Financial innovation has always brought promise and risk, and the urgent need to get regulation right. In 1610, when Dutch merchants and bankers were otherwise busy creating global finance, a series of destabilizing bank runs also moved them to establish a ban on short-selling. Many of the issues we grapple with today are not as new as we think.
Supporting Innovation with Appropriate Regulation First, let's start with the promise. Every day, we all have countless interactions with the financial system-depositing our paychecks, buying groceries, paying rent, borrowing, saving, and insuring against important risks. The promise of fintech is that it can make financial products and services better, faster, cheaper, and more available.