MODULE 1 UNIT 1

An introduction to fintech

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Table of contents
1. Introduction .................................................................................................................... 3
2. Functional framework for finance ................................................................................ 4
3. The four thematic areas in fintech ............................................................................... 6
3.1 The future of money ................................................................................................... 6
3.1.1 Digital currency ................................................................................................... 7
3.1.2 Mobile money and payments .............................................................................. 8
3.1.3 Novel barter platforms ......................................................................................... 9
3.2 The future of markets ............................................................................................... 10
3.2.1 Flash crashes and the impact of AI .................................................................. 10
3.2.2 New network-enabled markets ......................................................................... 12
3.3 The future of marketplaces ...................................................................................... 15
3.3.1 Deconstructing the marketplace stack .............................................................. 15
3.3.2 New payment platforms and financial inclusion................................................ 16
3.4 Infrastructure ............................................................................................................ 17
3.4.1 Identity, cybersecurity, and regulation .............................................................. 18
3.4.2 Implication of quantum computing .................................................................... 20
4. Conclusion ................................................................................................................... 22
5. Bibliography ................................................................................................................. 23

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Learning outcomes:

LO1: Recognise the current states of various elements of the fintech landscape.

LO2: Identify the trends and opportunities that contextualise fintech.

1. Introduction
Fintech is one of the most exciting and topical areas in global business today. The
emergence of a new generation of financial technology has, in a short time, had a
considerable impact not only on the financial services industry, but on the way we do
business, transact as customers, and think about our financial future. Investment in the
sector reflects this as it continues to grow with no sign of stopping. Based on recent
investment reports, over US$100 billion has been invested into fintech over the past five
years (KPMG, 2017). Venture capitalists are focusing 73% of their fintech investments into
disrupting retail banking (which consists of banking services for both personal, and small
and medium enterprises (SMEs)). Retail banking is the most profitable segment of
conventional banking (Citigroup, 2016).

What is driving innovation in financial services?

• Lower barriers to entry because of new customer access methods, such as the
mobile phone replacing the retail bank branch

• Affordable infrastructure, such as analytics, artificial intelligence, cloud computing,

and social technologies

• New currencies and credit systems affecting incoming banking and investment
players

• Changing consumer behaviour and expectations from financial services providers

Fintech has created a space for financial inclusion and the rise of emerging markets, which
is driving economic growth. Because of mobile internet access, consumers who previously
could not access financial services can now use their mobile phones to access these
services. This results in opportunities for fintech start-ups to capitalise on the emerging
markets in the global south (Africa, Asia, and South America). Combined with the rise in
challenger banks, this means that a major source of revenue for traditional banks will be
significantly affected in both emerging markets and traditional markets.

In Video 1, David Shrier, the programme Co-Convenor, briefly discusses the trends and
driving forces behind fintech innovation.

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Video 1: David Shrier explains the reason for fintech innovation in financial services, discusses
what is driving the need for fintech innovation, and mentions current fintech trends. (Access this
set of notes on the Online Campus to watch this video.)

Pause and reflect:

Many people have speculated about the future of banking. It is likely that incumbents will
not be able to pivot smoothly, and a combination of well-funded disruptors (Amazon,
Google, Alibaba, Tencent) and start-ups are going to upend the landscape. What do you
think?

To understand the impact of fintech on the financial services industry, it is helpful to use a
functional framework to understand fintech disruption. In this programme, you will analyse
recent trends in the fintech ecosystem, including market and fintech investment trends,
and learn to understand the challenges, opportunities, and threats in fintech, as well as
what is driving change and what the change looks like.

This set of notes provides an overview of the four thematic areas that will be explored in
more depth throughout the programme.

2. Functional framework for finance

Financial services are complex with various interconnected systems working together to
inform them. Laws, contracts, and regulations, which traditionally are controlled by
governments, underpin financial services. Infrastructure enables the different functions of
financial services, including making payments, saving, borrowing, and managing financial
risks. Figure 1 represents the functional framework for understanding finance and
illustrates the relationship between the services provided by financial institutions and the

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systems and structures that form the foundation for these services. This framework will be
explored in more detail in Module 2.

Figure 1: The functional framework for financial services illustrates the relationship between the
architectural foundations that financial institutions are built on and the services and functions that
are enabled as a result.

