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2023 | OriginalPaper | Chapter

2. Fintech

Author : Vijay Kumar

Published in: The Economic Value of Digital Disruption

Publisher: Springer Nature Singapore

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Abstract

The financial world is getting a digital makeover. Traditional banks are set to disappear in a decade. Digital payments are the norm making the world a cashless and a more inclusive society. Crypto, the digital currency, was originally conceived to replace the centralized financial system but is ending up as a haven for speculators and illegitimate players. Through AI, high-frequency trading has taken over 90% of global securities trading.

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Footnotes
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11
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12
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15
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16
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18
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19
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20
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21
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22
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23
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24
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31
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32
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33
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34
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35
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36
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37
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38
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39
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40
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41
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42
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43
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44
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45
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46
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47
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48
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49
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50
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51
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52
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53
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54
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56
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57
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58
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59
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60
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61
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62
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63
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64
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65
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66
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67
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68
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69
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70
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71
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72
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73
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74
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75
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76
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77
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78
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79
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80
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81
World Bank in Global Finance, March 3, 2022.
 
83
Mobile financial services are cornering the market, The Economist, May 4, 2018.
 
84
Accion in Mobile financial services are cornering the market, The Economist, May 4, 2018.
 
85
Ant Financial in Mobile financial services are cornering the market, The Economist, May 4, 2018.
 
86
DBS in Mobile financial services are cornering the market, The Economist, May 4, 2018.
 
87
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88
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89
Findex in Who gains and who loses from more financial inclusion, The Economist, May 4, 2018.
 
90
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91
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92
Centre for the New Middle Class in Financial inclusion in the rich world, The Economist, May 4, 2018.
 
93
Federal Reserve, USA in Financial inclusion in the rich world, The Economist, May 4, 2018.
 
94
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95
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96
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97
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99
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100
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101
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102
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103
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104
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105
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106
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107
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108
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109
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110
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111
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112
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113
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114
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115
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117
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118
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119
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120
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121
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122
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123
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124
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125
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126
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127
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128
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129
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130
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132
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133
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134
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135
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136
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137
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138
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139
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140
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141
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142
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143
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144
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145
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146
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147
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148
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150
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151
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152
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153
Coinbase goes public with a pop, The Economist, 10 April 2021.
 
154
Coinbase Fetches $85 Billion Valuation in Market Debut, The Wall Street Journal, April 14, 2021.
 
155
Coinbase Profit Surges in Crypto Exchange’s First Report as Public Company, The Wall Street Journal, May 13, 2021.
 
156
As bitcoin lurches, Wall Street plots its way into cryptoland, The Economist, 20 May 2021.
 
157
Cryptocurrency Comes to Retirement Plans as Coinbase Teams Up With 401(k) Provider, The Wall Street Journal, June 10, 2021.
 
158
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159
Bitcoin crosses $50,000, The Economist, 20 Feb 2021.
 
160
Bank for International Settlements in The digital currencies that matter, The Economist, 8 May 2021.
 
161
The digital currencies that matter, The Economist, 8 May 2021.
 
162
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163
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164
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165
Frank Xie, a professor in business at University of South Carolina Aiken in China wants to weaponize its currency, CNN, 4 Dec 2020.
 
166
Goldman Sachs in China wants to weaponize its currency, CNN, 4 Dec 2020.
 
167
Bank for International Settlements in China wants to weaponize its currency, CNN, 4 Dec 2020.
 
168
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169
China wants to weaponize its currency, CNN, 4 Dec 2020.
 
170
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171
China Creates Its Own Digital Currency, a First for Major Economy, The Wall Street Journal, April 5, 2021.
 
172
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173
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174
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175
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176
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177
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178
Cryptocurrency Has Yet to Make the World a Better Place, The Wall Street Journal, May 20, 2021.
 
179
Cryptocurrency Startup Ripple’s Future Hinges on SEC Case, The Wall Street Journal, Jan 24, 2021.
 
180
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181
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182
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183
As the price of bitcoin has climbed, so has its environmental cost, The Economist, 14 May 2021.
 
184
Ross S. Delston, an expert on anti-money laundering compliance in Is this the end of crypto? Economist, 17 November 2022.
 
185
US Treasury in Is this the end of crypto? Economist, 17 November 2022.
 
186
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187
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188
Financial sanctions are easier than ever for Russians to evade. Thank Bitcoin, CNN, 24 Feb 2022.
 
189
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190
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191
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192
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193
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194
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196
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197
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198
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199
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200
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201
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202
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203
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204
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205
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206
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207
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208
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209
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210
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211
Aite Group in Ahead of the tape, The Economist, 21 June 2007.
 
212
Ahead of the tape, The Economist, 21 June 2007.
 
213
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215
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216
High-frequency traders eye satellites for ultimate speed boost, The Wall Street Journal, April 1, 2021.
 
217
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Metadata
Title
Fintech
Author
Vijay Kumar
Copyright Year
2023
Publisher
Springer Nature Singapore
DOI
https://doi.org/10.1007/978-981-19-8148-7_2

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