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Singapore University of Social Sciences - World Scientific Future Economy Series: Volume 7
Inclusive Disruption
Digital Capitalism, Deep Technology and Trade Disputes
Pages: 524- By (author):
- David Kuo Chuen Lee (Singapore University of Social Sciences, Singapore),
- Linda Low (Singapore University of Social Sciences, Singapore),
- Joseph Lim (Singapore University of Social Sciences, Singapore), and
- Carmen Chia Mei Shih (Singapore University of Social Sciences, Singapore)
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ISBN: 978-981-12-6483-2 (hardcover)
USD 158.00
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ISBN: 978-981-126-557-0 (softcover)
USD 78.00
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ISBN: 978-981-12-3047-9 (ebook)
USD 62.00
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ISBN: 978-981-12-6483-2 (hardcover)
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ISBN: 978-981-126-557-0 (softcover)
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ISBN: 978-981-12-3047-9 (ebook)
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Inclusive Disruption serves as a primary guide to help readers understand what financial technology is and how it has evolved to change the future financial landscape. The central ideas of fintech are explained in details, with topics ranging from distributed innovation, inclusive blockchain to decentralised inclusive technologies.
The book also gathers the views of key opinion leaders and cutting-edge practitioners who are at the forefront of fintech development. Therefore, it not only presents useful insights about financial technology but also represents an invaluable source of knowledge for readers who are interested in fintech.
Sample Chapter(s)
Chapter 1: Introduction
- About the Authors
- Introduction
- How Blockchain is Going to Change the Future
- Distributed Innovation and Inclusive Blockchain
- Decentralised Inclusive Tech: The Future of Finance?
- From Scalability to Inclusion: Enabling Mass Adoption
- Fintech and the Future of Finance
- Global Tokenisation: Does It Make Any Sense?
- Cryptocurrency: A New Investment Opportunity?
- Technology Risk Management in Our Digitalised World
- TRM Theoretical and Organisational Approaches
- Blockchain and the Past, the Future and Singapore
- Legal and Regulation Considerations for Fintech and Blockchain
- ASEAN and Blockchain
- Trade War and Conclusion
- Index
Free Access
FRONT MATTER
- Pages:i–xvi
https://doi.org/10.1142/9789811230462_fmatter
Preview Abstract
The following sections are included:
- About the Authors
- Contents
Free Access
Chapter 1: Introduction
- Pages:1–35
https://doi.org/10.1142/9789811230462_0001
Preview Abstract
The following sections are included:
- Overview
- What, Why, When, Who, Where, and How
- General Trends
- Strategic Importance of Developing Information Economy
- Upgrade of Digital Infrastructure and Mode in the Information Economy
- Comparison of the Development Path of the Information Economy between the US and China
- New Economy Rises but with a Flaw
- Internet+ in Digital Capitalism: Facilitate or Disrupt?
- Acknowledgement
No Access
Chapter 2: How Blockchain is Going to Change the Future
- Pages:37–69
https://doi.org/10.1142/9789811230462_0002
Preview Abstract
The following sections are included:
- Blockchain and the Fourth Industrial Revolution
- Deep Technology and Fintech Blockchain
- The Future and Open Hinternet
- Blockchain vs. Cryptography
- Revisiting LASIC
- Low profit margin
- Asset light
- Scalable
- Innovative
- Compliance ease
- Why LASIC
- Summary and Opportunities in Singapore (See also Chapter 7)
- Digitalisation and globalisation
No Access
Chapter 3: Distributed Innovation and Inclusive Blockchain
- Pages:71–93
https://doi.org/10.1142/9789811230462_0003
Preview Abstract
The following sections are included:
- Some Snapshots: Global and ASEAN
- Blockchain: Financial Inclusion
- Distributed Innovation
- Inclusive Cow Token, Sentinel Chain Cow Token and Cross Pay Livestock Token
- Financial Inclusion Opportunities
- Financialisation Through Distributed Innovation and Inclusive Blockchain
No Access
Chapter 4: Decentralised Inclusive Tech: The Future of Finance?