The functional framework will be referenced throughout this programme when exploring
the impact of fintech on the financial services industry. Module 2 will explore paying for
goods and services, moving money from today to tomorrow, and moving money from
tomorrow to today in relation to the structure and disruption in financial services. Module 5
will take a deeper dive into decision support in the context of the future of markets. Module
6 will discuss moving money from tomorrow to today, managing risk, as well as decision
support in the context of the future of marketplaces. Finally, Module 7 will explore both
infrastructure and the rules of the game.

This programme explores the pulse of fintech in the financial services industry by
contextualising the fintech ecosystem using the functional framework, and analysing the
trends and opportunities within the four thematic areas of the industry, especially those
that have arisen because of fintech innovation and recent technological advancements.

In Video 2, David Shrier explains the functional framework for finance and introduces the
four thematic areas of the fintech ecosystem.

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Video 2: David Shrier explains the functional framework for finance and introduces the four
thematic areas in the fintech ecosystem. (Access this set of notes on the Online Campus to watch
this video.)

3. The four thematic areas in fintech

This section looks at the current state of the financial services industry by exploring the
impact of technology and innovation on money, markets, marketplaces, and infrastructure.
To support your learning, the various elements of the fintech landscape are organised into
four main thematic areas, which will be explored in more detail in upcoming modules.

This section introduces the thematic areas and how they can be understood in relation to
the functional framework. Each of the themes will be covered in more detail in their own
dedicated modules. This serves as an introduction to what is to come during the
programme.

3.1 The future of money

Imagine a cashless world where all transactions are invisible and seamless and you do not
need to think about making a payment. Imagine leaving a store, your shopping complete:
a scanner at the exit detects the items you have selected, recognises you through your
mobile device, and the payment is made from your account automatically (Tierney, 2014).

In early 2017, Amazon planned to launch a cashierless convenience store, which allows
customers to shop and immediately leave the store, automatically charging the items to
the customer’s account (Garun, 2016). While it is possible that the idea of invisible banking
may become a reality in the far future, consumers and businesses will need to rely on
digital banking during the transition from legacy banking models to future models.

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Explore further:

If you are interested, find out more about the speculations of the future of invisible banking.

Fintech has changed the way people think about money and value exchange in a real-
time, digital world. This section explores some trends in fintech that have disrupted
traditional notions of money, including the following:

• Distributed ledger technology (blockchain)

• Digital currencies (e.g. bitcoin, ven, and ether)

• Peer-to-peer transfer technology

• Mobile banking

3.1.1 Digital currency

The emergence of innovative technologies such as blockchain has led to the rise of digital
currencies. However, money has been digitised for some time and the need for physical
currency has diminished. So, why are current generation digital currency technologies so
disruptive?

Explore further:

The financial services industry is one of the many industries disrupted by distributed ledger
technology. If you are interested, read more about the disruptive impact in other industries.

While people have been transacting with digitised money for years and technologies such
as distributed ledgers, blockchain and Ethereum, cryptography, and networked systems
such as the internet have long been available, the combination of these elements has
made it possible for new-generation digital currencies to disrupt the industry. This
disruption has transformed the way people think about money, which impacts the way they
engage with financial services providers.

In this video, Liana Douillet Guzmán, Senior Vice President for Growth at Blockchain,
explains the shortfall of digitised money and the reason for the increase in consumers
wanting to adopt digital currencies.

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Video 3: Liana Douillet Guzmán explains how changing consumer behaviour led to an increase in
consumers using digital currencies and value exchange platforms. (Access this set of notes on the
Online Campus to watch this video.)

This section briefly covers the theme of money: its value, how it has changed, and how
people think about it now. What will the future of money look like? Will people use one
agreed-upon form of currency? While it may be unlikely that digital currencies will render
national currencies obsolete, they have, and will continue to, change how people transact.

Explore further:

If you are interested in exploring this further, read about the future of money.

3.1.2 Mobile money and payments

Along with the movement away from transacting using physical money, there has been a
rise in new mobile money payment methods, including Venmo, LoopPay, Apple Pay, and
Google Wallet. Mobile banking and other new payment services such as PayPal, Stripe,
Square, and BitPay have become the norm for consumers who are disillusioned with the
antiquated process of traditional transactions. They also provide access to consumers who
previously never had access to banking services.

New generation organisations such as Circle, a payment app that allows you to make free,
instant, and secure transfers, and TransferWise, a payment service that enables you to
convert your money and send it abroad at lower rates, have emerged in the mobile money
payment space. BitPesa is an example of a new generation money payment organisation
that combines mobile payment and cryptocurrencies (which will be discussed in more detail
in Module 4 of this programme). This concept is sometimes called “Payments 3.0”, which
refers to a broad set of financial services and applications including digital wallets, open
application program interfaces (APIs), in-app payments, and biometrics (Ubaghs, 2016)
and allows for more flexibility for the consumer.

