id	sid	tid	token	lemma	pos
elp-5371	1	1	economics	economic	NOUN
elp-5371	1	2	,	,	PUNCT
elp-5371	1	3	law	law	NOUN
elp-5371	1	4	and	and	CCONJ
elp-5371	1	5	policy	policy	NOUN
elp-5371	1	6	issn	issn	VERB
elp-5371	1	7	2576	2576	NUM
elp-5371	1	8	-	-	SYM
elp-5371	1	9	2060	2060	NUM
elp-5371	1	10	(	(	PUNCT
elp-5371	1	11	print	print	NOUN
elp-5371	1	12	)	)	PUNCT
elp-5371	1	13	issn	issn	PROPN
elp-5371	1	14	2576	2576	NUM
elp-5371	1	15	-	-	SYM
elp-5371	1	16	2052	2052	NUM
elp-5371	1	17	(	(	PUNCT
elp-5371	1	18	online	online	ADJ
elp-5371	1	19	)	)	PUNCT
elp-5371	1	20	vol	vol	NOUN
elp-5371	1	21	.	.	PROPN
elp-5371	2	1	5	5	NUM
elp-5371	2	2	,	,	PUNCT
elp-5371	2	3	no	no	INTJ
elp-5371	2	4	.	.	NOUN
elp-5371	2	5	2	2	NUM
elp-5371	2	6	,	,	PUNCT
elp-5371	2	7	2022	2022	NUM
elp-5371	2	8	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	2	9	28	28	NUM
elp-5371	2	10	original	original	ADJ
elp-5371	2	11	paper	paper	NOUN
elp-5371	2	12	crisis	crisis	NOUN
elp-5371	2	13	preparedness	preparedness	NOUN
elp-5371	2	14	in	in	ADP
elp-5371	2	15	the	the	DET
elp-5371	2	16	digital	digital	ADJ
elp-5371	2	17	world	world	NOUN
elp-5371	2	18	demet	demet	VERB
elp-5371	2	19	canakci	canakci	PROPN
elp-5371	2	20	1	1	NUM
elp-5371	2	21	*	*	PUNCT
elp-5371	2	22	&	&	CCONJ
elp-5371	2	23	geof	geof	PROPN
elp-5371	2	24	mortlock	mortlock	NOUN
elp-5371	2	25	2	2	NUM
elp-5371	2	26	1	1	NUM
elp-5371	2	27	program	program	NOUN
elp-5371	2	28	director	director	NOUN
elp-5371	2	29	,	,	PUNCT
elp-5371	2	30	toronto	toronto	PROPN
elp-5371	2	31	centre	centre	PROPN
elp-5371	2	32	,	,	PUNCT
elp-5371	2	33	toronto	toronto	PROPN
elp-5371	2	34	,	,	PUNCT
elp-5371	2	35	canada	canada	PROPN
elp-5371	2	36	2	2	NUM
elp-5371	2	37	program	program	NOUN
elp-5371	2	38	leader	leader	NOUN
elp-5371	2	39	,	,	PUNCT
elp-5371	2	40	toronto	toronto	PROPN
elp-5371	2	41	centre	centre	PROPN
elp-5371	2	42	,	,	PUNCT
elp-5371	2	43	wellington	wellington	PROPN
elp-5371	2	44	,	,	PUNCT
elp-5371	2	45	new	new	PROPN
elp-5371	2	46	zealand	zealand	PROPN
elp-5371	2	47	*	*	PUNCT
elp-5371	2	48	demet	demet	PROPN
elp-5371	2	49	canakci	canakci	PROPN
elp-5371	2	50	,	,	PUNCT
elp-5371	2	51	e	e	NOUN
elp-5371	2	52	-	-	NOUN
elp-5371	2	53	mail	mail	NOUN
elp-5371	2	54	:	:	PUNCT
elp-5371	2	55	dcanakci@torontocentre.org	dcanakci@torontocentre.org	ADJ
elp-5371	2	56	received	receive	VERB
elp-5371	2	57	:	:	PUNCT
elp-5371	2	58	november	november	PROPN
elp-5371	2	59	12	12	NUM
elp-5371	2	60	,	,	PUNCT
elp-5371	2	61	2022	2022	NUM
elp-5371	2	62	accepted	accept	VERB
elp-5371	2	63	:	:	PUNCT
elp-5371	2	64	november	november	PROPN
elp-5371	2	65	22	22	NUM
elp-5371	2	66	,	,	PUNCT
elp-5371	2	67	2022	2022	NUM
elp-5371	2	68	online	online	ADV
elp-5371	2	69	published	publish	VERB
elp-5371	2	70	:	:	PUNCT
elp-5371	2	71	december	december	PROPN
elp-5371	2	72	5	5	NUM
elp-5371	2	73	,	,	PUNCT
elp-5371	2	74	2022	2022	NUM
elp-5371	2	75	doi:10.22158	doi:10.22158	NOUN
elp-5371	2	76	/	/	SYM
elp-5371	2	77	elp.v5n2p28	elp.v5n2p28	PROPN
elp-5371	2	78	url	url	PROPN
elp-5371	2	79	:	:	PUNCT
elp-5371	2	80	http://dx.doi.org/10.22158/elp.v5n2p28	http://dx.doi.org/10.22158/elp.v5n2p28	PROPN
elp-5371	2	81	abstract	abstract	ADV
elp-5371	2	82	this	this	DET
elp-5371	2	83	paper	paper	NOUN
elp-5371	2	84	discusses	discuss	VERB
elp-5371	2	85	the	the	DET
elp-5371	2	86	importance	importance	NOUN
elp-5371	2	87	of	of	ADP
elp-5371	2	88	crisis	crisis	NOUN
elp-5371	2	89	preparedness	preparedness	NOUN
elp-5371	2	90	and	and	CCONJ
elp-5371	2	91	the	the	DET
elp-5371	2	92	role	role	NOUN
elp-5371	2	93	of	of	ADP
elp-5371	2	94	financial	financial	ADJ
elp-5371	2	95	supervision	supervision	NOUN
elp-5371	2	96	in	in	ADP
elp-5371	2	97	mitigating	mitigate	VERB
elp-5371	2	98	the	the	DET
elp-5371	2	99	risks	risk	NOUN
elp-5371	2	100	posed	pose	VERB
elp-5371	2	101	by	by	ADP
elp-5371	2	102	technological	technological	ADJ
elp-5371	2	103	innovations	innovation	NOUN
elp-5371	2	104	in	in	ADP
elp-5371	2	105	the	the	DET
elp-5371	2	106	financial	financial	ADJ
elp-5371	2	107	ecosystem	ecosystem	NOUN
elp-5371	2	108	.	.	PUNCT
elp-5371	3	1	the	the	DET
elp-5371	3	2	paper	paper	NOUN
elp-5371	3	3	will	will	AUX
elp-5371	3	4	focus	focus	VERB
elp-5371	3	5	on	on	ADP
elp-5371	3	6	the	the	DET
elp-5371	3	7	important	important	ADJ
elp-5371	3	8	role	role	NOUN
elp-5371	3	9	that	that	PRON
elp-5371	3	10	financial	financial	ADJ
elp-5371	3	11	supervisors	supervisor	NOUN
elp-5371	3	12	and	and	CCONJ
elp-5371	3	13	regulators	regulator	NOUN
elp-5371	3	14	can	can	AUX
elp-5371	3	15	play	play	VERB
elp-5371	3	16	in	in	ADP
elp-5371	3	17	promoting	promote	VERB
elp-5371	3	18	effective	effective	ADJ
elp-5371	3	19	risk	risk	NOUN
elp-5371	3	20	management	management	NOUN
elp-5371	3	21	,	,	PUNCT
elp-5371	3	22	supervision	supervision	NOUN
elp-5371	3	23	and	and	CCONJ
elp-5371	3	24	crisis	crisis	NOUN
elp-5371	3	25	preparedness	preparedness	NOUN
elp-5371	3	26	in	in	ADP
elp-5371	3	27	relation	relation	NOUN
elp-5371	3	28	to	to	ADP
elp-5371	3	29	fintech	fintech	NOUN
elp-5371	3	30	developments	development	NOUN
elp-5371	3	31	,	,	PUNCT
elp-5371	3	32	and	and	CCONJ
elp-5371	3	33	the	the	DET
elp-5371	3	34	need	need	NOUN
elp-5371	3	35	for	for	ADP
elp-5371	3	36	coordination	coordination	NOUN
elp-5371	3	37	and	and	CCONJ
elp-5371	3	38	collaboration	collaboration	NOUN
elp-5371	3	39	with	with	ADP
elp-5371	3	40	policymakers	policymaker	NOUN
elp-5371	3	41	,	,	PUNCT
elp-5371	3	42	government	government	NOUN
elp-5371	3	43	,	,	PUNCT
elp-5371	3	44	and	and	CCONJ
elp-5371	3	45	the	the	DET
elp-5371	3	46	financial	financial	ADJ
elp-5371	3	47	sector	sector	NOUN
elp-5371	3	48	to	to	PART
elp-5371	3	49	address	address	VERB
elp-5371	3	50	potential	potential	ADJ
elp-5371	3	51	threats	threat	NOUN
