Year in Review 2019 and Year to Come 2020

Global Fintech Year in Review 2019 and Year to Come 2020

As part of our Year in Review, Year to Come series, our global fintech team has contributed to a global fintech Year in Review and Year to Come. In this publication, teams from 16 countries have summarised legal and commercial developments in the fintech space for 2019 and looked forward in predicting likely themes in 2020.

Looking from a global perspective we have also identified 8 key predictions for the year to come.

Visit our dedicated Fintech page to find out more about our solutions-driven advice, explore the top things we heard at the Singapore Fintech Festival 2019, watch our video covering AI in Financial Services or read our fintech-focused news and updates from around the world.

An Introduction: The Linklaters Global Fintech Year in Review, Year to Come 2019 / 2020

Jennifer Calver, Global Tech Sector & Fintech Professional Support Lawyer

Jennifer introduces our Global Fintech Year in Review Year to Come publication, explains our thematic approach and announces our complementary publication, Tech Legal Outlook 2020

Fintech in 2020: UK Predictions

Lindsey Brown, Managing Associate, TMT

Lindsey looks ahead at; digital and cross-border payments, Big Tech moving into the financial sphere and the continued growth of AI and machine learning, as prominent themes likely to impact the UK fintech landscape in 2020.

Fintech in 2020: US Predictions

Joshua Klayman, US Head of Fintech & Head of Blockchain & Digital Assets

Focussing on the 2020 market, Joshua, our US Head of Fintech, assesses the likelihood of Libra proceeding outside of the US and secondly, how the SEC enforcement action may answer some securities law questions.

Fintech in 2020: Singapore Predictions

Peiying Chua, Partner, Financial Regulation

Peiying discusses the fintech outlook from a Singapore perspective, touching on three key developments we are looking out for in 2020, relating to new payments services legislation, the new digital bank regime and proposed updates to MAS risk management guidelines.

8 Fintech Predictions for 2020

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We have also identified 8 key predictions for the year to come.

Greater scrutiny of Big Tech in finance

We expect to see continued and more coordinated scrutiny of the moves by Big Tech into finance by regulators in the finance, data and competition spheres with the potential for more enforcement action as regulators focus on the protection of consumers.

Scrutiny of the financial sector’s resilience to cyber risk including potential fines for previous IT failures

We expect firms to intensify their focus on operational resilience in 2020 to address commercial risks and meet mounting concerns amongst regulators. This is in the wake of larger and more frequent systems failures and hacks, and in the context of certain systemic risks being concentrated as firms increasingly outsource key functions.  Firms will look to collaborate where appropriate including on cybersecurity arrangements.

Increasing industry and policymaker collaboration on tackling cyber crime in financial services

Regulators will prioritise public-private engagement and industry outreach to find tech-driven solutions to cyber crime threats, including on threat assessment and action plans, information sharing, payments systems and authorised push payment fraud, digital identity services, the use of cryptoassets for money laundering, and the detection and reporting of suspicious transactions (including through the innovative use of cryptography and machine learning).  Whilst some of the necessary tech already notionally exists, in 2020 regulators and major firms will strive to agree on market-wide solutions that are more effective than siloed efforts.

Technology Legal Outlook 2020

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