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Fintech and Financial Innovation

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Fintech and Financial Innovation Practice Overview Fintech and Financial Innovation About Fintech Mayer Brown brings together an integrated multipractice team to support clients with transactions, disputes and regulatory matters that involve the use of new technologies to deliver financial services in new ways. Table of Contents Case Studies Digital Thought Leadership Representative Matters • Lending/Marketplace • Blockchain/Cryptocurrencies • Regtech • Personal Finance/ Financial Management/ Wealth Tech • Payments/Billing/Money Transfer • Capital Markets Tech • Insurtech • Mortgage Tech Accolades Service Areas Cybersecurity, data Product design, protection, data privacy, regulatory approvals and and data breach response ongoing regulatory advice and remediation related to fintech products and platforms Investment vehicle and product structuring and Investments, licensing fund formation arrangements, (public and private) collaborations and acquisitions of fintech Intellectual products and platforms property protection Software development, Digital services, licensing and integration outsourcing and critical third-party service- Portfolio acquisitions, provider relationships servicing, financing, securitization and Anti-money laundering divestitures (AML) and sanctions compliance Commercial, consumer and regulatory litigation and dispute resolution MAYER BROWN | 1 CASE STUDY National Bank of Canada (NBC) Tests Blockchain Technology with NBC Debt Issuance in the US Financial Markets FINTECH SERVICE Mayer Brown advised National blockchain debt issuance AREA Bank of Canada in the issuance of application is designed to BLOCKCHAIN a $150m, one-year floating-rate incorporate functions across the Yankee certificate of deposit, with entire debt instrument transaction GEOGRAPHIES a parallel simulation of the lifecycle, including origination, AND issuance using blockchain distribution, execution, settlement, GOVERNMENT technology. The blockchain test interest rate payments and AGENCIES involved the parties mirroring the maturity repayments. This unique INVOLVED execution of the actual transaction collaboration between leading UNITED STATES through a debt issuance market participants is an important application developed by J.P. milestone in progressing CANADA Morgan that runs on Quorum, an blockchain technology toward real open-sourced variant of the financial markets applications. Ethereum blockchain, specifically designed to meet the needs of financial markets participants. The 2 | Fintech CASE STUDY HSBC - “Know Your Client” Software Solution FINTECH SERVICE In recent years, regulators have potential clients. The technology AREAS imposed multibillion-dollar fines was created for and is owned by ARTIFICIAL on lenders related to “Know Your HSBC and will be developed and INTELLIGENCE (AI), Client” (KYC) compliance. This marketed to banks and other MACHINE LEARNING has resulted in banks investing financial services companies (ML) AND ROBOTIC more resources in their KYC through a joint venture with an PROCESS compliance systems. outsourcing company, EXL. AUTOMATION (RPA) Mayer Brown advised HSBC on Mayer Brown advised HSBC on a the terms of the collaboration project to sell and monetize a GEOGRAPHIES agreement with EXL to develop KYC software solution. The AND and bring the tool to market and GOVERNMENT solution combines robotic to document the share of AGENCY process automation and machine revenues earned by HSBC based INVOLVED learning technologies to on the uptake and success of the significantly reduce the time it UNITED KINGDOM technology. takes to verify the identity of MAYER BROWN | 3 CASE STUDY Wesurance Delivers First Mobile Platform for Insurance and Claims FINTECH SERVICE Mayer Brown facilitated the photo of their HKID card followed AREAS cooperation between Hong by a “selfie” to accurately verify ARTIFICIAL Kong-based insurtech startup identity. This is the first insurance INTELLIGENCE (AI), Wesurance Limited and Allied application featuring AI and eKYC ELECTRONIC KNOW- World Assurance Company for capabilities in Hong Kong. We YOUR-CUSTOMER selling travel insurance products advised Wesurance on insurance TECHNOLOGY (EKYC through a mobile application. law and regulations and the TECHNOLOGY), Wesurance incorporates eKYC and registration of an insurance agency INSURTECH facial recognition technology for license. We also advised on its faster and easier user verification, application flow, personal data and GEOGRAPHIES which is powered by TransUnion’s IP issues. AND IDVision solution. Users can take a GOVERNMENT AGENCY INVOLVED HONG KONG INSURANCE AUTHORITY 4 | Fintech CASE STUDY HSBC Launches MyDeal, an App for Bankers on Investor Roadshows FINTECH SERVICE Mayer Brown represented HSBC in