First, it is not very clear whether the empirical research on the subject referred in Professor Blinder’s paper has adequately covered EMEs. For example, BRIC countries (Brazil, Russia, India and China), South Africa, Indonesia, Saudi Arabia etc., are emerging as significant players in the global economy. Are their experiences different from those researched so far?
For instance, one would still need a bank to warehouse the liquidity risk as no other entity can create credit and money. Put another way, any fintech entity that provides such liquidity services is effectively functioning as a bank and 1/4  BIS central bankers' speeches  therefore should be subjected to the same legal/regulatory/supervisory regime that a bank is subjected to.