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from Part IV - From FinTech to TechFin to BigTech to FinTech 4.0
Published online by Cambridge University Press: 09 November 2023
This chapter focuses on the evolution of non-financial businesses such as technology, e-commerce, and telecommunications companies (tech companies) entering the financial services sector: TechFins. China has been at the forefront of this change, with Alibaba establishing the online financial conglomerate Ant Group, which we have discussed in previous chapters. The global tech behemoths of Amazon, Apple, Google, and Facebook have also all entered the financial services sector in various ways. The chapter considers the emergence of digital finance platforms in the context of traditional finance and then considers the entry of BigTech firms into finance. Together, these processes constitute the expression of the combination of the economies of scope and scale of finance combined with the network effects of data and technology. Together, they embody one of the major trends we characterise as at the heart of the current era of FinTech 4.0: a natural process of concentration, with many benefits, as well as many risks and challenges, which are the subject of Chapters 17, 18, and 19.
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