INDIVIDUAL ASSIGNMENT

TECHNOLOGY PARK MALAYSIA

AQ035-3-M-MF

MANAGERIAL FINANCE

NAME: Sushma Chhetri

STUDENT NUMBER: NPB000185

INTAKE CODE: NPSMF2001MBA

LECTURER: PROF. Niwas Kunwar Chhetri

HAND IN DATE: 30-June-2020

 Abstract
Fast development of technologies has led to emergence of the new market – FinTech –
which is very attractive for investors today. By now this market has a great number of
different concepts: P2P-crediting, E-wallets, Bitcoins, mPOS-acquiring, T-commerce,
mobile banks, and may more. The objective of this study is to investigate the concept of
fintech, to map the literature, the latest evolution of FinTech and providing an overview
on the global regulatory environment and managing the underlying risks and financial
decision making related to any financial technology tools and software. The
information for this report is gathered from secondary data sources like journal
articles, books, document from websites and many more are properly declared in
"Reference" section.

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 Table of Contents

LIST OF TABLES.................................................................................................................

LIST OF FIGURES................................................................................................................

CHAPTER I..............................................................................................................................

INTRODUCTION....................................................................................................................

1. FinTech...................................................................................................................................... 1

CHAPTER II............................................................................................................................

LITERATURE REVIEW OF FINTECH..............................................................................

2.1. Background........................................................................................................................... 2

CHAPTER III...........................................................................................................................

BRIEF HISTORY OF FINTECH DEVELOPMENT..........................................................

2.1. Background........................................................................................................................... 5

CHAPTER IV...........................................................................................................................

GLOBAL REGULATORY ENVIRONMENT OF FINTECH...........................................

2.1. Background........................................................................................................................... 7
2.1.1. Consumer protection................................................................................................................7
2.1.2. Bank Secrecy Act/Anti-Money Laundering (BSA/AML).......................................................8
2.1.3. Indirect supervision through bank and vendor relationships...................................................8

CHAPTER V..........................................................................................................................

FINTECH TOOLS AND SOFTWARE...............................................................................

5.1. Background......................................................................................................................... 11
5.1.1. What is Robo-Advisor?.........................................................................................................11

5.2. Risk of FinTech Tools and Software (Robo-Advisor)..........................................................12

i. Regulatory risks..............................................................................................................................12
ii. Business risks.................................................................................................................................12
iii. Operational risks.............................................................................................................................12
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 iv. Technology risks............................................................................................................................13
v. Client expectations.........................................................................................................................13

5.3. Financial Decision-Making.................................................................................................. 13

5.3.1. Betterment (Robo).................................................................................................................13
5.3.2. Personal Capital (Hybrid)......................................................................................................14
5.3.3. Agent Risk (AI-based)...........................................................................................................14

CHAPTER VI.........................................................................................................................

6.1. Discussion............................................................................................................................ 15

6.2. Conclusion........................................................................................................................... 16

REFERENCES.......................................................................................................................

iii
 List of Tables
Table 1: Definition of Fintech...........................................................................................4

Table 2: Framework for risk control at FinTech...............................................................9

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 List of Figures
Figure 1: The development of FinTech and key technologies in each stage.....................6

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 Chapter I

Introduction

1. FinTech
"Fintech is a term used to describe financial technology, an industry that
encompasses any type of financial services technology, from business to consumer.
Fintech describes any company that provides financial services through software or
other technology, and includes anything from mobile to cryptocurrency payment apps.
Fintech broadly describes any business that uses the Internet, mobile devices, software
technology, or cloud services to perform or connect to financial services. Almost all
fintech products are designed to connect consumer finances with user-friendly
technology, though the term also applies to Business-to - Business (B2B) technologies.

Fintech has made hundreds of projects on inroads and modified the way
customers control their finances. From electronic payment applications such as Square
(SQ) — Advertising to insurance and brokerage companies, fintech has challenged
conventional finance and banking sectors — and presents a possible challenge to
existing, brick-and - mortar banks or financial institutions. Initially, fintech referred to
technology that was applied to banks or other financial institutions' back-end systems -
but has since grown to encompass a plethora of other, more consumer-focused
applications. In 2020, this technology (and sometimes on our smartphone) will help you
to control assets, exchange stocks, pay for food or control insurance. Fintech 's tools are
shifting the way many consumers track, manage and facilitate their finances. Indeed,
according to 2016 data, people use one to three apps to manage their finances where, in
2017 alone, fintech investment soared by 18 per cent.

