Publication Type
Book Chapter
Version
publishedVersion
Publication Date
7-2022
Abstract
The coronavirus disease (COVID-19) outbreak has had a growing impact on the global economy and the financial sector. Given the unprecedented macroeconomic nature of the crisis, financial regulators and central banks, along with governments and legislatures, face challenges to maintain financial stability, preserve the core markets, and ensure the flow of credit to the real economy. The financial sector has not only implemented these measures but has also adapted to the new circumstances derived from the pandemic. In this process, the ongoing digital transformation of the financial industry helped to address some of the emerging challenges. Indeed, the digital financial infrastructure that emerged in the wake of the 2008 global financial crisis is being, and can be, leveraged to overcome the immediate challenges presented by the pandemic and manage the impending economic fallout. The first section of the chapter describes the data-driven transformation of the financial services industry, a growing phenomenon within the financial technology (fintech) space.
Discipline
Banking and Finance Law | Science and Technology Law
Research Areas
Innovation, Technology and the Law; Corporate, Finance and Securities Law
Publication
Fintech and COVID-19: Impacts, Challenges, and Policy Priorities for Asia
Editor
BEIRNE, John; VILLAFUERTE, James; ZHANG, Bryan
First Page
202
Last Page
221
ISBN
9784899742593
Identifier
https://doi.org/10.56506/YRNG2198
Publisher
ADB
Citation
REMOLINA LEON, Nydia.
Towards a data-driven financial system: The impact of COVID-19. (2022). Fintech and COVID-19: Impacts, Challenges, and Policy Priorities for Asia. 202-221.
Available at: https://ink.library.smu.edu.sg/sol_research/4620
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://www.adb.org/publications/fintech-and-covid-19-impacts-challenges-and-policy-priorities-for-asia