elp-5371	3	52	to	to	ADP
elp-5371	3	53	financial	financial	ADJ
elp-5371	3	54	stability	stability	NOUN
elp-5371	3	55	.	.	PUNCT
elp-5371	4	1	it	it	PRON
elp-5371	4	2	elaborates	elaborate	VERB
elp-5371	4	3	on	on	ADP
elp-5371	4	4	the	the	DET
elp-5371	4	5	challenges	challenge	NOUN
elp-5371	4	6	associated	associate	VERB
elp-5371	4	7	with	with	ADP
elp-5371	4	8	fintech	fintech	NOUN
elp-5371	4	9	developments	development	NOUN
elp-5371	4	10	in	in	ADP
elp-5371	4	11	banking	banking	NOUN
elp-5371	4	12	and	and	CCONJ
elp-5371	4	13	the	the	DET
elp-5371	4	14	potential	potential	ADJ
elp-5371	4	15	implications	implication	NOUN
elp-5371	4	16	for	for	ADP
elp-5371	4	17	financial	financial	ADJ
elp-5371	4	18	supervision	supervision	NOUN
elp-5371	4	19	and	and	CCONJ
elp-5371	4	20	considers	consider	VERB
elp-5371	4	21	the	the	DET
elp-5371	4	22	nature	nature	NOUN
elp-5371	4	23	of	of	ADP
elp-5371	4	24	crisis	crisis	NOUN
elp-5371	4	25	preparedness	preparedness	NOUN
elp-5371	4	26	in	in	ADP
elp-5371	4	27	the	the	DET
elp-5371	4	28	context	context	NOUN
elp-5371	4	29	of	of	ADP
elp-5371	4	30	banking	banking	NOUN
elp-5371	4	31	in	in	ADP
elp-5371	4	32	the	the	DET
elp-5371	4	33	digital	digital	ADJ
elp-5371	4	34	era	era	NOUN
elp-5371	4	35	.	.	PUNCT
elp-5371	5	1	the	the	DET
elp-5371	5	2	paper	paper	NOUN
elp-5371	5	3	also	also	ADV
elp-5371	5	4	provides	provide	VERB
elp-5371	5	5	thoughts	thought	NOUN
elp-5371	5	6	on	on	ADP
elp-5371	5	7	the	the	DET
elp-5371	5	8	tools	tool	NOUN
elp-5371	5	9	available	available	ADJ
elp-5371	5	10	to	to	ADP
elp-5371	5	11	supervisory	supervisory	ADJ
elp-5371	5	12	authorities	authority	NOUN
elp-5371	5	13	and	and	CCONJ
elp-5371	5	14	central	central	ADJ
elp-5371	5	15	banks	bank	NOUN
elp-5371	5	16	in	in	ADP
elp-5371	5	17	dealing	deal	VERB
elp-5371	5	18	with	with	ADP
elp-5371	5	19	financial	financial	ADJ
elp-5371	5	20	crises	crisis	NOUN
elp-5371	5	21	while	while	SCONJ
elp-5371	5	22	enabling	enable	VERB
elp-5371	5	23	new	new	ADJ
elp-5371	5	24	technologies	technology	NOUN
elp-5371	5	25	to	to	PART
elp-5371	5	26	enhance	enhance	VERB
elp-5371	5	27	financial	financial	ADJ
elp-5371	5	28	services	service	NOUN
elp-5371	5	29	provisions	provision	NOUN
elp-5371	5	30	.	.	PUNCT
elp-5371	6	1	keywords	keyword	VERB
elp-5371	6	2	financial	financial	ADJ
elp-5371	6	3	crises	crisis	NOUN
elp-5371	6	4	,	,	PUNCT
elp-5371	6	5	fintech	fintech	NOUN
elp-5371	6	6	,	,	PUNCT
elp-5371	6	7	cyber	cyber	ADJ
elp-5371	6	8	risk	risk	NOUN
elp-5371	6	9	,	,	PUNCT
elp-5371	6	10	financial	financial	ADJ
elp-5371	6	11	supervision	supervision	NOUN
elp-5371	6	12	,	,	PUNCT
elp-5371	6	13	regulation	regulation	NOUN
elp-5371	6	14	1	1	NUM
elp-5371	6	15	.	.	PUNCT
elp-5371	7	1	introduction	introduction	NOUN
elp-5371	7	2	recent	recent	ADJ
elp-5371	7	3	years	year	NOUN
elp-5371	7	4	have	have	AUX
elp-5371	7	5	seen	see	VERB
elp-5371	7	6	an	an	DET
elp-5371	7	7	increase	increase	NOUN
elp-5371	7	8	in	in	ADP
elp-5371	7	9	the	the	DET
elp-5371	7	10	development	development	NOUN
elp-5371	7	11	and	and	CCONJ
elp-5371	7	12	uptake	uptake	NOUN
elp-5371	7	13	of	of	ADP
elp-5371	7	14	financial	financial	ADJ
elp-5371	7	15	technology	technology	NOUN
elp-5371	7	16	(	(	PUNCT
elp-5371	7	17	fintech	fintech	NOUN
elp-5371	7	18	(	(	PUNCT
elp-5371	7	19	note	note	NOUN
elp-5371	7	20	1	1	NUM
elp-5371	7	21	)	)	PUNCT
elp-5371	7	22	)	)	PUNCT
elp-5371	7	23	by	by	ADP
elp-5371	7	24	financial	financial	ADJ
elp-5371	7	25	institutions	institution	NOUN
elp-5371	7	26	globally	globally	ADV
elp-5371	7	27	.	.	PUNCT
elp-5371	8	1	this	this	PRON
elp-5371	8	2	has	have	AUX
elp-5371	8	3	been	be	AUX
elp-5371	8	4	especially	especially	ADV
elp-5371	8	5	the	the	DET
elp-5371	8	6	case	case	NOUN
elp-5371	8	7	by	by	ADP
elp-5371	8	8	banks	bank	NOUN
elp-5371	8	9	and	and	CCONJ
elp-5371	8	10	other	other	ADJ
elp-5371	8	11	financial	financial	ADJ
elp-5371	8	12	intermediaries	intermediary	NOUN
elp-5371	8	13	but	but	CCONJ
elp-5371	8	14	also	also	ADV
elp-5371	8	15	applies	apply	VERB
elp-5371	8	16	to	to	ADP
elp-5371	8	17	many	many	ADJ
elp-5371	8	18	other	other	ADJ
elp-5371	8	19	types	type	NOUN
elp-5371	8	20	of	of	ADP
elp-5371	8	21	financial	financial	ADJ
elp-5371	8	22	institutions	institution	NOUN
elp-5371	8	23	,	,	PUNCT
elp-5371	8	24	including	include	VERB
elp-5371	8	25	insurers	insurer	NOUN
elp-5371	8	26	(	(	PUNCT
elp-5371	8	27	general	general	ADJ
elp-5371	8	28	,	,	PUNCT
elp-5371	8	29	long	long	ADJ
elp-5371	8	30	-	-	PUNCT
elp-5371	8	31	term	term	NOUN
elp-5371	8	32	and	and	CCONJ
elp-5371	8	33	health	health	NOUN
elp-5371	8	34	insurers	insurer	NOUN
elp-5371	8	35	)	)	PUNCT
elp-5371	8	36	,	,	PUNCT
elp-5371	8	37	wealth	wealth	NOUN
elp-5371	8	38	management	management	NOUN
elp-5371	8	39	providers	provider	NOUN
elp-5371	8	40	,	,	PUNCT
elp-5371	8	41	securities	security	NOUN
elp-5371	8	42	firms	firm	NOUN
elp-5371	8	43	,	,	PUNCT
elp-5371	8	44	and	and	CCONJ
elp-5371	8	45	investment	investment	NOUN
elp-5371	8	46	advisory	advisory	ADJ
elp-5371	8	47	firms	firm	NOUN
elp-5371	8	48	.	.	PUNCT
elp-5371	9	1	the	the	DET
elp-5371	9	2	covid-19	covid-19	PROPN
elp-5371	9	3	crisis	crisis	NOUN
elp-5371	9	4	has	have	AUX
elp-5371	9	5	also	also	ADV
elp-5371	9	6	promoted	promote	VERB
elp-5371	9	7	the	the	DET
elp-5371	9	8	digitization	digitization	NOUN
elp-5371	9	9	of	of	ADP
elp-5371	9	10	the	the	DET
elp-5371	9	11	financial	financial	ADJ
elp-5371	9	12	services	service	NOUN
elp-5371	9	13	industry	industry	NOUN
elp-5371	9	14	.	.	PUNCT
elp-5371	10	1	it	it	PRON
elp-5371	10	2	has	have	AUX
elp-5371	10	3	accelerated	accelerate	VERB
elp-5371	10	4	the	the	DET
elp-5371	10	5	shift	shift	NOUN
elp-5371	10	6	towards	towards	ADP
elp-5371	10	7	technology	technology	NOUN
elp-5371	10	8	-	-	PUNCT
