This paper aims to inform civil society in an accessible way about
fintech-associated risks and harmful practices – current and future.
It intends to stimulate debates about how to urgently address these
issues with the public interest at heart, based on further monitoring
and research.
The paper starts by briefly describing what fintech is and who the
various fintech providers are – fintech firms, big tech firms and big
finance firms – with examples of their applications in the banking,
insurance and investment sectors. The main body of the paper
discusses ‘red flags’ that indicate the hazards, risks, harms, and
negative impacts arising from fintech. A final short chapter in this
paper raises issues whether and how fintech could prioritise current
and future needs of sustainable societies.
The red flags are summarised in the various titles in red and
concluding paragraph of each main section. A separate summary
briefing provides a short overview of the main red flags
Authors
- Published in
- Netherlands