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In Video 4, John Edge, Co-Founder of ID2020, an organisation focused on solving the

challenges of digital identity, and Chairman of Disk Holdings, an organisation that
specialises in financial networks, expands on the concept and evolution of the future of
payments.

Video 4: John Edge speaks about the future of payments and how payment infrastructure could
change to make transactions more efficient. (Access this set of notes on the Online Campus to
watch this video.)

3.1.3 Novel barter platforms

Mobile technology and digitisation have lowered the barrier to entry, and created
opportunity in the financial services space. Powered by peer-to-peer transfer technology,
sharing assets and bartering have become cheaper and more convenient, removing the
need for a middleman. Therefore, the rise of the sharing economy and novel barter
platforms has ensued.

The swap and sharing economy is an interesting emergence of a new market, aided by
peer-to-peer transfer technology, reviving an outdated way of trading goods or services
without exchanging any currency. Users on these bartering platforms can swap anything
from medication for toiletries or web design for home maintenance.

Explore further:

If you would like to learn more about the swap economy, read about how bartering has
gone mainstream and is here to stay. You might also be interested in finding out more
about the revolutionary nature of the sharing economy.

Distributed computing formed the foundation for innovations such as blockchain and bitcoin
that have changed how people pay, save, borrow, and manage risk. You will explore the
future of money in more detail in Module 4. Throughout the course of this programme, you

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will analyse the macroeconomic factors that impact fintech innovation by exploring how
alternative money and payment tools have emerged out of fintech, as well as the impact
of money innovation on the fintech ecosystem.

3.2 The future of markets

In this era of pervasive mobile and social technology, new network-enabled markets have
emerged that are changing the financial services industry drastically. The use of these
technologies is being developed in many areas of fintech and financial services innovation.
Some of the trends that are currently evident in the fintech space include the following:

• Prediction markets and collective intelligence

• Peer-to-peer crowdfunding and equity funding

• Artificial intelligence (AI)

• Emerging markets

• Social trading

• High-frequency trading

• Automated advice and wealth management

This section briefly covers the impact of some of these trends, but these topics will be
covered in more detail in upcoming modules.

3.2.1 Flash crashes and the impact of AI

Stock markets today are predominantly electronic, and the impact of recent technology on
markets and trading has led to flash crashes. The cause of these crashes is a combination
of new technology (such as high-frequency and algorithm-based trading) and deliberate
market manipulation. How can fintech innovation address the volatility of the stock market
and prevent fraud in markets?

There has been a rise in AI trading in recent years. According to Gaurav Chakravorty, Co-
Founder and Head of Strategy Development at QPlum, an organisation focused on AI-
driven investment and trading:

Algorithmic trading is about implementing trading rules into a program and

using the program to trade, [and AI trading] can be defined as an approach
to machine learning that learns the structure of the data, and then tries to
predict what will happen

(Chakravorty, 2016)

Officials on Wall Street plan to use artificial intelligence systems and machine learning to
monitor the stock markets and predict patterns of fraud (Fortune, 2016).

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Explore further:

If you are interested, read more about the rise of AI trading or deep investing.

In Video 5, John Edge, Co-Founder of ID2020 and Chairman of Disk Holdings, shares his
insights on pattern recognition.

Video 5: John Edge speaks about pattern recognition and how it was developed to innovate
compliance systems to meet the needs of electronic trading markets. (Access the notes on the
Online Campus to watch this video.)

AI technology can be used to analyse large volumes of data and detect irregular patterns
much faster than a person could. Dena Hamilton, Director of Enterprise Fraud & Security
Software Solutions at NCR, explains that currently, this technology is not a panacea for
preventing fraud in the market as market manipulators are constantly employing innovative
means to commit fraud. However, AI and machine learning makes it substantially easier
for officials to examine large amounts of potentially suspicious data and patterns (Hamilton,
2017).

Explore further:

What is the difference between AI and machine learning?

AI has also made it possible for wealth management and advice to be automated. In Video
6, Sheri Kaiserman, Managing Director and Head of Advanced Securities at Wedbush
Securities, a financial services and investment firm, comments on the impact and
implications of robo-advisors on the stock market.