elp-5371	10	9	enabled	enable	VERB
elp-5371	10	10	,	,	PUNCT
elp-5371	10	11	contactless	contactless	NOUN
elp-5371	10	12	,	,	PUNCT
elp-5371	10	13	and	and	CCONJ
elp-5371	10	14	customer	customer	NOUN
elp-5371	10	15	-	-	PUNCT
elp-5371	10	16	centric	centric	NOUN
elp-5371	10	17	production	production	NOUN
elp-5371	10	18	and	and	CCONJ
elp-5371	10	19	consumption	consumption	NOUN
elp-5371	10	20	of	of	ADP
elp-5371	10	21	goods	good	NOUN
elp-5371	10	22	and	and	CCONJ
elp-5371	10	23	services	service	NOUN
elp-5371	10	24	and	and	CCONJ
elp-5371	10	25	working	working	NOUN
elp-5371	10	26	practices	practice	NOUN
elp-5371	10	27	.	.	PUNCT
elp-5371	11	1	the	the	DET
elp-5371	11	2	business	business	NOUN
elp-5371	11	3	model	model	NOUN
elp-5371	11	4	of	of	ADP
elp-5371	11	5	financial	financial	ADJ
elp-5371	11	6	institutions	institution	NOUN
elp-5371	11	7	will	will	AUX
elp-5371	11	8	become	become	VERB
elp-5371	11	9	more	more	ADV
elp-5371	11	10	digital	digital	NOUN
elp-5371	11	11	-	-	PUNCT
elp-5371	11	12	based	base	VERB
elp-5371	11	13	as	as	SCONJ
elp-5371	11	14	they	they	PRON
elp-5371	11	15	accelerate	accelerate	VERB
elp-5371	11	16	the	the	DET
elp-5371	11	17	adoption	adoption	NOUN
elp-5371	11	18	of	of	ADP
elp-5371	11	19	technology	technology	NOUN
elp-5371	11	20	.	.	PUNCT
elp-5371	12	1	there	there	PRON
elp-5371	12	2	will	will	AUX
elp-5371	12	3	be	be	AUX
elp-5371	12	4	a	a	DET
elp-5371	12	5	further	further	ADJ
elp-5371	12	6	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	12	7	economics	economic	NOUN
elp-5371	12	8	,	,	PUNCT
elp-5371	12	9	law	law	NOUN
elp-5371	12	10	and	and	CCONJ
elp-5371	12	11	policy	policy	NOUN
elp-5371	12	12	vol	vol	NOUN
elp-5371	12	13	.	.	PROPN
elp-5371	13	1	5	5	NUM
elp-5371	13	2	,	,	PUNCT
elp-5371	13	3	no	no	INTJ
elp-5371	13	4	.	.	NOUN
elp-5371	13	5	2	2	NUM
elp-5371	13	6	,	,	PUNCT
elp-5371	13	7	2022	2022	NUM
elp-5371	13	8	29	29	NUM
elp-5371	13	9	published	publish	VERB
elp-5371	13	10	by	by	ADP
elp-5371	13	11	scholink	scholink	PROPN
elp-5371	13	12	inc	inc	PROPN
elp-5371	13	13	.	.	PROPN
elp-5371	13	14	shift	shift	VERB
elp-5371	13	15	away	away	ADV
elp-5371	13	16	from	from	ADP
elp-5371	13	17	the	the	DET
elp-5371	13	18	use	use	NOUN
elp-5371	13	19	of	of	ADP
elp-5371	13	20	cash	cash	NOUN
elp-5371	13	21	to	to	ADP
elp-5371	13	22	digital	digital	ADJ
elp-5371	13	23	retail	retail	ADJ
elp-5371	13	24	payment	payment	NOUN
elp-5371	13	25	systems	system	NOUN
elp-5371	13	26	(	(	PUNCT
elp-5371	13	27	note	note	NOUN
elp-5371	13	28	2	2	NUM
elp-5371	13	29	)	)	PUNCT
elp-5371	13	30	.	.	PUNCT
elp-5371	14	1	the	the	DET
elp-5371	14	2	uptake	uptake	NOUN
elp-5371	14	3	of	of	ADP
elp-5371	14	4	new	new	ADJ
elp-5371	14	5	it	it	PRON
elp-5371	14	6	by	by	ADP
elp-5371	14	7	financial	financial	ADJ
elp-5371	14	8	institutions	institution	NOUN
elp-5371	14	9	has	have	VERB
elp-5371	14	10	the	the	DET
elp-5371	14	11	potential	potential	NOUN
elp-5371	14	12	to	to	PART
elp-5371	14	13	bring	bring	VERB
elp-5371	14	14	many	many	ADJ
elp-5371	14	15	benefits	benefit	NOUN
elp-5371	14	16	,	,	PUNCT
elp-5371	14	17	including	include	VERB
elp-5371	14	18	to	to	PART
elp-5371	14	19	strengthen	strengthen	VERB
elp-5371	14	20	the	the	DET
elp-5371	14	21	contestability	contestability	NOUN
elp-5371	14	22	and	and	CCONJ
elp-5371	14	23	competitiveness	competitiveness	NOUN
elp-5371	14	24	of	of	ADP
elp-5371	14	25	financial	financial	ADJ
elp-5371	14	26	services	service	NOUN
elp-5371	14	27	,	,	PUNCT
elp-5371	14	28	to	to	PART
elp-5371	14	29	lower	lower	VERB
elp-5371	14	30	the	the	DET
elp-5371	14	31	costs	cost	NOUN
elp-5371	14	32	of	of	ADP
elp-5371	14	33	some	some	DET
elp-5371	14	34	financial	financial	ADJ
elp-5371	14	35	services	service	NOUN
elp-5371	14	36	,	,	PUNCT
elp-5371	14	37	to	to	PART
elp-5371	14	38	enhance	enhance	VERB
elp-5371	14	39	aspects	aspect	NOUN
elp-5371	14	40	of	of	ADP
elp-5371	14	41	risk	risk	NOUN
elp-5371	14	42	management	management	NOUN
elp-5371	14	43	,	,	PUNCT
elp-5371	14	44	and	and	CCONJ
elp-5371	14	45	to	to	PART
elp-5371	14	46	better	well	ADV
elp-5371	14	47	meet	meet	VERB
elp-5371	14	48	the	the	DET
elp-5371	14	49	needs	need	NOUN
elp-5371	14	50	of	of	ADP
elp-5371	14	51	consumers	consumer	NOUN
elp-5371	14	52	and	and	CCONJ
elp-5371	14	53	the	the	DET
elp-5371	14	54	real	real	ADJ
elp-5371	14	55	economy	economy	NOUN
elp-5371	14	56	.	.	PUNCT
elp-5371	15	1	however	however	ADV
elp-5371	15	2	,	,	PUNCT
elp-5371	15	3	it	it	PRON
elp-5371	15	4	also	also	ADV
elp-5371	15	5	comes	come	VERB
elp-5371	15	6	with	with	ADP
elp-5371	15	7	risks	risk	NOUN
elp-5371	15	8	,	,	PUNCT
elp-5371	15	9	including	include	VERB
elp-5371	15	10	the	the	DET
elp-5371	15	11	development	development	NOUN
elp-5371	15	12	of	of	ADP
elp-5371	15	13	“	"	PUNCT
elp-5371	15	14	non	non	ADJ
elp-5371	15	15	-	-	ADJ
elp-5371	15	16	bank	bank	ADJ
elp-5371	15	17	financial	financial	ADJ
elp-5371	15	18	intermediation	intermediation	NOUN
elp-5371	15	19	”	"	PUNCT
elp-5371	15	20	in	in	ADP
elp-5371	15	21	relatively	relatively	ADV
elp-5371	15	22	under	under	ADV
elp-5371	15	23	-	-	PUNCT
elp-5371	15	24	regulated	regulate	VERB
elp-5371	15	25	sectors	sector	NOUN
elp-5371	15	26	and	and	CCONJ
elp-5371	15	27	associated	associated	ADJ
elp-5371	15	28	disintermediation	disintermediation	NOUN
elp-5371	15	29	,	,	PUNCT
elp-5371	15	30	the	the	DET
elp-5371	15	31	increase	increase	NOUN
elp-5371	15	32	in	in	ADP
elp-5371	15	33	some	some	DET
elp-5371	15	34	financial	financial	ADJ
elp-5371	15	35	sector	sector	NOUN
elp-5371	15	36	risks	risk	NOUN
elp-5371	15	37	(	(	PUNCT
elp-5371	15	38	especially	especially	ADV
elp-5371	15	39	operational	operational	ADJ
elp-5371	15	40	risks	risk	NOUN
elp-5371	15	41	)	)	PUNCT
elp-5371	15	42	,	,	PUNCT
elp-5371	15	43	and	and	CCONJ