Fintech 's solutions change the way many customers control their finances,
handle them and promote them. Indeed, according to statistics from 2016, people are
using one to three applications to handle their investments, where fintech spending
jumped 18 per cent in 2017 alone" (SRADERS, 2019).

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 Chapter II

Literature Review of FinTech

2.1. Background
"The fintech field is developing quickly, but in scientific research and industry
publications there is a vast diversity of interpretations of the term. Whereas, even
though stakeholders agree on the core elements of the word, it has not explicitly
established its meaning. Opinions vary whether only recently developed technology-
based financial institutions should be named fintech, or if incumbents can still be
considered fintech, whether they are innovating a new technology-based business or
product. Nor is it clear that there is a criterion for market capitalization which can be
used to differentiate fintech from conventional financial intermediaries. Given the
discrepancies, definitions accept that fintech applies to businesses designing financial
systems and goods while focusing on the more extensive use of information technology.

As, in Table 1 we can see, that all definitions of the fintech sector have their own
merits and serve the research or business objectives of the authors. Arner, Barberis and
Buckley were among the first researchers to explore the nature of fintech using a broad
interpretation of the concept that suggested that all existing and emerging financial
institutions and market players should be considered as fintech, regardless of their scale,
business model or product range. The approach is useful in research using an
evolutionary perspective, since financial technology development is classified into three
major, sequential phases.

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 TABLE 1
DEFINITION OF FINTECH
Definitions Source Year
“Financial technology, or "FinTech," refers to 2015
financial solutions that are enabled by technology.
The term FinTech is not limited to specific sectors Arner, DW;

(for instance: financing) or business models (for Barberis, JN;

exampl. peer-to - peer (P2P) lending), but rather Buckley, RP

covers the full range of services and products

traditionally provided by the FinTech
financial services sector.

Financial innovation can be characterized as the act Farha Hussain 2015

of developing new financial instruments and then
popularizing them as well as new financial
technology, institutions and markets. It includes
creativity in the organizations, goods and processes
Fintech is a service sector that uses mobile-centric Kim, Y., Park, 2016
IT technology to make the financial system more Y. J., & Choi, J
efficient.
A market field consisting of businesses leveraging McAuley, D. 2015
technology to make financial processes more
effective.
FinTech defines a company whose goal is to offer Fintech 2016
financial services through the use of software and weekly
digital technologies
Combining creative business models and Ernst &Young 2016
technology to allow, improve and disrupt financial
services.

(Yong Hee Kim, 2016), (McAuley, 2015), and Farha Hussain state that fintech
refers to companies that not only use IT as a differentiator, but which also strive to
provide more efficient services, streamlined processes and to enter traditionally non-
banking markets. FinTech weekly, one specialist media outlets, use a fairly broad

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concept to that of (Arner, et al., 2015) but rely mainly on fintech's emerging technology
claims, considering the relevant firms as emerging industry competitors for the twenty-
first century. (Ernst&Young, 2016) is a financial consulting firm with a diverse clientele
of major businesses including banks and insurance companies. Their concept of fintech
means that all organizations, not only start-ups but also mainstream banks,
telecommunications firms, utilities and so on, will become part of the fintech movement
if they are able to establish creative business models and associated supporting
technologies. This approach is value-added, as it applies to the business models used in
fintech. Meanwhile, all the concepts capture an essential aspect of fintech; namely, that
there is no consensus about where the rapidly developing sector's borders lie. It is really
important to arrive at a specific concept, as fintech firms now offer financial services to
millions of customers and move, swap or lend billions of dollars" (Varga, 2017)

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 Chapter III

Brief History of FinTech Development

2.1. Background
" FinTech has been a hot subject for industry in recent years, but the definition is
not new. It can be traced back to July 1866 when the first transmission cable connection
took place on 16 August 1958. The link not only shortened the contact time between
North America and Europe from 10 days (that is, sent a ship message) to 17 hours, but
also encouraged the growth of the global telex and the advancement of associated
financial technology, often known as FinTech 1.0. In short, FinTech's growth is closely
tied to supporting technological progress. Primary supporting technology during
FinTech 1.0 included Trans-Atlantic communication cable and mainframe computers
etc. Those innovations cultivate financial infrastructure-based goods such as SWIFT
and ATMs. The related technologies included the Internet and the Internet of Things
during FinTech 2.0 whereas more and more data technologies will be developed during
FinTech 3.0. We 're currently in the transition period from FinTech 2.0 to FinTech 3.0"
(Leong, 2018).

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 FIGURE 1

THE DEVELOPMENT OF FINTECH AND KEY TECHNOLOGIES IN EACH STAGE.