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Video 6: Sheri Kaiserman shares her opinion on how robo-advisors can be used in stock market
trading. (Access the notes on the Online Campus to watch this video.)

3.2.2 New network-enabled markets

Fintech has not only had an impact on the prevention of fraud in the market, but also in
disrupting stock markets because of data and the availability of data to everyday people.
Fintech innovation has also lead to new network-enabled markets, such as the prediction
market, and peer-to-peer lending and crowdfunding markets.

Explore further:

If you would like to explore this further, read about how fintech is disrupting stock markets.

In Video 7, Ron Suber, President of Prosper Marketplace, explains the emergence of new
ways of lending and funding.

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Video 7: Ron Suber explains what has given rise to new ways of lending and funding in the
financial services industry. (Access this set of notes on the Online Campus to watch this video.)

Peer-to-peer lending

Peer-to-peer lending, powered by mobile technology, social networks, and big data, has
revolutionised financial services by simplifying the process for people to gain access to
funds. Peer-to-peer lending has achieved this by removing the middleman and connecting
borrowers and lenders directly to one another (Trudeau, 2017). In Video 8, Sheri
Kaiserman shares her opinion on the opportunities for peer-to-peer lending.

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Video 8: Sheri Kaiserman shares her thoughts on the opportunities and challenges of peer-to-peer
lending. (Access this set of notes on the Online Campus to watch this video.)

Explore further:

China, where peer-to-peer lending has been employed since 2007, has experienced
significant downfalls because of new regulations on the industry. If you are interested, read
more about the state of the peer-to-peer lending industry in China 10 years after its
employment.

Crowdfunding

The concept of crowdfunding continues to evolve since it emerged to fund charities

(Freedman & Nutting, 2015). The benefit of crowdfunding is that it capitalises on social
networks and online platforms by drawing on small contributions from the collective to fund
a project or idea. Equity crowdfunding has developed from this concept and allows many
investors to fund a business in exchange for equity. What makes this revolutionary is that
investing in start-ups was previously only available to venture capitalists (VCs), but now
this market has become more accessible, allowing more people to invest, thereby creating
better opportunities for entrepreneurs and start-ups (Syndicate Room Ltd, 2017).

Prediction markets and collective intelligence

The concept of collective intelligence, which is also referred to as the “wisdom of crowds”,
is not new. However, by using new technology, people can capitalise on this idea by
combining and aggregating the predictions of a group of people and are able to achieve
results arguably more accurate than expert prediction. This is useful in the financial
services industry when it is applied to forecasting and trading in financial markets
(Realworld Capital, 2017). This application of technology makes financial markets and
trading more accessible to the public and eliminates the need for an intermediary.

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You will explore these concepts in more detail further in this programme, including the
following:

• The potential of peer-to-peer lending and crowdfunding to prevent risk associated

with financial services (Module 6)

• The benefit of harnessing the wisdom of crowds with prediction markets (Modules
5 and 6)

• New network-enabled markets (Module 5)

• The impact of artificial intelligence (Module 5)

• How fintech innovation can prevent flash crashes, fraud, and market manipulation
(Module 5)

3.3 The future of marketplaces

Traditionally marketplaces were one sided; however, today we see many examples of two-
sided market places (for example, peer-to-peer lending) as well as new marketplaces such
as financial services for the unbanked and SMEs.

Some of the current trends in marketplaces include the following:

• New payment platforms

• Mobile

• Financial inclusion

• Blockchain and the marketplace stack

New payment platforms and mobile devices have a great impact, not only in terms of
economic benefits, but also in terms of moral benefit, as they have become a gateway for
people who previously did not have access to financial services. The previously unbanked
and underbanked can now transact globally. This has led to the increase in fintech start-
ups and innovations that are focused on emerging markets such as Africa, Asia, and South
America. The effect of emerging markets and the potential for innovation in the financial
inclusion marketplace will be explored in more detail in upcoming modules.

3.3.1 Deconstructing the marketplace stack

New technologies will disrupt digital business models in many ways. Before you can
understand how distributed ledger technology can deconstruct the marketplace stack, you
need to know what it is composed of. The marketplace stack refers to the different layers
in the digital business model, including the network or platform, the infrastructure, and the
data required to facilitate transactions between users. Louis Coppey, a VC at Point Nine
Capital, highlights three ways blockchain will disrupt the marketplace stack:

First, a new generation of marketplaces based on blockchain technologies

could emerge, and disrupt industries… Second, some new products based

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on blockchain technology could become an integral part of existing

marketplace stacks and drive incremental business efficiency… Lastly,
they could provide a solution to tamper marketplaces’ network effects and
prevent marketplaces’ operators from extracting too much value from their
users.