elp-5371	15	44	the	the	DET
elp-5371	15	45	potential	potential	NOUN
elp-5371	15	46	to	to	PART
elp-5371	15	47	increase	increase	VERB
elp-5371	15	48	the	the	DET
elp-5371	15	49	risk	risk	NOUN
elp-5371	15	50	of	of	ADP
elp-5371	15	51	financial	financial	ADJ
elp-5371	15	52	institution	institution	NOUN
elp-5371	15	53	stress	stress	NOUN
elp-5371	15	54	and	and	CCONJ
elp-5371	15	55	financial	financial	ADJ
elp-5371	15	56	instability	instability	NOUN
elp-5371	15	57	.	.	PUNCT
elp-5371	16	1	in	in	ADP
elp-5371	16	2	particular	particular	ADJ
elp-5371	16	3	,	,	PUNCT
elp-5371	16	4	there	there	PRON
elp-5371	16	5	is	be	VERB
elp-5371	16	6	a	a	DET
elp-5371	16	7	danger	danger	NOUN
elp-5371	16	8	that	that	SCONJ
elp-5371	16	9	digital	digital	ADJ
elp-5371	16	10	platforms	platform	NOUN
elp-5371	16	11	,	,	PUNCT
elp-5371	16	12	if	if	SCONJ
elp-5371	16	13	not	not	PART
elp-5371	16	14	well	well	ADV
elp-5371	16	15	structured	structure	VERB
elp-5371	16	16	and	and	CCONJ
elp-5371	16	17	managed	manage	VERB
elp-5371	16	18	,	,	PUNCT
elp-5371	16	19	could	could	AUX
elp-5371	16	20	exacerbate	exacerbate	VERB
elp-5371	16	21	operational	operational	ADJ
elp-5371	16	22	risks	risk	NOUN
elp-5371	16	23	in	in	ADP
elp-5371	16	24	banks	bank	NOUN
elp-5371	16	25	and	and	CCONJ
elp-5371	16	26	non	non	ADJ
elp-5371	16	27	-	-	ADJ
elp-5371	16	28	bank	bank	ADJ
elp-5371	16	29	financial	financial	ADJ
elp-5371	16	30	institutions	institution	NOUN
elp-5371	16	31	,	,	PUNCT
elp-5371	16	32	including	include	VERB
elp-5371	16	33	the	the	DET
elp-5371	16	34	risks	risk	NOUN
elp-5371	16	35	of	of	ADP
elp-5371	16	36	cyber	cyber	NOUN
elp-5371	16	37	-	-	PUNCT
elp-5371	16	38	attacks	attack	NOUN
elp-5371	16	39	,	,	PUNCT
elp-5371	16	40	fraud	fraud	NOUN
elp-5371	16	41	and	and	CCONJ
elp-5371	16	42	money	money	NOUN
elp-5371	16	43	laundering	laundering	NOUN
elp-5371	16	44	.	.	PUNCT
elp-5371	17	1	these	these	DET
elp-5371	17	2	risks	risk	NOUN
elp-5371	17	3	pose	pose	VERB
elp-5371	17	4	a	a	DET
elp-5371	17	5	potential	potential	ADJ
elp-5371	17	6	threat	threat	NOUN
elp-5371	17	7	to	to	ADP
elp-5371	17	8	the	the	DET
elp-5371	17	9	soundness	soundness	NOUN
elp-5371	17	10	of	of	ADP
elp-5371	17	11	individual	individual	ADJ
elp-5371	17	12	financial	financial	ADJ
elp-5371	17	13	institutions	institution	NOUN
elp-5371	17	14	and	and	CCONJ
elp-5371	17	15	can	can	AUX
elp-5371	17	16	exacerbate	exacerbate	VERB
elp-5371	17	17	intra	intra	ADJ
elp-5371	17	18	-	-	ADJ
elp-5371	17	19	group	group	ADJ
elp-5371	17	20	contagion	contagion	NOUN
elp-5371	17	21	in	in	ADP
elp-5371	17	22	financial	financial	ADJ
elp-5371	17	23	conglomerates	conglomerate	NOUN
elp-5371	17	24	.	.	PUNCT
elp-5371	18	1	fintech	fintech	NOUN
elp-5371	18	2	-	-	PUNCT
elp-5371	18	3	related	relate	VERB
elp-5371	18	4	risks	risk	NOUN
elp-5371	18	5	,	,	PUNCT
elp-5371	18	6	together	together	ADV
elp-5371	18	7	with	with	ADP
elp-5371	18	8	the	the	DET
elp-5371	18	9	emergence	emergence	NOUN
elp-5371	18	10	of	of	ADP
elp-5371	18	11	financial	financial	ADJ
elp-5371	18	12	services	service	NOUN
elp-5371	18	13	in	in	ADP
elp-5371	18	14	relatively	relatively	ADV
elp-5371	18	15	under	under	ADV
elp-5371	18	16	-	-	PUNCT
elp-5371	18	17	regulated	regulate	VERB
elp-5371	18	18	sectors	sector	NOUN
elp-5371	18	19	of	of	ADP
elp-5371	18	20	financial	financial	ADJ
elp-5371	18	21	systems	system	NOUN
elp-5371	18	22	,	,	PUNCT
elp-5371	18	23	pose	pose	VERB
elp-5371	18	24	a	a	DET
elp-5371	18	25	somewhat	somewhat	ADV
elp-5371	18	26	heightened	heightened	ADJ
elp-5371	18	27	threat	threat	NOUN
elp-5371	18	28	to	to	ADP
elp-5371	18	29	financial	financial	ADJ
elp-5371	18	30	stability	stability	NOUN
elp-5371	18	31	.	.	PUNCT
elp-5371	19	1	they	they	PRON
elp-5371	19	2	reinforce	reinforce	VERB
elp-5371	19	3	the	the	DET
elp-5371	19	4	importance	importance	NOUN
elp-5371	19	5	of	of	ADP
elp-5371	19	6	financial	financial	ADJ
elp-5371	19	7	sector	sector	NOUN
elp-5371	19	8	regulation	regulation	NOUN
elp-5371	19	9	keeping	keep	VERB
elp-5371	19	10	pace	pace	NOUN
elp-5371	19	11	with	with	ADP
elp-5371	19	12	fintech	fintech	NOUN
elp-5371	19	13	developments	development	NOUN
elp-5371	19	14	and	and	CCONJ
elp-5371	19	15	for	for	SCONJ
elp-5371	19	16	supervisory	supervisory	ADJ
elp-5371	19	17	and	and	CCONJ
elp-5371	19	18	resolution	resolution	NOUN
elp-5371	19	19	authorities	authority	NOUN
elp-5371	19	20	to	to	PART
elp-5371	19	21	be	be	AUX
elp-5371	19	22	equipped	equip	VERB
elp-5371	19	23	to	to	PART
elp-5371	19	24	deal	deal	VERB
elp-5371	19	25	with	with	ADP
elp-5371	19	26	financial	financial	ADJ
elp-5371	19	27	stress	stress	NOUN
elp-5371	19	28	in	in	ADP
elp-5371	19	29	a	a	DET
elp-5371	19	30	rapidly	rapidly	ADV
elp-5371	19	31	evolving	evolve	VERB
elp-5371	19	32	fintech	fintech	NOUN
elp-5371	19	33	environment	environment	NOUN
elp-5371	19	34	.	.	PUNCT
elp-5371	20	1	drawing	draw	VERB
elp-5371	20	2	from	from	ADP
elp-5371	20	3	toronto	toronto	PROPN
elp-5371	20	4	centre‟s	centre‟s	PROPN
elp-5371	20	5	extensive	extensive	ADJ
elp-5371	20	6	worldwide	worldwide	ADJ
elp-5371	20	7	supervisory	supervisory	ADJ
elp-5371	20	8	capacity	capacity	NOUN
elp-5371	20	9	building	building	NOUN
elp-5371	20	10	,	,	PUNCT
elp-5371	20	11	and	and	CCONJ
elp-5371	20	12	other	other	ADJ
elp-5371	20	13	relevant	relevant	ADJ
elp-5371	20	14	sources	source	NOUN
elp-5371	20	15	,	,	PUNCT
elp-5371	20	16	this	this	DET
elp-5371	20	17	paper	paper	NOUN
elp-5371	20	18	looks	look	VERB
elp-5371	20	19	at	at	ADP
elp-5371	20	20	the	the	DET
elp-5371	20	21	risks	risk	NOUN
elp-5371	20	22	associated	associate	VERB
elp-5371	20	23	with	with	ADP
elp-5371	20	24	fintech	fintech	NOUN
elp-5371	20	25	,	,	PUNCT
elp-5371	20	26	with	with	ADP
elp-5371	20	27	a	a	DET
