Introduction: five vectors of FinTech disruption

Financial Technologies (FinTech) such as mobile payments, blockchain and artificial intelligence are transforming financial services by powering faster payments and new forms of money in both developed and developing countries. FinTech is not only disrupting finance, we contend, but also contemporary politics by spurring divergent policy responses to cryptocurrencies, stablecoins and Central Bank Digital Currencies (CBDCs) and extending Big Tech’s societal reach and market power. FinTech is often presented as a catalyst for financial inclusion, but it can be a vehicle for criminality and corruption, and has intersected with the rise of right-wing populism. In this introduction, we identify five vectors of FinTech disruption covering (1) the international monetary order, (2) political authority, (3) security and trust, (4) inclusion, development and growth, and (5) financial governance. FinTech can be a force for good, but, if left unchecked, it has the potential to create a new monetary disorder.