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Financial Stability Forum Report zum Thema Fintech: Keine Gefahr für die Finanzmarktstabilität

Für die G20 Präsidentschaft Deutschlands und den anstehenden G20-Gipfel in Hamburg hat das Financial Stability Board (FSB), dass für die Zentralbanken die Finanzmarkte analysiert und koordiniert, hat einen Fintech-Report veröffentlicht:

http://www.fsb.org/2017/06/financial-stability-implications-from-fintech/.

Hier sind die wichtigsten Ergebnisse in Bezug auf Crowdfunding:

  • Crowdfunding, meanwhile, connects investors to borrowers (or, for equity, issuers) through an internet-based platform; this can be seen as a means to pool funds and streamline the sharing of information outside traditional financial intermediaries, although the degree of effectiveness in this regard may vary across platforms.
  • Transparency: Increased and better uses of data have the potential to reduce information asymmetries in many areas of FinTech. Better data could also allow for the creation of smart contracts that more accurately target specific risks users wish to manage. FinTech lending and equity crowdfunding could further complete markets for both households and businesses (e.g. SMEs).
  • Leverage: Leverage is not typically associated with FinTech activities in their current form, but there are some cases where it could arise temporarily at least. For example, in some cases, FinTech business and consumer lending or equity crowdfunding platforms may borrow funds in order to finance temporary holdings (or “warehousing”) of bond or equity issuance. A small proportion of FinTech credit platforms engage in leverage when they use their own balance sheet to fund loans.
  • Procyclicality: […] Finally, in some circumstances, equity crowdfunding portals and FinTech credit intermediaries might have limited incentives to accurately assess credit quality or maintaining lending standards. All of this could increase procyclicality in the provision of those financial services, and further amplify shocks to the financial system when they arise.
  • Changes to-date are generally focused on specific areas, such as crowdfunding and FinTech credit, virtual currencies, payments or cybersecurity. At least 15 jurisdictions have issued or plan to issue rules or guidance on crowdfunding or FinTech credit. Due to important differences with existing business models for lending and equity issuance (such as the higher number of investors), some jurisdictions have found it necessary to amend existing regulation, sometimes defining new licensing requirements or clarifying where existing rules continue to apply.

Published in Allgemein