elp-5371	20	28	particular	particular	ADJ
elp-5371	20	29	focus	focus	NOUN
elp-5371	20	30	on	on	ADP
elp-5371	20	31	banking	banking	NOUN
elp-5371	20	32	and	and	CCONJ
elp-5371	20	33	bank	bank	NOUN
elp-5371	20	34	-	-	PUNCT
elp-5371	20	35	like	like	ADJ
elp-5371	20	36	functions	function	NOUN
elp-5371	20	37	,	,	PUNCT
elp-5371	20	38	the	the	DET
elp-5371	20	39	implications	implication	NOUN
elp-5371	20	40	for	for	ADP
elp-5371	20	41	financial	financial	ADJ
elp-5371	20	42	stability	stability	NOUN
elp-5371	20	43	and	and	CCONJ
elp-5371	20	44	supervision	supervision	NOUN
elp-5371	20	45	,	,	PUNCT
elp-5371	20	46	and	and	CCONJ
elp-5371	20	47	the	the	DET
elp-5371	20	48	nature	nature	NOUN
elp-5371	20	49	of	of	ADP
elp-5371	20	50	the	the	DET
elp-5371	20	51	crisis	crisis	NOUN
elp-5371	20	52	preparedness	preparedness	NOUN
elp-5371	20	53	needed	need	VERB
elp-5371	20	54	by	by	ADP
elp-5371	20	55	the	the	DET
elp-5371	20	56	regulatory	regulatory	ADJ
elp-5371	20	57	and	and	CCONJ
elp-5371	20	58	supervisory	supervisory	ADJ
elp-5371	20	59	authorities	authority	NOUN
elp-5371	20	60	to	to	PART
elp-5371	20	61	ensure	ensure	VERB
elp-5371	20	62	that	that	SCONJ
elp-5371	20	63	risk	risk	NOUN
elp-5371	20	64	events	event	NOUN
elp-5371	20	65	are	be	AUX
elp-5371	20	66	managed	manage	VERB
elp-5371	20	67	in	in	ADP
elp-5371	20	68	ways	way	NOUN
elp-5371	20	69	that	that	PRON
elp-5371	20	70	minimise	minimise	NOUN
elp-5371	20	71	impacts	impact	NOUN
elp-5371	20	72	on	on	ADP
elp-5371	20	73	financial	financial	ADJ
elp-5371	20	74	stability	stability	NOUN
elp-5371	20	75	.	.	PUNCT
elp-5371	21	1	2	2	X
elp-5371	21	2	.	.	X
elp-5371	21	3	fintech	fintech	NOUN
elp-5371	21	4	developments	development	VERB
elp-5371	21	5	2.1	2.1	NUM
elp-5371	21	6	fintech	fintech	NOUN
elp-5371	21	7	in	in	ADP
elp-5371	21	8	banking	bank	VERB
elp-5371	21	9	financial	financial	ADJ
elp-5371	21	10	technology	technology	NOUN
elp-5371	21	11	is	be	AUX
elp-5371	21	12	increasingly	increasingly	ADV
elp-5371	21	13	making	make	VERB
elp-5371	21	14	its	its	PRON
elp-5371	21	15	presence	presence	NOUN
elp-5371	21	16	felt	feel	VERB
elp-5371	21	17	in	in	ADP
elp-5371	21	18	the	the	DET
elp-5371	21	19	banking	banking	NOUN
elp-5371	21	20	sector	sector	NOUN
elp-5371	21	21	.	.	PUNCT
elp-5371	22	1	fintech	fintech	NOUN
elp-5371	22	2	is	be	AUX
elp-5371	22	3	being	be	AUX
elp-5371	22	4	adopted	adopt	VERB
elp-5371	22	5	by	by	ADP
elp-5371	22	6	existing	exist	VERB
elp-5371	22	7	mainstream	mainstream	ADJ
elp-5371	22	8	banks	bank	NOUN
elp-5371	22	9	to	to	PART
elp-5371	22	10	reduce	reduce	VERB
elp-5371	22	11	operating	operating	NOUN
elp-5371	22	12	expenses	expense	NOUN
elp-5371	22	13	,	,	PUNCT
elp-5371	22	14	make	make	VERB
elp-5371	22	15	more	more	ADV
elp-5371	22	16	efficient	efficient	ADJ
elp-5371	22	17	use	use	NOUN
elp-5371	22	18	of	of	ADP
elp-5371	22	19	data	datum	NOUN
elp-5371	22	20	in	in	ADP
elp-5371	22	21	the	the	DET
elp-5371	22	22	assessment	assessment	NOUN
elp-5371	22	23	of	of	ADP
elp-5371	22	24	risks	risk	NOUN
elp-5371	22	25	,	,	PUNCT
elp-5371	22	26	and	and	CCONJ
elp-5371	22	27	expand	expand	VERB
elp-5371	22	28	market	market	NOUN
elp-5371	22	29	penetration	penetration	NOUN
elp-5371	22	30	.	.	PUNCT
elp-5371	23	1	key	key	ADJ
elp-5371	23	2	areas	area	NOUN
elp-5371	23	3	where	where	SCONJ
elp-5371	23	4	fintech	fintech	NOUN
elp-5371	23	5	is	be	AUX
elp-5371	23	6	being	be	AUX
elp-5371	23	7	adopted	adopt	VERB
elp-5371	23	8	by	by	ADP
elp-5371	23	9	mainstream	mainstream	ADJ
elp-5371	23	10	banks	bank	NOUN
elp-5371	23	11	include	include	VERB
elp-5371	23	12	:	:	PUNCT
elp-5371	23	13	1	1	X
elp-5371	23	14	)	)	PUNCT
elp-5371	23	15	the	the	DET
elp-5371	23	16	increasing	increase	VERB
elp-5371	23	17	use	use	NOUN
elp-5371	23	18	of	of	ADP
elp-5371	23	19	online	online	ADJ
elp-5371	23	20	and	and	CCONJ
elp-5371	23	21	mobile	mobile	ADJ
elp-5371	23	22	banking	banking	NOUN
elp-5371	23	23	to	to	PART
elp-5371	23	24	progressively	progressively	ADV
elp-5371	23	25	reduce	reduce	VERB
elp-5371	23	26	the	the	DET
elp-5371	23	27	need	need	NOUN
elp-5371	23	28	for	for	ADP
elp-5371	23	29	physical	physical	ADJ
elp-5371	23	30	customer	customer	NOUN
elp-5371	23	31	interface	interface	NOUN
elp-5371	23	32	via	via	ADP
elp-5371	23	33	branch	branch	NOUN
elp-5371	23	34	networks	network	NOUN
elp-5371	23	35	,	,	PUNCT
elp-5371	23	36	and	and	CCONJ
elp-5371	23	37	thereby	thereby	ADV
elp-5371	23	38	reduce	reduce	VERB
elp-5371	23	39	operating	operating	NOUN
elp-5371	23	40	expenses	expense	NOUN
elp-5371	23	41	,	,	PUNCT
elp-5371	23	42	and	and	CCONJ
elp-5371	23	43	facilitating	facilitate	VERB
elp-5371	23	44	enhanced	enhanced	ADJ
elp-5371	23	45	efficiency	efficiency	NOUN
elp-5371	23	46	for	for	ADP
elp-5371	23	47	customer	customer	NOUN
elp-5371	23	48	interface	interface	NOUN
elp-5371	23	49	2	2	NUM
elp-5371	23	50	)	)	PUNCT
elp-5371	23	51	the	the	DET
elp-5371	23	52	use	use	NOUN
elp-5371	23	53	of	of	ADP
elp-5371	23	54	it	it	PRON
elp-5371	23	55	functionality	functionality	VERB
elp-5371	23	56	to	to	PART
elp-5371	23	57	process	process	VERB
elp-5371	23	58	large	large	ADJ
elp-5371	23	59	volumes	volume	NOUN
elp-5371	23	60	of	of	ADP
elp-5371	23	61	data	datum	NOUN
elp-5371	23	62	to	to	PART
elp-5371	23	63	better	well	ADV
elp-5371	23	64	identify	identify	VERB
elp-5371	23	65	and	and	CCONJ
elp-5371	23	66	respond	respond	VERB
elp-5371	23	67	to	to	ADP
elp-5371	23	68	risks	risk	NOUN
elp-5371	23	69	,	,	PUNCT
elp-5371	23	70	and	and	CCONJ
elp-5371	23	71	to	to	PART
elp-5371	23	72	enhance	enhance	VERB
elp-5371	23	73	the	the	DET
elp-5371	23	74	capacity	capacity	NOUN
elp-5371	23	75	to	to	PART
elp-5371	23	76	target	target	VERB
elp-5371	23	77	particular	particular	ADJ
elp-5371	23	78	market	market	NOUN