- Pages:95–119
https://doi.org/10.1142/9789811230462_0004
Preview Abstract
The following sections are included:
- Why and What is Decentralisation vs. Centralisation?
- Where and How is the Demand for Decentralised Inclusion
- The Ten Critical Factors for Mass Adoption
- Decentralised Business Model
- Financialisation Without Decentralisation
No Access
Chapter 5: From Scalability to Inclusion: Enabling Mass Adoption
- Pages:121–187
https://doi.org/10.1142/9789811230462_0005
Preview Abstract
The following sections are included:
- From Scalability to Inclusion
- Enabling Mass Adoption
- Cypherpunk Revolution for Inclusive Mass Adoption
- DeFi, NFTs, and Metaverse
No Access
Chapter 6: Fintech and the Future of Finance
- Pages:189–210
https://doi.org/10.1142/9789811230462_0006
Preview Abstract
The following sections are included:
- World’s Top Fintech Companies
- Top Eight Chinese Fintech Companies
- US and China in Fintech
- Will a Robot Take Your Job?
- University Education and Fintech
No Access
Chapter 7: Global Tokenisation: Does It Make Any Sense?
- Pages:211–223
https://doi.org/10.1142/9789811230462_0007
Preview Abstract
The following sections are included:
- From Open Blockchain to the Era of Collaboration Efficiency
- Future of Token
- Inclusive Technical Perspectives and Cow Token Again
- What Decentralised Tokenisation is Not
No Access
Chapter 8: Cryptocurrency: A New Investment Opportunity?
- Pages:225–276
https://doi.org/10.1142/9789811230462_0008
Preview Abstract
The following sections are included:
- Cryptocurrency Rise: Bitcoin to Ethereum
- Stablecoin: Libra is a Fine Balance
- Central Bank Digital Currency: The New Money
No Access
Chapter 9: Technology Risk Management in Our Digitalised World
- Pages:277–345
https://doi.org/10.1142/9789811230462_0009
Preview Abstract
The following sections are included:
- Technology Landscape, Geopolitics and the Imperative for Technology Risk Management (TRM)
- Core Banking System/Branch-based Centralisation
- Open Source
- Digital/Mobile Banking and Payment Solutions
- ABCD
- Distributed Ledger Technology (DLT)
- Smart Cognition
- The “Tech War”
- Importance of TRM
- Introduction to TRM
- Differences Among Information Security, Cyber Security, Data Privacy, and TRM
- Singapore: MAS Regulatory Framework
- MAS Notice 644
- Other Associated Guidelines
- Hong Kong: TRM and Data Privacy Regulatory Framework
- European Union: TRM and Data Privacy Regulatory Framework
- United States: TRM and Data Privacy Regulatory Framework
- Real-life Examples of TRM Incidents and Cyberattacks
- [US] Sony Pictures attack and Bangladesh Bank heist
- [US] Equifax data breach
- [SG] SCB/Fuji Xerox attack
- [SG] SingHealth data breach
- TRM Incidents and Their Associated Reforms
- Singapore TRM incidents and their associated reforms
- Key Categories of TRM
- COBIT
- ITIL
- OWASP
- ISACA Risk IT framework
- TRM in the Singapore Context
- TRM in the Hong Kong Context
No Access
Chapter 10: TRM Theoretical and Organisational Approaches
- Pages:347–406
https://doi.org/10.1142/9789811230462_0010
Preview Abstract
The following sections are included:
- Key Tech Risk Management and Assessment Approaches
- Regulatory Compliance and Governance Framework
- FI needs comply with the regulations in the jurisdictions that it operates in
- What makes it an effective governance framework?
- Establishing Appropriate Controls
- What are appropriate controls?
