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    1.2 FinTech Evolution 1.0 Infrastructure

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    Mohiuddin
    The document discusses the long history of the relationship between finance and technology, tracing it back thousands of years to early systems of keeping financial records, coins, and paper money. A major milestone was the establishment of the first transatlantic telegraph cable in 1867, enabling instant communication between financial centers and fueling the first era of financial and economic globalization, analogous to the current period of globalization enabled by modern technology and the internet. Significant advances in computer technology during World War 2 to break codes eventually led to modern artificial intelligence and laid the groundwork for today's financial technology developments.

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    1.2 FinTech Evolution 1.0 Infrastructure

    Uploaded by

    Mohiuddin
    50 views5 pages
    The document discusses the long history of the relationship between finance and technology, tracing it back thousands of years to early systems of keeping financial records, coins, and paper money. A major milestone was the establishment of the first transatlantic telegraph cable in 1867, enabling instant communication between financial centers and fueling the first era of financial and economic globalization, analogous to the current period of globalization enabled by modern technology and the internet. Significant advances in computer technology during World War 2 to break codes eventually led to modern artificial intelligence and laid the groundwork for today's financial technology developments.

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    The document discusses the long history of the relationship between finance and technology, tracing it back thousands of years to early systems of keeping financial records, coins, and paper money. A major milestone was the establishment of the first transatlantic telegraph cable in 1867, enabling instant communication between financial centers and fueling the first era of financial and economic globalization, analogous to the current period of globalization enabled by modern technology and the internet. Significant advances in computer technology during World War 2 to break codes eventually led to modern artificial intelligence and laid the groundwork for today's financial technology developments.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    50 views5 pages

    1.2 FinTech Evolution 1.0 Infrastructure

    Uploaded by

    Mohiuddin
    The document discusses the long history of the relationship between finance and technology, tracing it back thousands of years to early systems of keeping financial records, coins, and paper money. A major milestone was the establishment of the first transatlantic telegraph cable in 1867, enabling instant communication between financial centers and fueling the first era of financial and economic globalization, analogous to the current period of globalization enabled by modern technology and the internet. Significant advances in computer technology during World War 2 to break codes eventually led to modern artificial intelligence and laid the groundwork for today's financial technology developments.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Video Texts

    1. Finance and technology

    2. have been inextricably intertwined

    3. since the very beginning.

    4. If we look at the earliest days of finance

    5. dating back thousands of years ago,

    6. the initial impact of technology

    7. was in the context of building systems

    8. of keeping records of government finances

    9. or payments for taxes

    10. and agricultural production

    11. or building facilities

    12. and one of the first physical technologies

    13. to develop was money

    14. the simple coin

    15. or thousands of years later,

    16. not long after 1000 A.D.,

    17. paper money.

    18. Money is a form of technology

    19. that allows us to physically handle

    20. the ideas embedded in finance.

    21. So, if we think about financial technology,

    22. the history is very, very long indeed

    23. and in addition to coins,

    24. paper money, systems of writing

    25. or accounting,

    26. major points include the evolution


    27. of the joint stock company

    28. or the corporation,

    29. forms of financing like banking,

    30. or more recently, stocks, bonds,

    31. things that we would call

    32. securities or derivatives.

    33. Derivatives are financial instruments

    34. whose value derives

    35. from some underlying financial instrument

    36. but if we think of today's fintech,

    37. the modern period of fintech

    38. and financial technology

    39. begins around 150 years ago

    40. and we generally mark the date as 1867.

    41. Why 1867?

    42. 1867 was the date of the establishment

    43. of the first transatlantic telegraph cable.

    44. That transatlantic telegraph cable

    45. made instantaneous communication

    46. between the major markets

    47. of New York and London,

    48. or London and Paris,

    49. or even eventually several decades later,

    50. Shanghai, or Hong Hong, and London possible.

    51. This was the basic infrastructure

    52. that underlies all of today's

    53. not only financial technology

    54. but much of today's communications


    55. and media developments as well

    56. and it's somewhat ironic

    57. that in the past five years

    58. more undersea cable has been laid

    59. than in the entire previous 150 years combined.

    60. Why?

    61. Because more physical cables are necessary

    62. to handle the ever greater flows of data

    63. speeding around the world

    64. and underpinning

    65. the development of finance.

    66. Many would say

    67. that the period from the 1860s

    68. up to the start of the First World War

    69. was a first period of

    70. financial and economic globalisation

    71. much like the past 30 years or so from today.

    72. That period of

    73. financial and economic globalisation

    74. was underpinned by technological infrastructure

    75. like the transatlantic telegraph cable

    76. which in fact has been called

    77. the Victorian internet.

    78. Now, if we think about

    79. technological developments

    80. in financial services,

    81. probably our next significant milestone

    82. really comes during the Second War World.


    83. During the Second World War,

    84. significant effort spent particularly

    85. in the context of developing codes

    86. for secure communications

    87. particularly of military and intelligence operations

    88. as well as, significant efforts

    89. to develop systems to break those codes

    90. and it was this process of encoding

    91. and breaking codes that led

    92. to come of the groundbreaking thinking

    93. in computer technology

    94. and in fact,

    95. eventually in artificial intelligence or AI

    96. which is one of the most exciting developments

    97. happening in financial technology today.

    98. But it wasn't until the period

    99. after the Second War World

    100. as the world economy is rebuilding

    101. that we begin to see progressive development

    102. of those early computer technologies

    103. to eventually lay the ground work

    104. for the sorts of fintech

    105. and regtech developments

    106. which we see today.

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