Abstract
Fintech is portrayed as being conducive to financial stability (making the financial system more stable) and financial inclusion (bringing the unbanked and under-banked into the world of finance). The implications of fintech for financial stability and inclusion are important for assessing the costs and benefits of fintech and for the question of how far and in what way the fintech industry should be regulated. Fintech enthusiasts reject any proposition that it is likely to aggravate instability and inclusion and exaggerate the benefits of fintech in this respect. Fintech comes with risks and adverse side-effects, including system failure, personal data mining, hacking, identity theft, aggressive digital credit offers, cyber-security, data privacy, overpricing, over-lending, and fraud.
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