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Central Bank Digital Currency and Fintech in Asia

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Central Bank Digital Currency and Fintech in Asia CENTRAL BANK DIGITAL CURRENCY AND FINTECH IN ASIA Edited by Marlene Amstad, Bihong Huang, Peter J. Morgan, and Sayuri Shirai ASIAN DEVELOPMENT BANK INSTITUTE CENTRAL BANK DIGITAL CURRENCY AND FINTECH IN ASIA Edited by Marlene Amstad, Bihong Huang, Peter J. Morgan, and Sayuri Shirai ASIAN DEVELOPMENT BANK INSTITUTE © 2019 Asian Development Bank Institute All rights reserved. First printed in 2019. ISBN 978-4-89974-213-5 (Print) ISBN 978-4-89974-214-2 (PDF) The views in this publication do not necessarily reflect the views and policies of the Asian Development Bank Institute (ADBI), its Advisory Council, ADB’s Board or Governors, or the governments of ADB members. ADBI does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. ADBI uses proper ADB member names and abbreviations throughout and any variation or inaccuracy, including in citations and references, should be read as referring to the correct name. By making any designation of or reference to a particular territory or geographic area, or by using the term “recognize,” “country,” or other geographical names in this publication, ADBI does not intend to make any judgments as to the legal or other status of any territory or area. Users are restricted from reselling, redistributing, or creating derivative works without the express, written consent of ADBI. ADB recognizes “China” as the People’s Republic of China. Note: In this publication, “$” refers to US dollars. Asian Development Bank Institute Kasumigaseki Building 8F 3-2-5, Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan www.adbi.org Contents Tables, Figures, and Boxes vii Foreword xi List of Contributors xiii 1 Introduction and Overview 1 by Marlene Amstad, Bihong Huang, Peter J. Morgan, and Sayuri Shirai 1.1 Introduction 1 1.2 Fintech and Financial Inclusion 1 1.3 The Challenges for Central Banks and Regulators 2 1.4 Chapter Summaries 3 PART 1 Digital Currency and Fintech Principles and Foundations 9 2 Money and Central Bank Digital Currency 11 by Sayuri Shirai 2.1 Introduction 11 2.2 Central Bank Money Performance 13 2.3 Private Sector Money Performance 19 2.4 Central Bank Digital Currency Proposals and Prospects 27 2.5 Conclusions 39 3 Regulating Fintech: Objectives, Principles, and Practices 42 by Marlene Amstad 3.1 Introduction 42 3.2 Objectives 43 3.3 Principle-based Regulation 48 3.4 Regulatory Practices in Fintech: A Synopsis 51 3.5 Conclusion 57 iii iv Contents 4 SME Finance in Asia: Recent Innovations in 61 Fintech Credit, Trade Finance, and Beyond by Giulio Cornelli, Vukile Davidson, Jon Frost, Leonardo Gambacorta, and Kyoko Oishi 4.1 The Importance of SME Finance in Asia 61 4.2 Fintech Credit and SME Financing 63 4.3 Conclusion 72 5 The Digital Revolution in Asia 75 and Its Macroeconomic Effects by Tahsin Saadi Sedik, Sally Chen, Tarhan Feyzioglu, Manuk Ghazanchyan, Souvik Gupta, Sarwat Jahan, Juan Manuel Jauregui, Tidiane Kinda, Vipichbolreach Long, Elena Loukoianova, Alexandros Mourmouras, Masahiro Nozaki, Simon Paroutzoglou, Cormac Sullivan, Jiae Yoo, and Longmei Zhang 5.1 Introduction and Main Findings 75 5.2 Asia’s Digital Landscape 79 5.3 Asia’s Growth: From Perspiration to Digital Inspiration 87 5.4 Automation and the Future of Work in Asia 91 5.5 E-Commerce as a New Engine for Growth 95 5.6 Digitalization of Finance in Asia 100 5.7 Digitalization to Strengthen Public Finance 103 5.8 The Role of Policies 108 6 Money and Finance in the Digital Age: 114 Some New Developments by Feng Zhu 6.1 Introduction 114 6.2 Digital Finance 115 6.3 Digital Money 124 6.4 Conclusion 136 Contents v PART 2 Digital Currency and Fintech Applications in Asia and the Pacific 139 7 Fintech and Central Bank Digital Currency in Australia 141 by David Emery 7.1 Introduction 141 7.2 Fintech in Australia 141 7.3 Central Bank Digital Currency in Australia 145 7.4 Concluding Comments 151 8 Regulating Fintech for Sustainable Development 153 in the People’s Republic of China by Zhong Xu and Ruihui Xu 8.1 Introduction 153 8.2 Fintech Landscape in the PRC 154 8.3 Fintech Regulation Framework in the PRC 158 8.4 The PRC’s Fintech Regulatory Measures 161 8.5 Ensuring Healthy and Sustainable Development of Fintech 172 in the PRC 8.6 Digital Currency in the PRC 176 9 Fintech Development in Hong Kong, China 180 by Yvonne Tsui, Hongyi Chen, Chris Ip, and Bernia Lee 9.1 Introduction 180 9.2 Fintech Facilitation Office 180 9.3 Seven Smart Banking Initiatives 181 9.4 Major Achievements 181 9.5 Other Fintech Initiatives 183 9.6 Conclusion 187 10 Fintech Development and Regulatory Frameworks 190 in Indonesia by Sukarela Batunanggar 10.1 Background 190 10.2 Indonesia: Key Opportunities and Challenges 191 10.3 Fintech