Lending and borrowing: closely related to financial intermediation 3. Risk management: closely related to the insurance sector (“InsurTech”) 4. Market support: the “tech” part of FinTech can make simpler or more efficient processes 5. Investment management: E-trading, smart contracts; robo advice  Payments, transfers, clearing, and settlement. Mobile payments (either by banks or non-bank institutions), digital wallets, digital currencies and the use of distributed ledgers for payments infrastructures. These can contribute to the management of massive numbers of transactions as well as to the transfer and settlement of large sums among financial institutions. Lending and borrowing. The most common FinTech innovations in this area are crowdfunding and online P2P lending platforms. These applications are closely related to financial intermediation, a core and heavily regulated element of financial institutions. FinTech applications in this field are still a small fraction of overall credit but in some jurisdictions are growing very rapidly. Risk management. FinTech companies participating in the insurance sector (“InsurTech”) are getting traction in many jurisdictions. They have the potential to affect not only marketing and distribution of insurance, but also underwriting, pricing of risks and settlement claims3. Risk management also concerns the commitment and registration of guarantees and collateral in credit operations. Market support. The “tech” part of FinTech can provide simpler or more efficient processes such as ID verification, data storage and processing (cloud computing), or the execution of orders through smart contracts. The access and contestability of information is an important issue here. Investment management.

If drug lords continue to live well on their ill-gotten wealth, corrupt politicians continue to exert influence in the political arena, fraudulent bank executives continue to go unpunished with no loss of status, and stock price manipulators continue to get wealthier at the expense of other shareholders, people would ultimately feel that the society in which they live is unfair and unjust. This places a heavy toll on people's emotional resource and negatively affects their well-being. Thus, when economic or financial crimes are committed, it is imperative that prompt actions be taken against the perpetrators. Otherwise, people in the society would harbour negative feelings towards the government and the system. If left unchecked, their feelings of resentment and unfairness would accumulate and get bottled up. People would feel alienated, hating their own society and resenting the government. The feeling that one lives in a fair and just society is as important as, or even more important than the economic well-being. If the public feel void of this social well-being, they will feel thoroughly disheartened, unwilling to be good law-abiding citizens, unwilling to invest, unwilling to contribute to the society they live in. So, the question is how do we prevent this feeling from deepening such that it erodes the confidence and trust in the democracy and the government. What differentiates a "normal crime" from an "economic crime" is that the harmful consequences of a normal crime, which directly affects people's lives and properties, can be easily felt and observed.