- Layering layers of defence
- Risk Assessment Framework
- Conducting Risk Assessment and Prioritising Remediation
- How to conduct risk assessment
- How to prioritise
- Monitoring Controls’ Effectiveness
- Control quality changing over time
- Control effectiveness of technology-based or software controls
- Control effectiveness of human-based or manual controls
- Horizon Scanning
- RAHS
- CSA Singapore
- CISA
- MITRE: CWE vs. CVE
- Microsoft Threat & Vulnerability Management (TVM)
- Alphabet Inc
- Tencent(腾讯)
- Securing the Organisation
- Conceptual framework and school of thoughts — perimeter security vs. zero-trust architecture
- TRM in Chinese fintech (Alibaba)
- Risk management in US fintechs (AWS)
- AWS in Singapore
- The need for trade-off and how to trade off the different risks and priorities
- Communicating and Securing Resources from Management/Board to Address Priorities
- Conclusions
No Access
Chapter 11: Blockchain and the Past, the Future and Singapore
- Pages:407–431
https://doi.org/10.1142/9789811230462_0011
Preview Abstract
The following sections are included:
- Singapore’s Fintech Journey
- Singapore–Hong Kong, ASEAN–China
- Regulation and Governance Matter: AFC and GFC
- DBS: Digital Transformation to Digital Bank of Singapore
- David Lee’s Thoughts on Singapore Fintech
No Access
Chapter 12: Legal and Regulation Considerations for Fintech and Blockchain
- Pages:433–467
https://doi.org/10.1142/9789811230462_0012
Preview Abstract
The following sections are included:
- Blockchain Market and Business Model Overview
- Evolution of the blockchain market
- Business models
- Regulation in General
- Regulatory overview
- International standards
- Regulatory bodies
- Self-regulatory organisations
- Judicial decisions and litigation
- Enforcement actions
- Regulatory sandbox
- Tax regime
- Other government initiatives
- Cryptocurrencies and Other Digital Assets
- Ownership
- Categorisation
- Stablecoins
- Use of digital assets
- Non-fungible tokens
- Exchanges, Markets, and Wallet Providers
- Types of markets
- On-ramps and off-ramps
- KYC/AML
- Regulation of markets
- Re-hypothecation of assets
- Wallet providers
- Capital Markets and Fundraising
- Initial coin offerings
- Initial exchange offerings
- Smart Contracts
- Enforceability
- Developer liability
- Lending, Custody, and Secured Transactions
- Decentralised finance
- Security
- Custody
- Data Privacy and Protection
- Mining and Staking
- Mining
- Staking
- Legal Risks Beneath Blockchain-enabled Smart Contracts
- Abstract
- Introduction
- Mechanics of blockchain
- Smart contracts and associated risks
- Interpretation of smart contracts
- Oracles
- Jurisdiction and governing law
- Singapore’s approach to blockchain regulation
- Conclusion
No Access
Chapter 13: ASEAN and Blockchain
- Pages:469–478
https://doi.org/10.1142/9789811230462_0013
Preview Abstract
The following sections are included:
- The ASEAN Potential
- Lead, Lag, or Leapfrog?
- Fintech Promise
- Common regulation
- Common digital currency
- Trade and trade finance
- Sustainable finance and inclusivity
- Singapore’s Role as ASEAN’s Fintech Hub
No Access
Chapter 14: Trade War and Conclusion
- Pages:479–499
https://doi.org/10.1142/9789811230462_0014
Preview Abstract
The following sections are included:
- US and China
- Huawei Episode
- Gree
- MI under the “Internet+” era
- Huawei’s continuous transition
- Singapore: Opportunity from the Trade War
- Conclusion
Free Access
BACK MATTER
- Pages:501–504
https://doi.org/10.1142/9789811230462_bmatter
Preview Abstract
The following section is included:
- Index
David LEE Kuo Chuen is a Professor of Fintech and Blockchain at the Singapore University of Social Sciences (SUSS), a Distinguished Professor at Shanghai University of Finance and Economics, an Adjunct Professor at the National University of Singapore (NUS), a founding Council Member of the British Blockchain Association, and Editor-in-Chief or Deputy Editor-in-Chief of the Journal of Fintech and Annual Review of Fintech.