Mayer Brown advised HSBC on the AREAS its negotiations on the design and terms under which IHS Markit CAPITAL MARKETS development agreement with IHS developed the fintech solution and TECH Markit to create MyDeal, a digital transferred the intellectual technology app and underlying property to HSBC. MyDeal GEOGRAPHIES platform that enables the bank’s provides HSBC bankers with real AND employees and clients to access time access to deal data and is GOVERNMENT transactional, logistical and other expected to simplify the capital AGENCY updates relating to investor raising process. INVOLVED roadshows during the capital UNITED KINGDOM market fundraising process. MAYER BROWN | 5 CASE STUDY Spokeo: Mayer Brown Prevails in Blockbuster Technology Dispute FINTECH SERVICE Mayer Brown represented agreed, holding (6-2) in May 2016 AREAS Spokeo, a “people-search that an injury must be “concrete”— LENDING/ engine” that aggregates and that is, “real” and not “abstract.” MARKETPLACE displays publicly available The impact was profound both in information about individuals, in a Silicon Valley and beyond. For PERSONAL FINANCE blockbuster technology dispute. Spokeo, the plaintiffs alleged that The plaintiff sued under the Fair ARTIFICIAL every person about whom a Credit Reporting Act (FCRA), INTELLIGENCE search would yield incorrect relying on Ninth Circuit authority information called for a $1,000 that allowed such lawsuits to GEOGRAPHIES penalty—and Spokeo has tens of AND proceed on the basis of a claimed thousands of searches a day, with GOVERNMENT technical legal violation, even if a potential exposure in the billions. AGENCY plaintiff suffered no actual harm. Enforcing FCRA’s technicalities INVOLVED Beginning in the district court, here might have risked facing Mayer Brown developed a UNITED STATES annihilating damages, even strategy to convince the Supreme SUPREME COURT though the plaintiff suffered no Court that such “no-harm” class genuine harm. Mayer Brown’s CFPB actions violate Article III of the advocacy of the “no-harm” theory FTC Constitution, building new produced a ruling that gives arguments that succeeded where companies facing class actions a others had failed. The justices potent weapon. 6 | Fintech CASE STUDY Development of the Faster Payment System (FPS) in Hong Kong FINTECH SERVICE Mayer Brown represented The number or email address as AREAS Hong Kong Association of Banks account proxy for the payee. It PAYMENTS/BILLING/ (HKAB) in relation to the supports both Hong Kong dollar MONEY TRANSFER development of the Faster and renminbi payments. It also Payment System (FPS) led by the supports the use of QR codes, GEOGRAPHIES AND Hong Kong Monetary Authority allowing merchants, especially GOVERNMENT (HKMA). Our work on behalf of small and medium-sized AGENCY INVOLVED HKAB included preparing the enterprises (SMEs), to use a single HONG KONG template services terms and QR code to accept different conditions for member banks’ payment schemes, instead of HONG KONG reference with respect to the having to display multiple QR MONETARY AUTHORITY provision of related services codes to their customers. All in all, (HKMA) provided by banks to clients. the FPS enables the public to transfer funds any time, anywhere The FPS addresses the increasing and across different banks or SVFs market need for more efficient with funds available almost retail payment services. The FPS immediately. The FPS is expected operates 24 hours a day, 7 days a not only to bring new week, and connects banks and opportunities to the retail payment stored value facility (SVF) industry, but also to promote operators on the same platform. It innovation in financial technology enables their customers to make and provide the public with a novel cross-bank/SVF payments easily, and much more convenient with the use of a mobile phone payment experience. MAYER BROWN | 7 GET A COPY OF THE BOOK GET A COPY OF THE BOOK Legal Perspectives for Thriving in an Age of Technology & Innovation Digital Transformation Legal Perspectives for Thriving in an Age of Technology & Innovation Digital Transformation Insights from Mayer Brown's Technology Transactions Practice Insights from Mayer Brown’s Technology Transactions Practice VIEW TECH TALKS VIDEOS HERE Mayer Brown’s Tech Talks Series 8 | Fintech VIEW THOUGHT LEADERSHIP FROM MAYER BROWN’S ARTIFICIAL INTELLIGENCE VIEW REPORT/LEGAL UPDATE HERE & FINANCIAL SERVICES SYMPOSIUM If Only: US Treasury Department Artificial Intelligence & Report Creates a Wish Tree of Financial Services Financial Reform for Fintech September 4, 2018 If Only: US Treasury Department Report Creates a Wish Tree of Financial Reform for Fintech with the core principles set forth in the Introduction Executive Order. While some of the Regardless of whether its recommendations recommendations require action by federal
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