Fintech: Law And Regulation: An African Perspective

Africa and Asia will be the leaders that other regions will follow when it comes to the Fintech boom. This is just the beginning of the “unmasking” of the intersection between finance regulation and technology that is detailed in the new book, Fintech: Law and Regulation: An African Perspective.

The book was edited by Professor Vivienne Lawack, the Deputy Vice-Chancellor: Academic at the University of the Western Cape (UWC). It is a first-of-its-kind analysis of Fintech.

“FinTechs are firms that identify gaps or inefficiencies in the services provided by incumbent financial institutions. They address these gaps or inefficiencies by developing solutions and offering them directly to customers and/or established financial institutions, or by positioning themselves for acquisition. FinTechs tend to be smaller in size, have a more focused scope, and are often nimbler in adapting to market trends and customer needs than traditional financial institutions,” Prof Lawack said.

One of the reviewers of the book is Professor Daleen Millard, the Dean of the Faculty of Law at Thompson Rivers University in Canada. She admits that she was initially hesitant about being part of the project.

“If someone is brave enough to write an entire book on FinTech, surely I have a responsibility to read the book and to make comments. In experience, it is always something that we lack as lawyers, and speaking for myself as well, when it comes to technology I always feel a bit bewildered,” said Prof Millard.

“The law is one thing, and we doctrinal scholars can analyse and form opinions, but the moment we are confronted with something as daunting as technology there is the instinct to walk away and say, let’s leave it for someone else. This is why this book is such a success – not a single aspect of FinTech is left unsaid or untouched. It is set out with such clarity.”

At the book launch, Prof Lawack complimented the team of academics and students who contributed to the book.

“We predict in our book that Africa and Asia will lead North America, Latin America and Europe in terms of FinTech’s adoption. It is very important to note that as far as Financial Regulation is concerned, the emergence of FinTech did not alter what essentially constitutes financial regulation, or what it should aim to achieve. We go into great detail in chapter one in unmasking this enigma of FinTech.”

The book is an interrogation of the Fintech boom and how it will likely impact financial regulation and society as a whole in the future.

Learn more about Fintech HERE and HERE