Meanwhile, Professor Lee is also an internationally renowned scholar and industry opinion leader in the field of blockchain, an expert in the development of Web3 and Artificial Intelligence (AI) application scenarios, the Chairman of the Global FinTech Institute (GFI), a co-founder of the Singapore Blockchain Association, a co-founder of the Blockchain Security Alliance and Global Web3 Association, a CBDC advisor to the Asian Development Bank, Vice President of the Economic Society of Singapore (ESS), a cryptocurrency advisor to the Asian Institute of Digital Finance (AIDF) of NUS, an advisor to the SUSS Node for inclusive FinTech (NiFT), an independent director of several listed companies in Singapore, an angel investor in blockchain, Web3, inclusive finance and AI innovation, a senior advisor and Investment Committee member of Artichoke Capital which is backed by institutional limited partners, including sovereign wealth and family office funds.
Professor Lee previously served as a Senior Advisor to the Provost of Singapore Management University (SMU), Director of the Sim Kee Boon Institute for Financial Economic (SKBI) in Singapore, a member of the Research Council of the Monetary Authority of Singapore (MAS), a member of the Technical Advisory Committee of Ping An OneConnect, an independent director of Lu Global in Singapore, and long taught at the Mayor's Class in Singapore. In addition, Professor Lee served as an international consultant to the Distributed Trust Research Project at Stanford University, Group MD of listed companies OUE Enterprise and Auric Pacific, a Fellow at Harvard University – National University of Singapore (1991–1993), a Fulbright Scholar at Stanford University in 2015, the founder of hedge fund Ferrell Asset Management, and the founder of real estate developer Ferrell Residences.
Dr Linda LOW is an Associate Professor at the Singapore University of Social Sciences. She started out working at the Ministry of Finance, Singapore doing tax research before joining the National University of Singapore, and then became a Senior Research Fellow at the Institute of Southeast Asian Studies (now Yusof Ishak Institute, Singapore). For eight years, she was the Head of Strategic Planning in Abu Dhabi Government (United Arab Emirates, UAE) and Senior Economic Adviser for Abu Dhabi Council for Economic Development as well as Adjunct Professor at UAE University and UAE Higher Colleges for Technology. Her research includes public sector economics and public policy, public enterprises and privatisation, social security and retirement, ageing, health economics, human resources development and manpower policies, international trade and regionalism, international political economy and development economics, with publications in Asia-Pacific, Association of Southeast Asian Nations (ASEAN) and Gulf Cooperation Council (GCC). She works with the Asia-Pacific Economic Cooperation (APEC) and Asia-Pacific Economic Cooperation Council (PECC). She also collaborates with National Trades Union Congress (NTUC) and Singapore Civil Service College for skills training.
Dr Joseph LIM is with the Singapore University of Social Sciences where he teaches Finance. He has also taught at the National University of Singapore and the Singapore Management University as an adjunct and full time professor. Joseph obtained his MBA from Columbia University and PhD from New York University. In between his stints in academia, he worked in various advisory positions in the areas of private equity and valuation. Joseph, who is a CFA charter holder, has served in various committees at the CFA Institute and as President of CFA Singapore. In addition, he was on the board and committees of various investment industry associations. In the non-profit sector, he was on the board of a pension fund and several endowment funds. He is a co-author of several popular college Finance textbooks.
Dr Carmen SHIH Chia Mei is a Senior Lecturer at the Singapore University of Social Sciences. She worked as a financial analyst at Citibank, Singapore before graduating from Nanyang Technological University with a PhD degree in finance. Prior to joining SUSS, she was a research assistant professor at the Central University of Finance and Economics in China. Her research interests include the applications of blockchain technology such as smart contracts to corporate finance. She has several publications in peer-reviewed journals such as Financial Management and Asia-Pacific Journal of Financial Studies.
Sample Chapter(s)
Chapter 1: Introduction