elp-5371	23	79	segments	segment	NOUN
elp-5371	23	80	with	with	ADP
elp-5371	23	81	products	product	NOUN
elp-5371	23	82	tailored	tailor	VERB
elp-5371	23	83	to	to	ADP
elp-5371	23	84	consumer	consumer	NOUN
elp-5371	23	85	needs	need	NOUN
elp-5371	23	86	3	3	NUM
elp-5371	23	87	)	)	PUNCT
elp-5371	23	88	the	the	DET
elp-5371	23	89	use	use	NOUN
elp-5371	23	90	of	of	ADP
elp-5371	23	91	it	it	PRON
elp-5371	23	92	functionality	functionality	VERB
elp-5371	23	93	to	to	PART
elp-5371	23	94	process	process	VERB
elp-5371	23	95	applications	application	NOUN
elp-5371	23	96	for	for	ADP
elp-5371	23	97	credit	credit	NOUN
elp-5371	23	98	and	and	CCONJ
elp-5371	23	99	reduce	reduce	VERB
elp-5371	23	100	the	the	DET
elp-5371	23	101	operational	operational	ADJ
elp-5371	23	102	expenditure	expenditure	NOUN
elp-5371	23	103	associated	associate	VERB
elp-5371	23	104	with	with	ADP
elp-5371	23	105	such	such	ADJ
elp-5371	23	106	processes	process	NOUN
elp-5371	23	107	4	4	NUM
elp-5371	23	108	)	)	PUNCT
elp-5371	23	109	robo	robo	NOUN
elp-5371	23	110	-	-	PUNCT
elp-5371	23	111	advisory	advisory	NOUN
elp-5371	23	112	services	service	NOUN
elp-5371	23	113	to	to	PART
elp-5371	23	114	assist	assist	VERB
elp-5371	23	115	in	in	ADP
elp-5371	23	116	customer	customer	NOUN
elp-5371	23	117	queries	query	NOUN
elp-5371	23	118	and	and	CCONJ
elp-5371	23	119	advice	advice	NOUN
elp-5371	23	120	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	23	121	economics	economic	NOUN
elp-5371	23	122	,	,	PUNCT
elp-5371	23	123	law	law	NOUN
elp-5371	23	124	and	and	CCONJ
elp-5371	23	125	policy	policy	NOUN
elp-5371	23	126	vol	vol	NOUN
elp-5371	23	127	.	.	PROPN
elp-5371	24	1	5	5	NUM
elp-5371	24	2	,	,	PUNCT
elp-5371	24	3	no	no	INTJ
elp-5371	24	4	.	.	NOUN
elp-5371	24	5	2	2	NUM
elp-5371	24	6	,	,	PUNCT
elp-5371	24	7	2022	2022	NUM
elp-5371	24	8	30	30	NUM
elp-5371	24	9	published	publish	VERB
elp-5371	24	10	by	by	ADP
elp-5371	24	11	scholink	scholink	PROPN
elp-5371	24	12	inc	inc	PROPN
elp-5371	24	13	.	.	PROPN
elp-5371	24	14	fintech	fintech	PROPN
elp-5371	24	15	is	be	AUX
elp-5371	24	16	also	also	ADV
elp-5371	24	17	being	be	AUX
elp-5371	24	18	utilized	utilize	VERB
elp-5371	24	19	by	by	ADP
elp-5371	24	20	newly	newly	ADV
elp-5371	24	21	established	establish	VERB
elp-5371	24	22	digital	digital	ADJ
elp-5371	24	23	banks	bank	NOUN
elp-5371	24	24	and	and	CCONJ
elp-5371	24	25	by	by	ADP
elp-5371	24	26	non	non	ADJ
elp-5371	24	27	-	-	ADJ
elp-5371	24	28	bank	bank	ADJ
elp-5371	24	29	financial	financial	ADJ
elp-5371	24	30	entities	entity	NOUN
elp-5371	24	31	.	.	PUNCT
elp-5371	25	1	the	the	DET
elp-5371	25	2	adoption	adoption	NOUN
elp-5371	25	3	of	of	ADP
elp-5371	25	4	digital	digital	ADJ
elp-5371	25	5	banking	banking	NOUN
elp-5371	25	6	platforms	platform	NOUN
elp-5371	25	7	takes	take	VERB
elp-5371	25	8	many	many	ADJ
elp-5371	25	9	forms	form	NOUN
elp-5371	25	10	,	,	PUNCT
elp-5371	25	11	and	and	CCONJ
elp-5371	25	12	include	include	VERB
elp-5371	25	13	the	the	DET
elp-5371	25	14	following	follow	VERB
elp-5371	25	15	key	key	ADJ
elp-5371	25	16	examples	example	NOUN
elp-5371	25	17	(	(	PUNCT
elp-5371	25	18	note	note	VERB
elp-5371	25	19	3	3	NUM
elp-5371	25	20	):	):	PUNCT
elp-5371	25	21	digital	digital	ADJ
elp-5371	25	22	payments	payment	NOUN
elp-5371	25	23	and	and	CCONJ
elp-5371	25	24	e	e	NOUN
elp-5371	25	25	-	-	NOUN
elp-5371	25	26	money	money	NOUN
elp-5371	25	27	fintech	fintech	NOUN
elp-5371	25	28	innovations	innovation	NOUN
elp-5371	25	29	are	be	AUX
elp-5371	25	30	being	be	AUX
elp-5371	25	31	increasingly	increasingly	ADV
elp-5371	25	32	applied	apply	VERB
elp-5371	25	33	to	to	ADP
elp-5371	25	34	wholesale	wholesale	ADJ
elp-5371	25	35	payments	payment	NOUN
elp-5371	25	36	,	,	PUNCT
elp-5371	25	37	but	but	CCONJ
elp-5371	25	38	most	most	ADJ
elp-5371	25	39	of	of	ADP
elp-5371	25	40	the	the	DET
elp-5371	25	41	major	major	ADJ
elp-5371	25	42	developments	development	NOUN
elp-5371	25	43	have	have	AUX
elp-5371	25	44	been	be	AUX
elp-5371	25	45	in	in	ADP
elp-5371	25	46	retail	retail	ADJ
elp-5371	25	47	payments	payment	NOUN
elp-5371	25	48	.	.	PUNCT
elp-5371	26	1	this	this	PRON
elp-5371	26	2	is	be	AUX
elp-5371	26	3	particularly	particularly	ADV
elp-5371	26	4	the	the	DET
elp-5371	26	5	case	case	NOUN
elp-5371	26	6	in	in	ADP
elp-5371	26	7	developing	develop	VERB
elp-5371	26	8	countries	country	NOUN
elp-5371	26	9	,	,	PUNCT
elp-5371	26	10	where	where	SCONJ
elp-5371	26	11	cash	cash	NOUN
elp-5371	26	12	accounts	account	VERB
elp-5371	26	13	for	for	ADP
elp-5371	26	14	the	the	DET
elp-5371	26	15	bulk	bulk	NOUN
elp-5371	26	16	of	of	ADP
elp-5371	26	17	retail	retail	ADJ
elp-5371	26	18	payments	payment	NOUN
elp-5371	26	19	and	and	CCONJ
elp-5371	26	20	where	where	SCONJ
elp-5371	26	21	payment	payment	NOUN
elp-5371	26	22	(	(	PUNCT
elp-5371	26	23	debit	debit	NOUN
elp-5371	26	24	and	and	CCONJ
elp-5371	26	25	credit	credit	NOUN
elp-5371	26	26	)	)	PUNCT
elp-5371	26	27	cards	card	NOUN
elp-5371	26	28	are	be	AUX
elp-5371	26	29	not	not	PART
elp-5371	26	30	widely	widely	ADV
elp-5371	26	31	used	use	VERB
elp-5371	26	32	.	.	PUNCT
elp-5371	27	1	in	in	ADP
elp-5371	27	2	such	such	ADJ
elp-5371	27	3	cases	case	NOUN
elp-5371	27	4	,	,	PUNCT
elp-5371	27	5	fintech	fintech	NOUN
elp-5371	27	6	firms	firm	NOUN
elp-5371	27	7	offer	offer	VERB
elp-5371	27	8	options	option	NOUN
elp-5371	27	9	for	for	ADP
elp-5371	27	10	peer	peer	NOUN
elp-5371	27	11	-	-	PUNCT
elp-5371	27	12	to	to	ADP
elp-5371	27	13	-	-	PUNCT
elp-5371	27	14	peer	peer	NOUN
elp-5371	27	15	transfers	transfer	NOUN
elp-5371	27	16	,	,	PUNCT
elp-5371	27	17	bill	bill	NOUN
elp-5371	27	18	payments	payment	NOUN
elp-5371	27	19	,	,	PUNCT
elp-5371	27	20	and	and	CCONJ
elp-5371	27	21	electronic	electronic	ADJ
elp-5371	27	22	purchases	purchase	NOUN