Source:https://www.semanticscholar.org/paper/Financial-Technology-)-%3A-What-is-
It-and-How-to-Use-Sung/c2d30711efeb74cd0703af6272b9ef209cf3e703/figure/0\

6
 Chapter IV

Global Regulatory Environment of FinTech

2.1. Background
Financial Technology (Fintech) companies have won over many customers and
buyers with creative offers of goods and services that are either less expensive, more
flexible, or less technical than other conventional banks. However, Fintech companies
are under growing pressure from federal and state regulators as they rise in popularity.
Today, Fintech firms are not directly overseen, reviewed or regulated by a regulatory
agency of the federal banking. However, some federal rules extend to Fintech firms,
including market place borrowers and payment providers.

2.1.1. Consumer protection

The CFPB, the Federal Trade Commission (FTC), and the Department of Justice
(DOJ) impose some consumer safety laws and rules, and both the bring lawsuits for
non-compliance against Fintech companies. For example, the CFPB recently released a
consent order concerning unequal, misleading, or coercive actions or activities
(UDAAP) against a corporation that runs an electronic payment network, claiming that
its data protection policies were misrepresented to customers. In addition to the example
of enforcement, the CFPB has expressed concern about consumer data and privacy, and
expects consumers to be informed about: how their data is being transferred through
payment systems, what data is being transferred and who has access to this information,
and how these data can be used and the potential risks to consumers. Meeting these
requirements allows Fintech firms to safeguard customer information with rigorous data
protection controls and tests that are routinely carefully checked to ensure that they
work as recommended.

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2.1.2. Bank Secrecy Act/Anti-Money Laundering (BSA/AML)
Likewise, other Fintech firms, such as those operating as a money service
company (MSB), are subject to the same BSA / AML laws and regulations as all
financial institutions, with compliance, where applicable, by the Financial Crimes
Enforcement Network (FinCEN) and the Office of Foreign Asset Control (OFAC) of
the US Treasury Department. Relevant fines or other corrective action clauses have
implications for the non-compliance.

2.1.3. Indirect supervision through bank and vendor relationships

However, due to their partnerships with banks all Fintech companies could be
subject to BSA / AML and other health and soundness criteria. Regulators are telling
banks to "meet the client" (KYC) and, in effect, bank management is telling Fintech
companies whether banks are underwriting, collecting deposits and transacting with
them as customers. Banks are looking to them for an proven BSA / AML programme.
In addition, the FRB, FDIC, and OCC may indirectly review Fintech companies
offering services to or collaborating with banking organizations through vendor
relationships, under the Bank Service Company Act. Themes like privacy, information
management, third-party partnership advice, and AML have been key supervisory
priorities for these businesses, who are now subject to audits.

If a Fintech company opts prospectively to apply for a federal permit, or several

state licenses, the entity would be subject to common standards of risk and regulation.
Regulatory standards in this respect should require:

• A detailed strategy and financial plan with applied capital and liquidity stress tests to
tackle industry feasibility and regulatory and risk reduction structure, and review of
potential business scenarios.

• The need to follow a systematic and multi-step review and approval process with the
OCC, or equivalent inspection by the financial regulators of the State.

• An agile platform and architecture for enforcement and risk management that can be
tailored to conform with current and new laws and regulations, be they state or federal,
and to have the kind of safeguards necessary to ensure secure and stable operations.

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 Here, the eight components which should form part of a sound risk management
system are defined. Each aspect includes efficient architecture, quality management
techniques, and continuing evaluation through people, systems, and technologies"
(Deloitte, 2017)

TABLE 2

FRAMEWORK FOR RISK CONTROL AT FINTECH

Component Description
Interaction and cooperation Create an enterprise-wide understanding of
between the regulators regulatory practices, expected assessments and
regulatory contacts.
Governance and method of service Defines positions and duties in all departments,
like company decision rights and the handovers
of activity / process.
Risk assessment and regulatory Mapping and controlling activities in accordance
Change with defined laws, regulations and industry
standards; identify residual risk which will guide
tracking and testing rates. Effectiveness and
appropriateness test criteria for architecture.
Make a transition management mechanism to
meet new legislation or modifications, and
product offerings.

Policies, procedures, and related Create plans, practices, processes, and controls
Controls that represent the risk appetite of the
organization. Bring risk control and corporate
plans into line with clear objectives
and targets that are measurable.

