ABSTRACT
One characteristic of the modern financial market is that information performs an important role regarding the rise of new players and concomitant regulatory issues. New players such as FinTech startups provide services or products based on their platform-based business model. Their emergence helps reduce transaction costs and facilitate the information flow. Against this backdrop, two issues persist—information asymmetry and anticompetition. For example, though FinTech startups help consumers make decisions by providing more information, these startups face market entry barriers. For instance, in the payment market, FinTech startups enable consumers to assess and compare financial services and products with the aid of technology. Nevertheless, as the payment market has historically been intertwined with financial institutions such as banks, those FinTech startups have difficulties entering the market and proffering their services. Accordingly, OB regulation has been introduced across jurisdictions to overcome the aforementioned issues.
