Buyers of the commercial paper issued by the ABCP vehicles withdrew funding starting in the late summer of 2007. The volume of assets in the vehicles was large, about $ billion, and after the run, the ability of the financial system to fund credit through many types of assetbacked securities became constrained.
Instead it uses digital information technology to reach out to emerging and developing economies and provide financial services globally through leapfrogging physical infrastructure. As such, digital technologies are also gathering much attention as a great instrument to promote "financial inclusion." The other change is the global "data revolution." Indeed "fintech" can be understood as a financial aspect of the on-going data revolution.