Monitoring and testing Establish the extent and pace of monitoring and
testing on the basis of risk assessment findings
and remediation plans.
Data, measurement, and reporting Identify and track progress on main risk and
success metrics (KRIs / KPIs) daily and reliable

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 risk identification, assessment and monitoring.
Communications, awareness, and Develop communication and training on the
Training basis of defined training needs. Identify places
where potential concerns have occurred and
establish effective preparation and follow-up on
these post-training concerns.
Escalation, resolution, and Ensure that the issue escalation and associated
Validation remediation plans are transparent sustainability
by identifying processes tools and channels of
escalation linked to risk.

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 Chapter V

FinTech Tools and Software

5.1. Background
"Fintech, or financial technology, is fast gaining traction among customers as a
more open alternative to the existing payment and banking processes that financial
companies offer. Since the advent of new fintech technologies and applications to
challenge the existing paradigm, financial markets are changing, providing improved
performance, agility and transparency. Blockchain, Bitcoin, Open Banking, Big Data,
Insurtech. Smart Contracts, Mobile and Internet Banking, Banking and Financial
Regulations, Banking Law, Money Transfer, Lending, Investing, Payments, Predictive
Analytics, Startups Crowdfunding and Others are the various kinds of FinTech tools and
software." (JCommerce, 2019).

However, among all of these FinTech tools and software, the use of robo-
advisors is one of the hottest phenomena to emerge in the last years. In recent years,
robotic consultants have become popular and industry analysts expect them to become
even more popular in the years ahead. That's because robo-advisors provide low-cost
financial advice that satisfies many investors' needs.

5.1.1. What is Robo-Advisor?

"Robo-advisors, or robos, are automated platforms that use computers to execute
certain investing activities remotely done by a human financial planner. Robos are also
part of the offerings provided by large financial companies such as Vanguard, Schwab
and Fidelity. They democratize access to financial advice, because they are less
expensive than a human advisor.

Sign up starts with customers filling out comprehensive online questionnaires

about their financial priorities, risk appetite and time frames for investment. Robos take
the information and use computer algorithms to build an asset allocation which suits the
needs of the customer. When the portfolio has been developed, robos handle it as well,

11
doing things like rebalancing the portfolio, conducting transactions, collecting tax-
losses and other actions.

That's not something that's appreciated by the vast majority of institutional

investors who mistakenly consider themselves, charged with maintaining their financial
well-being, people don't want to do it and don't want someone to give them advice on
how to do that" (KNOWLEDGE@WHARTON, 2018).

5.2. Risk of FinTech Tools and Software (Robo-Advisor)

" Robo-advising unlocks new frontiers in automation, consumer loyalty and
accountability for the fiduciary. But it also opens institutions to new threats, even those they do
not underestimate:

i. Regulatory risks
In order to represent consumers efficiently, a robotic consultant must be configured
with investment goals and prepared to collect and measure the specifics of the risk profile of
investor. And to satisfy the investment adviser’s fiduciary responsibility, the robo-advisor
environment must incorporate new controls and verification. It can be a challenge for regulators
to determine how to assess a software platform whose fiduciary responsibilities ultimately still
reside with humans.

ii. Business risks

Changing clients from human-based encounters to technology-based ones poses risks
like poor acceptance and expanded inquiries. In fact, the robo-adviser platform's failure to
accurately measure the risk appetite of a customer than a human financial advisor will lead to
misalignment of asset distributions or interest disputes dependent on fees. Automated
questionnaires cannot allow for differences in behavior.

iii. Operational risks

Companies need to set up appropriate checks around their digital service systems to
reduce risks including client segmentation, business continuity planning and IT management. It
is also necessary to prevent algorithms that may prejudice investment recommendations or
trigger the algorithm to take actions that are not in line with the best interests of a client. Lastly,
customer engagement itself is an important focus: Robo guidance is meant to improve
consumer service but it may also bring obstacles to customer experience.

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 iv. Technology risks
The IT control environment needs adequate levels of integrity, security, resilience, and
capacity to play a more central role in the disposition of clients' assets. It is also critical to
recognize and manage the risks arising from third party providers. For instance, the robo-adviser
's inability to adapt to growing business volumes or ineffective planning for added capacity may
result in revenue and loss for customers. If a organization chooses to use a vendor robo-advisor,
it is critical that the vendors identify and handle the threats that that occur.

v. Client expectations
Customer support for robo-consulting is key. Institutions must maintain an environment
in which each investor can expect a seamless, consistent experience, regardless of how or by
whom a transaction is handled. The risk profile of the customer and other information will tell
each delivery mechanism exactly the same " (Deloitte, 2020).

5.3. Financial Decision-Making

Digital assistants have been an important part of our daily routine. Robo-advisors are
designed to perform many functions to build and manage a portfolio of investments. They help
in picking investment ventures, automating rebalancing, reporting tax expenses, and training
consumers about how to make financial choices.