elp-5371	27	23	.	.	PUNCT
elp-5371	28	1	in	in	ADP
elp-5371	28	2	many	many	ADJ
elp-5371	28	3	cases	case	NOUN
elp-5371	28	4	,	,	PUNCT
elp-5371	28	5	these	these	DET
elp-5371	28	6	services	service	NOUN
elp-5371	28	7	are	be	AUX
elp-5371	28	8	attached	attach	VERB
elp-5371	28	9	to	to	ADP
elp-5371	28	10	an	an	DET
elp-5371	28	11	e	e	NOUN
elp-5371	28	12	-	-	NOUN
elp-5371	28	13	money	money	NOUN
elp-5371	28	14	product	product	NOUN
elp-5371	28	15	—	—	PUNCT
elp-5371	28	16	i.e.	i.e.	X
elp-5371	28	17	,	,	PUNCT
elp-5371	28	18	a	a	DET
elp-5371	28	19	digital	digital	ADJ
elp-5371	28	20	wallet	wallet	NOUN
elp-5371	28	21	where	where	SCONJ
elp-5371	28	22	customers	customer	NOUN
elp-5371	28	23	can	can	AUX
elp-5371	28	24	hold	hold	VERB
elp-5371	28	25	monetary	monetary	ADJ
elp-5371	28	26	value	value	NOUN
elp-5371	28	27	for	for	ADP
elp-5371	28	28	an	an	DET
elp-5371	28	29	undetermined	undetermined	ADJ
elp-5371	28	30	period	period	NOUN
elp-5371	28	31	of	of	ADP
elp-5371	28	32	time	time	NOUN
elp-5371	28	33	.	.	PUNCT
elp-5371	29	1	a	a	DET
elp-5371	29	2	pioneer	pioneer	NOUN
elp-5371	29	3	was	be	AUX
elp-5371	29	4	kenya‟s	kenya‟s	X
elp-5371	29	5	m	m	NOUN
elp-5371	29	6	-	-	NOUN
elp-5371	29	7	pesa	pesa	NOUN
elp-5371	29	8	,	,	PUNCT
elp-5371	29	9	offered	offer	VERB
elp-5371	29	10	by	by	ADP
elp-5371	29	11	safaricom	safaricom	PROPN
elp-5371	29	12	,	,	PUNCT
elp-5371	29	13	a	a	DET
elp-5371	29	14	mobile	mobile	ADJ
elp-5371	29	15	network	network	NOUN
elp-5371	29	16	operator	operator	NOUN
elp-5371	29	17	,	,	PUNCT
elp-5371	29	18	but	but	CCONJ
elp-5371	29	19	there	there	PRON
elp-5371	29	20	are	be	VERB
elp-5371	29	21	numerous	numerous	ADJ
elp-5371	29	22	other	other	ADJ
elp-5371	29	23	examples	example	NOUN
elp-5371	29	24	.	.	PUNCT
elp-5371	30	1	these	these	DET
elp-5371	30	2	products	product	NOUN
elp-5371	30	3	can	can	AUX
elp-5371	30	4	also	also	ADV
elp-5371	30	5	be	be	AUX
elp-5371	30	6	tied	tie	VERB
elp-5371	30	7	to	to	ADP
elp-5371	30	8	savings	saving	NOUN
elp-5371	30	9	accounts	account	NOUN
elp-5371	30	10	or	or	CCONJ
elp-5371	30	11	insurance	insurance	NOUN
elp-5371	30	12	products	product	NOUN
elp-5371	30	13	.	.	PUNCT
elp-5371	31	1	international	international	ADJ
elp-5371	31	2	remittances	remittance	VERB
elp-5371	31	3	a	a	DET
elp-5371	31	4	substantial	substantial	ADJ
elp-5371	31	5	degree	degree	NOUN
elp-5371	31	6	of	of	ADP
elp-5371	31	7	fintech	fintech	NOUN
elp-5371	31	8	innovation	innovation	NOUN
elp-5371	31	9	has	have	AUX
elp-5371	31	10	been	be	AUX
elp-5371	31	11	focused	focus	VERB
elp-5371	31	12	on	on	ADP
elp-5371	31	13	large	large	ADJ
elp-5371	31	14	international	international	ADJ
elp-5371	31	15	remittances	remittance	NOUN
elp-5371	31	16	corridors	corridor	NOUN
elp-5371	31	17	.	.	PUNCT
elp-5371	32	1	fintech	fintech	NOUN
elp-5371	32	2	has	have	AUX
elp-5371	32	3	been	be	AUX
elp-5371	32	4	used	use	VERB
elp-5371	32	5	to	to	PART
elp-5371	32	6	simplify	simplify	VERB
elp-5371	32	7	procedures	procedure	NOUN
elp-5371	32	8	and	and	CCONJ
elp-5371	32	9	cut	cut	VERB
elp-5371	32	10	the	the	DET
elp-5371	32	11	costs	cost	NOUN
elp-5371	32	12	of	of	ADP
elp-5371	32	13	transfers	transfer	NOUN
elp-5371	32	14	,	,	PUNCT
elp-5371	32	15	including	include	VERB
elp-5371	32	16	to	to	PART
elp-5371	32	17	serve	serve	VERB
elp-5371	32	18	the	the	DET
elp-5371	32	19	undocumented	undocumented	ADJ
elp-5371	32	20	diaspora	diaspora	NOUN
elp-5371	32	21	in	in	ADP
elp-5371	32	22	a	a	DET
elp-5371	32	23	variety	variety	NOUN
elp-5371	32	24	of	of	ADP
elp-5371	32	25	countries	country	NOUN
elp-5371	32	26	.	.	PUNCT
elp-5371	33	1	the	the	DET
elp-5371	33	2	services	service	NOUN
elp-5371	33	3	may	may	AUX
elp-5371	33	4	be	be	AUX
elp-5371	33	5	based	base	VERB
elp-5371	33	6	on	on	ADP
elp-5371	33	7	e	e	NOUN
elp-5371	33	8	-	-	NOUN
elp-5371	33	9	money	money	NOUN
elp-5371	33	10	products	product	NOUN
elp-5371	33	11	,	,	PUNCT
elp-5371	33	12	traditional	traditional	ADJ
elp-5371	33	13	bank	bank	NOUN
elp-5371	33	14	accounts	account	NOUN
elp-5371	33	15	,	,	PUNCT
elp-5371	33	16	cryptocurrencies	cryptocurrencie	NOUN
elp-5371	33	17	,	,	PUNCT
elp-5371	33	18	or	or	CCONJ
elp-5371	33	19	combinations	combination	NOUN
elp-5371	33	20	of	of	ADP
elp-5371	33	21	these	these	PRON
elp-5371	33	22	.	.	PUNCT
elp-5371	34	1	personal	personal	ADJ
elp-5371	34	2	and	and	CCONJ
elp-5371	34	3	business	business	NOUN
elp-5371	34	4	loans	loan	NOUN
elp-5371	34	5	fintech	fintech	NOUN
elp-5371	34	6	credit	credit	NOUN
elp-5371	34	7	is	be	AUX
elp-5371	34	8	a	a	DET
elp-5371	34	9	burgeoning	burgeon	VERB
elp-5371	34	10	market	market	NOUN
elp-5371	34	11	and	and	CCONJ
elp-5371	34	12	can	can	AUX
elp-5371	34	13	take	take	VERB
elp-5371	34	14	many	many	ADJ
elp-5371	34	15	forms	form	NOUN
elp-5371	34	16	and	and	CCONJ
elp-5371	34	17	target	target	VERB
elp-5371	34	18	various	various	ADJ
elp-5371	34	19	customer	customer	NOUN
elp-5371	34	20	segments	segment	NOUN
elp-5371	34	21	,	,	PUNCT
elp-5371	34	22	including	include	VERB
elp-5371	34	23	low	low	ADJ
elp-5371	34	24	-	-	PUNCT
elp-5371	34	25	income	income	NOUN
elp-5371	34	26	borrowers	borrower	NOUN
elp-5371	34	27	and	and	CCONJ
elp-5371	34	28	micro	micro	NOUN
elp-5371	34	29	,	,	PUNCT
elp-5371	34	30	small	small	ADJ
elp-5371	34	31	and	and	CCONJ
elp-5371	34	32	medium	medium	ADJ
elp-5371	34	33	enterprises	enterprise	NOUN
elp-5371	34	34	.	.	PUNCT
elp-5371	35	1	most	most	ADV
elp-5371	35	2	often	often	ADV
elp-5371	35	3	,	,	PUNCT
elp-5371	35	4	fintech	fintech	NOUN
elp-5371	35	5	credit	credit	NOUN
elp-5371	35	6	utilizes	utilize	VERB
elp-5371	35	7	relatively	relatively	ADV
elp-5371	35	8	novel	novel	ADJ
elp-5371	35	9	credit	credit	NOUN
elp-5371	35	10	-	-	PUNCT
elp-5371	35	11	scoring	score	VERB
elp-5371	35	12	methods	method	NOUN
