#06

FinTech

Rocket CafCLBC

Rocket Caf

LnB

LnB

FinTech P2P Lending

By Joanna Yang

FinTech

82921-2011

2008PositiveMoney / ACDCeoco / The Silver Guide Mike Maloney, etc.

1. Fiat Currency - 2.

3.

( 1/1/10%10 ) 97%Werner 2005,

4. 110

Bank Runs

1931

Bankruptcy, Lower production, Job loss, less tax, falling prices!

2011

1984 5000150

2003 RTC584

2007 1200RTC474

2007 RTC69

2007 RTC44.9

2008 RTC317

2008 RTC445

:

RTC 38

97()

2084 90

07 09 10111

:

FinTech .

P2P Lending

Financial Times

22 1056 72 6.1 1.4

2015 500084000

FinTech:

FinTech:

FinTech:

FinTech:

(P2P Banking)

Source : http://www.morganstanley.com/ideas/p2p-marketplace-lending/

P2P BANKING

US UK China Aus

2014 $12 bn

2015 $23.2 bn

2014 $2.3 bn

2015 $4bn

2014 $8.9 bn

2015 $33.2 bn

2014 $0.5bn

2015 $0.8 bn

Dr. Liao (), National Taiwan University

: , Trust

Blockchain: Trust Machine

Efficiency Finality Inspectability

1. https://www.youtube.com/watch?v=LJUig2-tyPU

2. Caveat:

3. Caveat:

https://www.youtube.com/watch?v=LJUig2-tyPU

Trust FinTech Digital Currency

or

Digital Currency FinTech Trust

?

An important question: Because for blockchain : Look at

bitcoinethereum or blockchain such as Gcoin ?

Blockchain: Trust Machine

EfficiencyNo more 45-day latency on mileage transfer!Move mileage asset to Digi-ledger: From T+45 to T0No more $50,000 cost!Move cap-table to Digi-ledger: From $50,000 to 0

FinalityReduce counterparty risk

Inspectability (or Gongping, Gongzheng, Gongkai)API becomes possible Silicon Valley is about APIs.

Trust Machine key feature

Technology-wise Digital Finance

Duplication Double Spending

Dilution Data Lost

Digital Finance: 4D Blockchain

Duplication: Protected by the Proof-of-work mechanism Every client has a copy of the list of transactions

Double Spending: The transaction needs to be confirmed by the nodes in the Blockchain network. For example, Bitcoin protects against double spending by verifying each transaction

added to the Blockchain to ensure that the inputs for the transaction had not previously been spent

Dilution: The amount of coin can be limited by proper design via protocol and algorithm. Decentralized system: no central authority controls the right to issuing currency

Data lost: All transactions are trackable and are recorded in the Blockchain

Blockchain 4D

2016

45R3

1. US$2m+ Bitcoin 2. Ethereum forked ETC (Ethereum Classic) and ETH, due to DAO 30 Smart Contract

1. for /ETH/BTC) BFX hack $66m BFX 2. https://video.udn.com/news/534829)3. $180m

Lessons for possible

https://video.udn.com/news/534829

crowdsourcing

g-coin.org

crowdsourcing

g-coin.org

Backup

1. a.

2. create value Value a. and

3. Responsible Innovation a. experimental platform --- DAO will come.

4. a. and

5. a.

, criteria:

FinTech

Steven Yang

WEF 2015: The Future of Financial Services

24

The following detailed sections of the report are organised based on key innovation clusters and how they map to the core functions of financial services

Blockchain

R. Coase 1959

Steven NS Cheung/ 1983/

H Hansmann 1996//

Blockchain / Edward Wang: AI AI BlockChain ...

FinTech

/

...

PTT

30

999 1

Big Data

25%

NO

34 NO NO WHY

YES

1.

2.

3.

4.

1.

2.

3.

4.

5.

6.

A

B

C

1.

2.

3.

4.

A

C

B

5.

FCA 2014 10 Innovation Hub 2015 11 Regulatory SandboxInnovation Hub 17552016 5 9

0

20165FinTech Office

3PolicyPal 7

0

20165 regulatory sandboxFintechAFS

0

20147411

FCA

1.

2.

3.

4.

5.

1.

2.

3.

FCA

FCA

FCA

FCA

FCAFCAPRAPRAFSMAPRA

PRA

FCA

FCA

1.NALsFCA

2.

3.FCA

1.

2.

3.

4.

5.

FCA

1.

2.FCA2

3.FOSFSCS

4.

FCA

FCA

FCA

FCA

1.FCA

2.FCAFSMA

FinTech

Q&A