"Until recently, there are two groups of robo-advisors – robos and hybrids. The upsurge
in artificial intelligence technology, however, gave rise to another group in fintech investment
solutions. Here is the list of top robo-consultants which lets investors making big financial
decisions:

5.3.1. Betterment (Robo)

Robo is a completely digital system, involving barely any human contact on the part of
the customer. It means we are paying for full automation of investing operations, which relies
on the data presented, such as age, retirement period, risk disposition, investment experience,
etc.

Betterment is the oldest robo-advisor and the most famous one. It has no minimum
investment threshold which makes it attractive for industry novices. There are two options for
annual fees – 0.25% and 0.4%, depending on the amount you invest. Its job for Betterment
starts with a brief survey to form the automated strategy for potential investments.

13
 5.3.2. Personal Capital (Hybrid)
A hybrid robo-advisor, by its name, combines human involvement and scientific
algorithms for investing activities. Interestingly, this category should grow at a faster pace than
its automated analogue.

If we are not prepared to assign our funds to a completely automated system, Personal
Resources may be the alternative. The company proposes three retirement plans based on the
sum we want to spend (Investment Company, Asset Management, Private Client). The annual
fee is determined based on the investment strategy selected and on a selection of options that we
choose. Personal Capital invests our money into a globally diversified portfolio of ETFs and
individual stocks. Their “Smart Indexing” technique helps us weather investment sector and
style downturns, which are inevitable when investing over the long run.

5.3.3. Agent Risk (AI-based)

Agent risk offers artificial intelligence funding. The company leverages portfolio
building machine learning and brings our assets to work. Our unique AI-driven wealth
management 's annual bonus to our account size. The total amount we need to spend however is
$50 K" (Cascade Business News, 2018)

Implementing artificial intelligence in robo-advisors strengthens their predictive

analytics, big data and computational computing skills. AI-driven algorithms replace human
interaction and can greatly improve the efficiency of digital investing platforms as they can
identify the user 's desires and behaviors. In a nutshell, we get an automated human-like solution
that combines the best of the robos and hybrids.

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 CHAPTER VI

6.1. Discussion
The last few years have seen exponential advances in financial technology
(fintech), including progress in electronic banking, digital currency, blockchain and
distributed ledger systems, peer-to - peer loans and retail lending. Much of fintech has
been powered primarily by non-bank firms, including venture capital-backed fintech
startups and emerging businesses, as well as non-traditional providers.

Non-bank-driven Fintech places pressure on banks and other limited financial

institutions to adopt emerging technology and develop related skills. Banks around the
world are taking major strides in this direction, including substantial increases in
customer support and customer monitoring through digital platforms, the development
of dedicated internal technology teams and an improvement in the budget for
technology transformation and innovation. A number of leading banks are also
rethinking the way they communicate with the fintech market, partnering with fintech
incubators, introducing their own fintech projects, setting up their own venture funds
and/or offering new ways of cooperation and partnership with fintech start-ups.

Fintech 's growth has attracted the interest of financial regulators. Thus, despite
the opportunities discussed above, fintech developments can also create and increase a
number of risks and complexities in terms of privacy, personal information and data
processing, customer protection, transparency and cyber security. Fintech regulatory
regulation is gradually growing up for these purposes. Financial regulators are also
seeking to promote fintech innovations by creating an ecosystem where creativity can
flourish and at the same time protecting businesses, customers and investors. Financial
authorities are already reviewing current laws and are considering implementing new
legislation to help tackle both the benefits and threats that emerging technology pose.

15
6.2. Conclusion
Ultimately, fintech innovations reshape the activity of the finance industry and
will continue to need a number of diverse workers to satisfy the demands of an
increasingly technologically educated customer. It could be time for the finance industry
and the major players who have dominated the market for too long to look at
collaborating and promoting these emerging innovations as they grow, welcoming the
creative potential and learning to leverage them in order to retain their place in the
business.

In general, robo-advisors would be safer for investors than human advisors

continue to be seen in the long run. Because of their comparatively low fees and low
cost of minimum accounts, robotic advisors may offer financial advice to those who
cannot afford it from conventional financial advisors who are not able to give their
services to other financial advisors. The robo-advisors are clearly a better option for this
group than are human financial advisors. A robo-advisor can steer young people from
poor decisions such as inappropriate allocations of assets or the selection of excessively
expensive investments.
In the future, robotic consultants should be expected to expand the precision in
which they recognize human discrepancies in risk tolerance, as well as certain facets of
financial management and advice offered.

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18