LIST OF PANELS

This panel studies the rapidly emerging sector of innovative finance services, including open banking or open finance, ‘banking as a service’, ‘customer-driven finance’ and other related fintech developments. These new forms of financial intermediation pose important policy questions for governments around the world. Some scholars argue that these innovations foster financial inclusion and consumer choice highlighting that technological development in innovative finance expands availability, is tailored to meet growing consumer needs, and can contribute to economic development (Nicholls 2019, Rastogi et al 2023). However, others like Ferretti and Petkoff (2022) and Remolina (2023) highlight a variety of regulatory concerns that come with innovative finance. There are substantive questions related to systemic stability, as well as the credit and market risks of innovative finance providers. Given the rapid evolution of the sector and its reliance on technology, there are concerns about mechanisms for consumer protection, the economic security of individuals, privacy rights and protecting consumers’ information.    

What is clear is that the positive and negative externalities of advances in innovative financial services make it a worthwhile topic of public policy analysis in the Global North and the Global South. Yet, much of the academic analysis done to date has been conducted in other disciplines, particularly economics, business, and law. The objective of this panel is to serve as a focal point for a transnational discussion and comparative study of innovative financial services policy. It poses several related research questions. What is the role of governments in developing a dynamic but safe innovative financial sector? How can such an objective be attained? Are developments within the industry best understood as fundamental challenges to the structures of financial services or simply new tools in support of economic development? What are the implications of this distinction for policymakers?  In recent years three broad regulatory models have emerged: the UK/EU, the Australia/Singapore and the US approach. Is this a sign of growing global or regional consensus? Are these models successful? Can effective policy programs be developed to achieve the potential gains in financial inclusion and choice while also providing effective protection for consumers?  What theoretical and methodological approaches are better suited to provide a deeper understanding of policies in this sector? In essence, this panel is intended to flesh out theoretical and methodological insights into this area, to consider relevant case studies, and to delve into the opportunities and challenges governments face in dealing with innovative finance.

Ferretti, F. and Petkoff, P. (2022) 'Open Finance and Consumer Protection: uneasy bedfellows', Law and Economics Yearly Review, 11(2),261-298

Nicholls, C.C. (2019) ‘Open banking and the rise of FinTech: Innovative finance and functional regulation’, Banking & Finance Law Review, 35(1), 121-151.

Rastogi, S., Goel, A. & Doifode, A. (2023) ‘Open APIs in banking and inclusive growth: an innovation to support the poverty eradication programs in India’. Journal of Banking Regulation, 24, 432–444.

Remolina, N. (2023) ‘Open Finance: Regulatory Challenges of the Evolution of Data Sharing Arrangements in the Financial Sector’, Banking and Finance Law Review, 40(1), 35-66.

This panel is interested in comparative policy analysis of innovative financial services policy broadly defined. Innovative financial services  include open banking or open finance, ‘banking as a service’, ‘customer driven finance’ and other related fintech developments.  These emerging forms of financial intermediation can have important positive and negative externalities both for society as a whole and individuals. As such, they raise important policy questions for governments around the world.

The panel invites papers that look at policies for innovative financial services policy whether in the Global North or the Global South. Papers must make a meaningful methodological or theoretical contribution and can be comparative in nature or address an individual case study. Proposals should emphasize the connections between policy and innovative financial services. We welcome studies on policies that aim to support broader economic innovation projects in the field as much as those that focus on more narrowly defined regulatory policy  . Some of the questions papers might address include:

- Does policy and regulation around developments in innovative financial services mark a break with previous approaches to policymaking, supervision and regulation in the finance services sector or are emerging policies still path-dependent?

- What are the implications of these consumer protection policies, especially regarding privacy rights and more technical data protection questions? Relatedly, how does policy design affect this balance?

- How should emerging policies be weighted between managing or regulating these financial developments and fostering their growth and proliferation?

- Is there international or regional policy convergence? How effective are the different models? How do different models compare to each other? 

- Are there different challenges and opportunities faced by policy-makers in mature versus more emerging financial systems? Are there different benefits to financial inclusion? What are the different risks associated with poor or failed policy?