Description

Payment systems were once a sleepy backwater of financial services industries, but as payment services are transformed by globalization and technological innovation, they have attracted both political controversy and a new generation of entrepreneurs operating inside and outside of banks. This presentation will first review the factors precipitating rapid change in global and local markets for payment services, and then compare the roles of competition and regulation in promoting innovation through a series of case studies. A hybrid model of “smart governance” will be proposed as the appropriate strategic response by regulators to the emergence of global market architectures for payment systems and accelerating technological innovation. The presentation will conclude by considering whether MAS’s Smart Financial Centre policy is consistent with the notion of “smart governance.”

About The Speaker

Jane K. Winn is Charles I. Stone Professor of the University of Washington School of Law in Seattle, Washington and a faculty director of the Law, Technology and Arts Group (formerly Shidler Center for Law, Commerce & Technology). Winn is a leading international authority on the impact of globalization and technological innovation on contract and commercial law. She is a member of the American Law Institute and in 2008, she received a Fulbright Research Grant to study the development of e-commerce law in China. She has been a visiting faculty member at University of California-Berkeley, Peking University and Tsinghua University in China, Sciences Po (l’Institut d’études politiques de Paris) and Université Jean Moulin Lyon III in France, University of Melbourne in Australia, Chulalongkorn University in Thailand, and National Law University-Odisha in India. Her current research interests include electronic commerce law developments in the United States, the European Union, China and India, and her recent publications may be downloaded from http://ssrn.com/author=334081. She is coauthor of the treatise Law of Electronic Commerce and the casebook Electronic Commerce. A graduate of Queen Mary College, University of London and Harvard Law School, she taught at Dedman Law School, Southern Methodist University in Dallas, Texas from 1989-2002 before joining UW Law School.