It is a common perception that Fintechs have been set up purely in opposition to banks. As a matter of fact, their distinctive features are the all-embracing use of IT and, in particular, internet-based technologies and their business structure and appearance.
The myth that the Internet has thrived only because it is anarchic is now firmly entrenched.” But The Economist goes on to note that even the anarchic Internet is subject to myriad rules: “In fact, cyberspace is highly organised and even regulated, and not just for technical standards.”1 This sounds very “New Economy”. Just how new these concepts are remains a moot point.