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A Legal Study on Regulation of FinTech Industry in UK - Focused on Internet - only Bank and P2P lending -

  • Journal of International Business Transactions Law
  • Abbr : IBT
  • 2016, (17), pp.53-76
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law > Private Law > International Commercial Transactions Law

Dae Chung 1

1한국해양대학교

Candidate

ABSTRACT

Today financial services are largely provided through some form of technology. This technology makes financial services much more efficient and convenient. Financial services technology can, therefore, facilitate transactions without regard to the complex regulatory structure governing financial services. FinTech simply means financial technology. In addition, FinTech has already made huge inroads into many aspects of our daily lives. The birth and rise of FinTech is deeply rooted in the financial crisis. Since the financial crisis of 2008, FinTech has greatly increased and developed. The FinTech industry includes P2P(peer-to-peer) lending, a digital-only bank, big data, payments, personal finance, retail investment, remittance, equity financing and so on. Furthermore, start-ups have played an important role in the FinTech industry. FinTech start-ups have offered new and fresh services at lower costs through well-designated platforms or mobile apps. Specifically, London becomes a FinTech hub in the world and there are lots of FinTech start-ups in UK. Recently, the Korean government has tried to assist and encourage the FinTech industry through legislation. Many FinTech start-ups have already operated in Korea. For example, P2P lending platforms like 8percent and Moneyaution have operated, but legislation for P2P lending business has been unclear and insufficient. In addition, internet-only banks like Kakao-bank and K-Bank have started, but complicated legal arguments have still continued under the Banking Act. In this connection, this paper explores regulation of the FinTech industry in UK. First, the FinTech industry in UK is examined specifically in respect of P2P lending and a digital-only bank. Second, regulation of P2P lending and a digital-only bank is deeply analyzed in UK.

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