation between central
banks, financial sector regulators, other industry}{\fs28 \kerning2 \rtlch \ltrch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 regulators, and competition
and data protection authorities \uc1 \u8211 ? and across borders.}{\fs28 \
af0 \loch \f0 \lang9 \langnp9 Such collaboration can help to ensure regulatory
consistency and peer learning within}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
af0 \hich \af0 \loch \f0 \lang9 \langnp9 and between countries, and ultimately
better development outcomes for the country.}{\fs28 \kerning2 \rtlch \ltrch \dbch \
af0 \hich \af0 \loch \f0 \lang9 \langnp9 \par }\pard \plain \ql \li0 \ri0 \lisb0 \
sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \
rin0 \tql \tx568 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \loch \
af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9
Definitions of key terms used in this paper}{\fs28 \kerning2 \rtlch \ltrch \dbch \
af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 }{\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 Digital financial services (DFS) are
financial services which rely on digital technologies for their delivery and use
by}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
lang9 \langnp9 consumers.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
loch \f0 \lang9 \langnp9 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \
sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0 \rin0 \tql \tx568 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Fin-
tech}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9
refers to digital technologies that have the potential to transform the provision
of financial services}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \
loch \f0 \lang9 \langnp9 spurring the development of new \uc1 \u8211 ? or modify
existing \uc1 \u8211 ? business models, applications, processes, and products. In}
{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \
lang9 \langnp9 practice, the term \uc1 \u8220 ?}{\fs28 \kerning2 \rtlch \ltrch \
dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 fin-tech}{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 \uc1 \u8221 ? is also
broadly used to denote the ongoing wave of new DFS. }{\fs28 \kerning2 \rtlch \ltrch
\dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 \par }\pard \plain \ql \li0 \ri0 \
lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \adjustright \lin0
\rin0 \tql \tx568 \itap0 \fs21 \kerning2 \rtlch \ltrch \dbch \af2 \hich \af0 \
loch \af0 {\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 Examples of these}{\fs28 \
technologies include web, mobile, cloud services, machine learning, digital ID, and
application programming interfaces}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
hich \af0 \loch \f0 \lang1033 \langnp1033 . }{\fs28 \kerning2 \rtlch \ltrch \dbch \
af0 \hich \af0 \loch \f0 \lang9 \langnp9 A }{\fs28 \kerning2 \rtlch \ltrch \dbch \
af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 fin-tech}{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 firm is one that specializes
in offering
DFS to consumers, or enables other providers to offer DFS. While}{\fs28 \
fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 many
of these companies are relatively new to the financial sector, others are by now
well-established }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \
f0 \lang9 \langnp9 public}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \
af0 \loch \f0 \lang9 \langnp9 companies. Examples of }{\fs28 \kerning2 \rtlch \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 fin-techs}{\fs28 \
kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 include
digital payment providers (eg PayPal), financial infrastructure/connectivity}{\fs28
\kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 }{\
providers (eg Plaid), digital insurers (eg BIMA, Policy Bazaar), peer-to-peer
lending platforms (eg Afluenta, Funding}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
af0 \hich \af0 \loch \f0 \lang9 \langnp9 Circle, Investree).}{\fs28 \kerning2 \
rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang9 \langnp9 \par }\pard \plain \ql
\li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \widctlpar \aspalpha \aspnum \
f0 \lang9 \langnp9 A big tech firm is a large company whose primary activity is
digital services. Examples of big techs include onli}{\fs28 \kerning2 \rtlch \ltrch
\dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 ne search engines, social
media platforms, e-commerce platforms, ride-hailing platforms, and mobile network
operators.}{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033
\langnp1033 \par }\pard \plain \ql \li0 \ri0 \lisb0 \sa200 \lisa0 \sl276 \slmult1 \
ltrch \dbch \af0 \hich \af0 \loch \f0 \lang1033 \langnp1033 Numerous big techs have
started to offer DFS, leveraging their large customer bases and the data they have
on transactions and activities that give rise to payments or a need for credit,
insurance or other financial services. }{\fs28 \kerning2 \rtlch \ltrch \dbch \af0 \
hich \af0 \loch \f0 \lang9 \langnp9 \par }}

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