(Coppey, 2017)

3.3.2 New payment platforms and financial inclusion

A significant percentage of jobs globally are created by SMEs. However, most of the
world’s SMEs are underbanked. According to the IFC report, 200 to 245 million SMEs are
unbanked or underbanked (IFC, 2013:7). Fintech innovation has created opportunity for
growth in the economy by making it remarkably easier for SMEs to gain funding from new
technology-aided platforms. According to the World Economic Forum:

The global financial crisis of 2007-2008, coupled with higher regulation and
capital costs for loans to SMEs, has made it even more difficult for SMEs
to secure financing. However, the financial crisis has also created a
plethora of disruptors in the FinTech area…who, with their innovative ways
to originate, assess credit risk and fund SME loans, have provided
alternative ways for SMEs to secure funding for their growth.

(WEF, 2015)

SMEs face many challenges when it comes to funding their businesses, including being
part of the underbanked or unbanked (due to the regulations that have been placed on
banks because of the financial crisis of 2008) and lacking the skills and resources to
manage funds effectively. Fintech innovation has made it possible for SMEs to access
funding in new ways, which has a positive effect on boosting economic growth as SMEs
contribute significantly to the creation of new jobs.

According to Sparkup, a business accelerator that helps to raise funds for start-ups, some
of the disruptive trends that support SME growth include the following:

• Marketplace lending (peer to peer)

• Invoice financing

• Merchant and e-commerce financing

• Online supply chain financing

• Capital raising

• Trade financing

(Sparkup, 2017)

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These disruptive trends, as well as mobile trading, equity funding, and online capital
markets, have changed the game for SMEs by providing them with access to alternative
platforms and avenues to obtain funding.

Explore further:

These trends have sparked a paradigm shift in how the banking industry is approaching
funding start-ups and SMEs. Read about the new era in banking SMEs.

Some of the technologies that underpin this movement include blockchain, mobile
platforms, and big data. In the Video 9, Nuria Oliver, Director of Data Science Research at
Vodafone and Chief Data Scientist at Data-Pop Alliance, discusses how mobile devices
have created opportunities for providing services to the underbanked and unbanked.

Video 9: Nuria Oliver discusses the opportunity created by mobile devices to address the issue of
financial inclusion and providing services to the underbanked. (Access this set of notes on the
Online Campus to watch this video.)

3.4 Infrastructure
Infrastructure is the system that enables the movement and regulation of transactions in
the financial services space. Technology has radically altered the financial services
infrastructure. Traditionally, banks controlled the transfer of money and related processes.
However, because of recent technological innovation, there are faster and better ways for
people to transact. This also means that with more consumers wanting to transact in a
frictionless way, security and privacy technologies need to be improved. Additionally,
because consumers’ personal data is being used there are greater risks of consumer
information being hacked or compromised. This creates room for disruption and innovation
in the financial services industry, especially in financial services infrastructure where the
way trade takes place is evolving.

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Some of the trends in fintech infrastructure include the following:

• Identity, security, and privacy

• Cybersecurity

• Regulatory technology (regtech)

In Video 10, David Shrier briefly touches on the concept of regulation and infrastructure in
financial services.

Video 10: David Shrier speaks about trends in regulation, such as jurisdiction shopping and
regtech. (Access this set of notes on the Online Campus to watch this video.)

In the next section, you will engage with the opinions and experiences shared by experts
in the industry regarding the previously mentioned technologies, including the Husayn
Kassai, Co-Founder and CEO of Onfido, Stan Stalnaker, Founding Director of Hub Culture,
and Micheal Cooper, CTO of BT Radianz.

3.4.1 Identity, cybersecurity, and regulation

Because of the rapidly evolving world of future commerce, novel challenges are arising,
including the security of consumer information, privacy, and identity, as well as the
increasing risk of fraud and cyberattacks. Fintech innovation in the financial services space
comes with many challenges and opportunities.

In Video 11, Stan Stalnaker, Founding Director and Chief Strategy Officer at Hub Culture,
a social network service that operates the global digital currency Ven, speaks about the
challenges of identity and cybersecurity.

