This article focuses on the rise of FinTech over the past 10 years, particularly with respect to the role of technology-based platforms in the provision of credit. In this specific context, peer-to-peer (P2P) lending has acquired an increasing importance, with a larger share of loans having been originated through P2P platforms instead of traditional banking channels. This trend has been welcomed by policy makers as a move towards alternative market-based finance, which should contribute to better risk diversification by moving risks away from systemic financial institutions. At the same time, this shift presents a number of regulatory questions that have remained largely unexplored. This is so because the nature and role of P2P platforms have remained loosely defined, which means that it has been difficult to identify relevant regulatory challenges emerging from these channels of finance. This research tackles two interrelated questions. First, it addresses the conceptual redefinition of financial intermediation. This enables understanding of the function of P2P platforms, and whether they have supplemented the intermediation role traditionally conducted by banks. Secondly, it explores the risks that arise in connection with P2P lending channels. This second enquiry highlights outstanding policy and regulatory issues that have remained unexplored or downplayed in current debates.

中文翻译：

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金融科技时代的金融中介：P2P借贷与银行业的再造

本文重点关注过去 10 年金融科技的兴起，特别是关于基于技术的平台在提供信贷中的作用。在这种特定背景下，点对点（P2P）贷款变得越来越重要，更大比例的贷款来自 P2P 平台，而不是传统的银行渠道。这一趋势受到政策制定者的欢迎，因为它向替代性市场融资迈进，这应该有助于通过将风险从系统性金融机构中转移来更好地分散风险。同时，这种转变也带来了许多尚未被探索的监管问题。之所以如此，是因为 P2P 平台的性质和角色仍然定义松散，这意味着很难确定这些融资渠道中出现的相关监管挑战。这项研究解决了两个相互关联的问题。首先，它解决了金融中介的概念重新定义。这有助于了解 P2P 平台的功能，以及它们是否补充了传统上由银行承担的中介角色。其次，探讨了与 P2P 借贷渠道相关的风险。第二次调查突出了在当前辩论中仍未探索或淡化的突出政策和监管问题。以及它们是否补充了传统上由银行承担的中介角色。其次，探讨了与 P2P 借贷渠道相关的风险。第二次调查突出了在当前辩论中仍未探索或淡化的突出政策和监管问题。以及它们是否补充了传统上由银行承担的中介角色。其次，探讨了与 P2P 借贷渠道相关的风险。第二次调查突出了在当前辩论中仍未探索或淡化的突出政策和监管问题。