In this in-depth report, we go beyond our initial alert to assess a sweeping new paper from the Financial Stability Board on what it now calls “decentralized” financial technology.  These are technologies (e.g., blockchain) or products (e.g., new payment services, P2P lending, trade finance) in which one or more traditional financial intermediaries is sidelined or even eliminated.  The paper also anticipates the impact of changing fintech and product configurations to study risks to businesses such as custody banking, corporate lending, and cross-border payments (a particularly interesting case in light of Facebook’s reported crypto-remittance plans).

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