in Indonesia 192 10.4 Fintech Regulatory Framework in Indonesia 199 10.5 Policy Direction 204 vi Contents 11 Project Stella and the Impacts of Fintech 206 on Financial Infrastructures in Japan by Michinobu Kishi 11.1 Introduction 206 11.2 Engagement of the Bank of Japan 207 in the Promotion of Fintech 11.3 Project Stella 208 11.4 Conclusion 215 Appendix: Process Flow for Cross-ledger DVP with HTLC 217 12 Fintech, Cryptoassets, and Central Bank Digital Currency 223 in the Republic of Korea by Ohik Kwon, Jongik Park, and Byoung-Ki Kim 12.1 Introduction 223 12.2 Fintech 224 12.3 Cryptoassets 227 12.4 Central Bank Digital Currency 232 12.5 Concluding Remarks 234 13 Project Inthanon and the Project DLT Scripless Bond 236 by Chananun Supadulya, Kasidit Tansanguan, Vijak Sethaput, Wipat Wattanasiriwiroj, and Kantitat Areechitranusorn 13.1 Introduction 236 13.2 Project Inthanon 237 13.3 Project DLT Scripless Bond 244 13.4 Conclusion 249 ANNEX: Central Bank Digital Currency: 251 A Historical Perspective by Yuksel Gormez A.1 Money: A Primitive Introduction 251 A.2 What Backs Fiat Money (Spectrum of Money) 254 A.3 The Long Discussion of What Is Electronic Money 261 A.4 Central Bank Digital Currency 264 A.5 Conclusions and Recommendations 270 Tables, Figures, and Boxes TABLES 2.1 Main Features of Central Bank Money and Private Sector Money 14 2.2 Cash in Circulation in Selected Economies 30 2.3 Features of Central Bank Digital Currency Proposals 33 3.1 Selected Features of Dedicated Fintech Credit Policy Frameworks 56 4.1 SMEs in Asia are Highly Significant Contributors to the Economy 62 4.2 Trade Finance to SMEs Has Particular Importance in Asia 69 8.1 Leading Fintech Companies and Primary Fintech Areas in the PRC 156 8.2 PRC Fintech Regulators 159 8.3 P2P Regulations 162 8.4 Regulations on Online Payments 166 11.1 Comparison between Single-ledger DVP and Cross-ledger DVP 214 with HTLC A.1 Company Size and the Impact of Innovation Capacity 260 FIGURES 2.1 Classification of Money 12 2.2 Cash in Circulation in Developed Economies 16 2.3 Reserve Deposits in Developed Economies 17 2.4 Cash in Circulation in the People’s Republic of China and India 18 2.5 Reserve Deposits in the People’s Republic of China and India 19 2.6 Private Sector Bank Deposits in Developed Economies 22 2.7 Deposit Account Ownership 23 2.8 Private Sector Bank Deposits in the People’s Republic of China 24 and India 2.9 Deposit Account Ownership 24 2.10 Central Bank Digital Currency Proposals 28 vii viii Tables, Figures, and Boxes 3.1 A Synopsis for Regulatory Options in Fintech 51 3.2 Regulatory Answers 56 4.1 Global Volume of New Fintech and Big Tech Credit Has Grown 64 through 2017 4.2 Total Fintech Credit Varied by Economy in 2017 65 4.3 Credit Assessment for SMEs and Big Data Analytics 67 4.4 Equity Crowdfunding and Initial Coin Offering Volumes 71 5.1 ICT Sector as a Share of GDP, 2015 81 5.2 Exports of ICT Goods and Services 81 5.3 GDP per Capita and Digital Use 82 5.4 Worldwide Destination of Industrial Robots by Region 83 5.5 Robot Density in Manufacturing, 2016 84 5.6 Share of Population That Made or Received Digital Payments in 2016 85 5.7 E-Commerce Sales, 2016 85 5.8 Digital Government across Regions 86 5.9 Specialization in ICT-related Patents, 2012–2015 87 5.10 Share of ICT Researchers 89 5.11 Sources of Economic Growth, 1995–2016 90 5.12 Estimated Effect on Employment Growth, 2010–2014 93 5.13 Labor Productivity 97 5.14 Estimated Impacts of E-Commerce Participation 98 on Productivity and Exports 5.15 Change in Share of Population Using Digital Payments, 2014–2017 101 5.16 Technological Development and Financial Inclusion 101 5.17 Leapfrogging and Financial Infrastructure 103 5.18 Potential Import-VAT Revenue Gains from 105 Closing Half the Distance to the Digitalization Frontier, 2016 5.19 Potential Import-VAT Revenue Gains in Asia from 105 Closing Half the Distance to the Digitalization Frontier, 2016 6.1 Rapid Growth of Fintech Credit 116 6.2 Fintech Credit Characteristics Differ across Countries 118 6.3 Peer-to-Peer Lending in the PRC 119 6.4 Energy Consumption and Scaling Issues 126 Tables, Figures, and Boxes ix 6.5 Transaction Fees Over Time and in Relation to Transaction Throughput 128 6.6 Volatility of Select Cryptocurrencies and Number of Cryptocurrencies 130 7.1 NPP Infrastructure and Payment Processing 143 7.2 Use of Fast Payments Systems 144 7.3 New Payments Platform: Daily Average Number and 144 Value of Transactions 7.4 Transactions per Capita 145 7.5 ATM Cash Withdrawals 146 7.6 Consumer Payments Surveys: Number of Cash Transactions 146 7.7 Trends in Cash Use and Currency to GDP 148 7.8 Value of Banknotes in Circulation 151 8.1 P2P Risk in the PRC (January 2014–August 2019) 163 8.2 Scale of Third-party Internet Payments and Third-party Mobile 165 Payments in the PRC
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