The digital revolution is in full bloom and technology is being used to solve the world’s most challenging problems, yet traditional banking excludes many of the world’s poorest from taking advantage of the full fruits of the financial system. Especially in developing countries, implementing mobile financial systems can speed financial inclusion and spur economic growth. There is space for regulatory reform that addresses concerns with data security and consumer privacy yet does not stifle innovation. Throughout history, resistance to innovation has generally proved futile, and countries that refuse to change risk missing opportunities.
24 Stan. J.L. Bus. & Fin ____ (2017 Forthcoming)