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Video 11: Stan Stalnaker, CEO of Hub Culture, explains the challenge of KYC (know your
customer) and AML (anti money laundering). (Access this set of notes on the Online Campus to
watch this video.)

By addressing the challenges that come with regulation and security of new technology
and innovation in the financial services industry, innovators have found ways to capitalise
on the many opportunities. In Video 12, Husayn Kassai, CEO and Co-Founder of Onfido,
an identity verification organisation, describes the challenge and opportunity of addressing
identity verification in an online environment.

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Video 12: Husayn Kassai speaks about using technology to improve the identity verification
process. (Access this set of notes on the Online Campus to watch this video.)

3.4.2 Implication of quantum computing

As cyberattacks become more sophisticated as technology evolves, financial services
providers will need to explore more secure ways of protecting consumer information and
transactions. Scott Totzke, CEO of ISARA Corporation, an organisation that provides large
organisations with quantum-safe security products, believes that:

Quantum computing could easily break the public key infrastructure (PKI)
verification procedure we've come to rely on for one-time passwords (OTP)
to access a bank account, or indeed the cryptography technology that the
blockchain relies upon.

(Ainger, 2017)

Michael Cooper, CTO of BT Radianz speaks about the increasing risk of cyberattacks, the
associated challenges for security in financial technology and how these threats can be
addressed using new technologies such as quantum computing and artificial intelligence.

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Video 13: Michael Cooper, CTO of BT Radianz, comments on cybersecurity and the opportunity
for AI and quantum computing in fintech. (Access this set of notes on the Online Campus to watch
this video.)

In Video 14, David Shrier concludes with the solutions that future technologies can provide
to address the concerns that were raised in Video 1.

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Video 14: David Shrier speaks about the solutions that future technologies can provide for
financial services. (Access this set of notes on the Online Campus to watch this video.)

4. Conclusion
The current financial services landscape is ripe for change because of changing customer
expectations, an increase in access to venture capital using crowdfunding, lower barriers
to entry, and the accelerating technological evolution. Traditional financial services
providers are at risk of losing their revenue to fintech start-ups and innovations (PwC,
2017). However, financial incumbents and other large organisations have also begun to
develop strategies to foster innovation and remain relevant in the face of the uncertain
future of financial services.

This module introduced the main themes that will be covered throughout this programme.
In future modules, you will be guided through the changing fintech landscape and explore
tools and theories presented by leaders in the fintech and financial services industry to
help you understand disruption and the potential for disruption in the uncertain future of
financial services.

Here is a preview of some of the many experts in fintech and financial services, that you
will engage with during the next ten weeks of this programme.

© 2017 University of Oxford

All Rights Reserved

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+44 203 457 5774 (UK) | +1 224 249 3522 (US) | +27 21 447 7565 (SA)
Page 22 of 25
 oxford.ac.uk

Video 15: Highlights of some of the many speakers to feature during the next 10 weeks of this
programme. (Access this set of notes on the Online Campus to watch this video.)

5. Bibliography
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Ainger, N. 2017. Coming technology: Fintech developers tell you what to look for and
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Bakker, E. 2016. Technology is disrupting the financial services industry — here's how.
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developers-technology-apple-microsoft-xerox-kodak-revolution.html [2017,
August 29].

© 2017 University of Oxford

All Rights Reserved

getsmarter.com | info@getsmarter.com
+44 203 457 5774 (UK) | +1 224 249 3522 (US) | +27 21 447 7565 (SA)
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 oxford.ac.uk

Coppey, L. 2017. Will blockchain(s) eat the marketplace stack? – point nine land –
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Garun, N. 2016. Amazon just launched a cashier-free convenience store. Available:

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Hamilton, D. 2017. AI and machine learning for fraud prevention: What's the difference?
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whats-difference/ [2017, August 27].

IFC. 2010. The SME banking knowledge guide. 2nd ed. Available:
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IFC. 2013. Closing the credit gap for formal and informal micro, small, and medium
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Kuepper, J. 2016. 7 things that will shape the future of fintech. Available:
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Michael Parsons, B. 2017. The difference between digitised and digital money. Available:
https://www.coinsilium.com/education/the-difference-between-digitised-and-
digital-money/ [2017, August 24].

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All Rights Reserved

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Prableen Bajpai, C. 2017. Distributed ledgers. Available:

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© 2017 University of Oxford

All Rights Reserved

getsmarter.com | info@getsmarter.com
+44 203 457 5774 (UK) | +1 224 249 3522 (US) | +27 21 447 7565 (SA)
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