Abstract:

In his opening keynote at NASAA, Bob Chakravorti gave an overview of the impact of FinTech firms on the financial services industry. He spoke about the how these firms are impacting payments, lending, wealth and asset management and alternative currencies. In addition, he discussed the role of regulation generally and the need for regulation to evolve.

Sujit "Bob" Chakravorti, "Financial Services Technology Revolution--Opening Keynote," North American Securities Adminstrators Association, Seattle, WA, September 24, 2017.

Abstract:

In this report, we study the rapidly growing although extremely volatile initial coin offering (ICO) market. We identify which traditional markets are being disrupted by ICOs. We discuss the necessary infrastructure needed to support this market. We analyze market dynamics in terms of volatility, global presence, the impact of news events, and types of industries that are issuing or considering to issue ICOs. We discuss some specific ICOs to focus on key lessons learned. We discuss the regulatory landscape and challenges for this market. We conclude that ICOs along with the underlying technology hold great promise to disrupt various types of intermediaries while acknowledging that the financial and regulatory infrastructure needs to be further developed.

Abstract:

Bob Chakravorti presented at Payments Canada 2018 in Toronto on May 9, 2018. He discussed the response of incumbents to entry of FinTech firms. Specifically, he discussed payment, lending, wealth management and cryptocurrency segments. He touched on the role of regulation and discussed the lack of banking services in the U.S. because of regulatory asymmetries.