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ARTICLE · 08 AUGUST 2019

Cybercrime And Cybersecurity: FinTech's Greatest Challenges

AELEX
AELEX
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As a starting point, the legal and regulatory facet of cybercrime and cybersecurity will be considered.

NigeriaTechnology
Ademola Adeyoju
Ademola Adeyoju
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Cybercrime and Cybersecurity: FinTech's Greatest Challenges[1]

Background

The arrival of financial technology ("FinTech") companies can be traced to a number of regulatory changes made after The Great Depression of the 1920s. Among others, the United States Banking Act—which separated commercial banking from investment banking (and thus, limited the interest that a regular bank depositor could get on his deposit)—spurred, in the 1970s, the emergence of asset management firms and other forms of shadow banks—or what is now called FinTech companies. However, it was the global financial crisis of 2008, and the near-collapse of the financial system, that caused the rise of FinTech companies and activated the FinTech transformation that the world is currently witnessing.

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