FinTech Artificial Intelligence and the Law

This collection critically explores the use of financial technology (FinTech) and artificial intelligence (AI) in the financial sector and discusses effective regulation and the prevention of crime.

Focusing on crypto-assets, InsureTech and the digitisation of financial dispute resolution, the book examines the strategic and ethical aspects of incorporating AI into the financial sector. The volume adopts a comparative legal approach to: critically evaluate the strategic and ethical benefits and challenges of AI in the financial sector; critically analyse the role, values and challenges of FinTech in society; make recommendations on protecting vulnerable customers without restricting financial innovation; and to make recommendations on effective regulation and prevention of crime in these areas.

The book will be of interest to teachers and students of banking and financial regulation related modules, researchers in computer science, corporate governance, and business and economics. It will also be a valuable resource for policy makers including government departments, law enforcement agencies, financial regulatory agencies, people employed within the financial services sector, and professional services such as law, and technology.

Table of Contents

Part 1

1. Introduction-Mind the Gaps Alison Lui and Nicholas Ryder

Part 2-The FinTech Ecosystem

2. Automation, Virtualisation, and Value Stephen Rainey

3. InsurTech’s Assurance – Value Research through an Array of ABCs Ruilin Zhu

4. Improving the digital financial services ecosystem through collaboration of regulators and FinTech companies Sonia Soon

5. Designing Social-Purpose FinTech: A UK Case Study Sharon Collard, Phil Gosset and Jamie Evans

Part 3-Regulation of Cryptoassets and Blockchains

6. Should we trade market stability for more financial inclusion? The case of crypto-assets’ regulation in EU Ilias Kapsis

7. Initial Coin Offerings: Financial Innovation or Scam Henry Hillman

8. Cryptocurrency and Crime Sherena Sheng Huang

9. Technology and tax evasion in the world of finance: an indispensable helping hand or a façade for crime facilitation? Viksha Ramgulam and Sam Bourton

10. The Bank of England’s approach to Central Bank Digital Currencies - Considerations regarding a native digital pound and the regulatory aspects Monica Vessio

Part 4-Artificial Intelligence and the Law

11. AI, Big Data, Quantum Computing and Financial Exclusion: tempering enthusiasm and offering a human centric approach to policy Clare Chambers-Jones

12. Risk of discrimination in AI systems: evaluating the effectiveness of current legal safeguards in tackling algorithmic discrimination Jennifer Graham

13. Unprecedented times: Artificial Intelligence and the implications for Intellectual Property Ana Carolina Blanco Haché

14. Towards a Responsible Use of Artificial Intelligence (AI) and Fintech in Modern Banking Lola Ololade Durodola