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Central Bank Digital Currency and Fintech in Asia

Publication | November 2019
Central Bank Digital Currency and Fintech in Asia

The development of financial technology has already radically altered the landscape of the financial system in Asia and promises to have an even greater impact in coming years.

This book provides a comprehensive introduction to the principles and developments regarding central bank digital currency and fintech.

The first part of the book covers the theory of central bank digital currency, regulatory aspects, economic digitalization, and the role of fintech in advancing financial inclusion for small and medium-sized enterprises. In the second part, selected case studies offer an in-depth overview of recent fintech-related developments in major Asian economies, including Australia; the People’s Republic of China; Hong Kong, China; Indonesia; Japan; the Republic of Korea; and Thailand.


  • Foreword by Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy, Harvard University
  • 1. Introduction and Overview by Marlene Amstad, Bihong Huang, Peter J. Morgan, and Sayuri Shirai
  • Part I: Digital Currency and Fintech Principles and Foundations
  • 2. Money and Central Bank Digital Currency by Sayuri Shirai
  • 3. Regulating Fintech: Objectives, Principles, and Practices by Marlene Amstad
  • 4. SME Finance in Asia: Recent Innovations in Fintech Credit, Trade Finance, and Beyond by Giulio Cornelli, Vukile Davidson, Jon Frost, Leonardo Gambacorta, and Kyoko Oishi
  • 5. The Digital Revolution in Asia and Its Macroeconomic Effects by Tahsin Saadi Sedik, Sally Chen, Tarhan Feyzioglu, Manuk Ghazanchyan, Souvik Gupta, Sarwat Jahan, Juan Manuel Jauregui, Tidiane Kinda, Vipichbolreach Long, Elena Loukoianova, Alexandros Mourmouras, Masahiro Nozaki, Simon Paroutzoglou, Cormac Sullivan, Jiae Yoo, and Longmei Zhang
  • 6. Money and Finance in the Digital Age: Some New Developments by Feng Zhu
  • Part II: Digital Currency and Fintech Applications in Asia and the Pacific
  • 7. Fintech and Central Bank Digital Currency in Australia by David Emery
  • 8. Regulating Fintech for Sustainable Development in the People’s Republic of China by Zhong Xu and Ruihui Xu
  • 9. Fintech Development in Hong Kong, China by Yvonne Tsui, Hongyi Chen, Chris Ip, and Bernia Lee
  • 10. Fintech Development and Regulator Frameworks in Indonesia by Sukarela Batunanggar
  • 11. Project Stella and the Impacts of Fintech on Financial Infrastructures in Japan by Michinobu Kishi
  • 12. Fintech, Cryptoassets, and Central Bank Digital Currency in the Republic of Korea by Ohik Kwon, Jongik Park, and Byoung-Ki Kim
  • 13. Project Inthanon and the Project DLT Scripless Bond by Chananun Supadulya, Kasidit Tansanguan, Vijak Sethaput, Wipat Wattanasiriwiroj, and Kantitat Areechitranusorn
  • Annex: Central Bank Digital Currency: A Historical Perspective by Yuksel Gormez