elp-5371	35	13	based	base	VERB
elp-5371	35	14	on	on	ADP
elp-5371	35	15	a	a	DET
elp-5371	35	16	wide	wide	ADJ
elp-5371	35	17	range	range	NOUN
elp-5371	35	18	of	of	ADP
elp-5371	35	19	data	datum	NOUN
elp-5371	35	20	,	,	PUNCT
elp-5371	35	21	including	include	VERB
elp-5371	35	22	data	datum	NOUN
elp-5371	35	23	that	that	PRON
elp-5371	35	24	are	be	AUX
elp-5371	35	25	collected	collect	VERB
elp-5371	35	26	outside	outside	ADV
elp-5371	35	27	of	of	ADP
elp-5371	35	28	the	the	DET
elp-5371	35	29	financial	financial	ADJ
elp-5371	35	30	sector	sector	NOUN
elp-5371	35	31	(	(	PUNCT
elp-5371	35	32	e.g.	e.g.	ADV
elp-5371	35	33	,	,	PUNCT
elp-5371	35	34	big	big	ADJ
elp-5371	35	35	data	datum	NOUN
elp-5371	35	36	,	,	PUNCT
elp-5371	35	37	bill	bill	NOUN
elp-5371	35	38	payments	payment	NOUN
elp-5371	35	39	history	history	NOUN
elp-5371	35	40	,	,	PUNCT
elp-5371	35	41	mobile	mobile	ADJ
elp-5371	35	42	phone	phone	NOUN
elp-5371	35	43	usage	usage	NOUN
elp-5371	35	44	)	)	PUNCT
elp-5371	35	45	.	.	PUNCT
elp-5371	36	1	many	many	ADJ
elp-5371	36	2	products	product	NOUN
elp-5371	36	3	are	be	AUX
elp-5371	36	4	based	base	VERB
elp-5371	36	5	on	on	ADP
elp-5371	36	6	automated	automate	VERB
elp-5371	36	7	credit	credit	NOUN
elp-5371	36	8	decisions	decision	NOUN
elp-5371	36	9	,	,	PUNCT
elp-5371	36	10	whereby	whereby	SCONJ
elp-5371	36	11	a	a	DET
elp-5371	36	12	customer	customer	NOUN
elp-5371	36	13	applies	apply	VERB
elp-5371	36	14	for	for	ADP
elp-5371	36	15	credit	credit	NOUN
elp-5371	36	16	and	and	CCONJ
elp-5371	36	17	,	,	PUNCT
elp-5371	36	18	if	if	SCONJ
elp-5371	36	19	successful	successful	ADJ
elp-5371	36	20	,	,	PUNCT
elp-5371	36	21	has	have	VERB
elp-5371	36	22	her	her	PRON
elp-5371	36	23	loan	loan	NOUN
elp-5371	36	24	disbursed	disburse	VERB
elp-5371	36	25	in	in	ADP
elp-5371	36	26	only	only	ADV
elp-5371	36	27	a	a	DET
elp-5371	36	28	few	few	ADJ
elp-5371	36	29	minutes	minute	NOUN
elp-5371	36	30	via	via	ADP
elp-5371	36	31	her	her	PRON
elp-5371	36	32	mobile	mobile	ADJ
elp-5371	36	33	phone	phone	NOUN
elp-5371	36	34	.	.	PUNCT
elp-5371	37	1	peer	peer	NOUN
elp-5371	37	2	-	-	PUNCT
elp-5371	37	3	to	to	ADP
elp-5371	37	4	-	-	PUNCT
elp-5371	37	5	peer	peer	NOUN
elp-5371	37	6	(	(	PUNCT
elp-5371	37	7	p2p	p2p	NOUN
elp-5371	37	8	)	)	PUNCT
elp-5371	37	9	lending	lending	NOUN
elp-5371	37	10	platforms	platform	NOUN
elp-5371	37	11	within	within	ADP
elp-5371	37	12	fintech	fintech	NOUN
elp-5371	37	13	credit	credit	NOUN
elp-5371	37	14	,	,	PUNCT
elp-5371	37	15	an	an	DET
elp-5371	37	16	important	important	ADJ
elp-5371	37	17	development	development	NOUN
elp-5371	37	18	is	be	AUX
elp-5371	37	19	p2p	p2p	NOUN
elp-5371	37	20	platforms	platform	NOUN
elp-5371	37	21	,	,	PUNCT
elp-5371	37	22	which	which	PRON
elp-5371	37	23	are	be	AUX
elp-5371	37	24	mostly	mostly	ADV
elp-5371	37	25	internet	internet	NOUN
elp-5371	37	26	-	-	PUNCT
elp-5371	37	27	based	base	VERB
elp-5371	37	28	services	service	NOUN
elp-5371	37	29	provided	provide	VERB
elp-5371	37	30	by	by	ADP
elp-5371	37	31	a	a	DET
elp-5371	37	32	fintech	fintech	NOUN
elp-5371	37	33	firm	firm	NOUN
elp-5371	37	34	where	where	SCONJ
elp-5371	37	35	lenders	lender	NOUN
elp-5371	37	36	and	and	CCONJ
elp-5371	37	37	borrowers	borrower	NOUN
elp-5371	37	38	interact	interact	VERB
elp-5371	37	39	in	in	ADP
elp-5371	37	40	a	a	DET
elp-5371	37	41	virtual	virtual	ADJ
elp-5371	37	42	intermediation	intermediation	NOUN
elp-5371	37	43	framework	framework	NOUN
elp-5371	37	44	.	.	PUNCT
elp-5371	38	1	platforms	platform	NOUN
elp-5371	38	2	vary	vary	VERB
elp-5371	38	3	widely	widely	ADV
elp-5371	38	4	in	in	ADP
elp-5371	38	5	format	format	NOUN
elp-5371	38	6	and	and	CCONJ
elp-5371	38	7	operating	operating	NOUN
elp-5371	38	8	rules	rule	NOUN
elp-5371	38	9	.	.	PUNCT
elp-5371	39	1	typical	typical	ADJ
elp-5371	39	2	characteristics	characteristic	NOUN
elp-5371	39	3	of	of	ADP
elp-5371	39	4	p2p	p2p	NOUN
elp-5371	39	5	lending	lending	NOUN
elp-5371	39	6	are	be	AUX
elp-5371	39	7	:	:	PUNCT
elp-5371	39	8	(	(	PUNCT
elp-5371	39	9	i	i	NOUN
elp-5371	39	10	)	)	PUNCT
elp-5371	39	11	no	no	DET
elp-5371	39	12	necessary	necessary	ADJ
elp-5371	39	13	common	common	ADJ
elp-5371	39	14	bond	bond	NOUN
elp-5371	39	15	or	or	CCONJ
elp-5371	39	16	prior	prior	ADJ
elp-5371	39	17	relationship	relationship	NOUN
elp-5371	39	18	between	between	ADP
elp-5371	39	19	lenders	lender	NOUN
elp-5371	39	20	and	and	CCONJ
elp-5371	39	21	borrowers	borrower	NOUN
elp-5371	39	22	;	;	PUNCT
elp-5371	39	23	(	(	PUNCT
elp-5371	39	24	ii	ii	NOUN
elp-5371	39	25	)	)	PUNCT
elp-5371	39	26	intermediation	intermediation	NOUN
elp-5371	39	27	by	by	ADP
elp-5371	39	28	a	a	DET
elp-5371	39	29	p2p	p2p	NOUN
elp-5371	39	30	lending	lending	NOUN
elp-5371	39	31	company	company	NOUN
elp-5371	39	32	;	;	PUNCT
elp-5371	39	33	(	(	PUNCT
elp-5371	39	34	iii	iii	X
elp-5371	39	35	)	)	PUNCT
elp-5371	39	36	transactions	transaction	NOUN
elp-5371	39	37	take	take	VERB
elp-5371	39	38	place	place	NOUN
elp-5371	39	39	online	online	ADV
elp-5371	39	40	;	;	PUNCT
elp-5371	39	41	(	(	PUNCT
elp-5371	39	42	iv	iv	X
elp-5371	39	43	)	)	PUNCT
elp-5371	39	44	lenders	lender	NOUN
elp-5371	39	45	may	may	AUX
elp-5371	39	46	often	often	ADV
elp-5371	39	47	choose	choose	VERB
elp-5371	39	48	which	which	DET
elp-5371	39	49	borrowers	borrower	NOUN
elp-5371	39	50	to	to	PART
elp-5371	39	51	lend	lend	VERB
elp-5371	39	52	to	to	ADP
elp-5371	39	53	or	or	CCONJ
elp-5371	39	54	invest	invest	VERB
elp-5371	39	55	in	in	ADP
elp-5371	39	56	,	,	PUNCT
elp-5371	39	57	if	if	SCONJ
elp-5371	39	58	the	the	DET
elp-5371	39	59	p2p	p2p	NOUN
elp-5371	39	60	platform	platform	NOUN
elp-5371	39	61	offers	offer	VERB
elp-5371	39	62	that	that	DET
elp-5371	39	63	facility	facility	NOUN
elp-5371	39	64	;	;	PUNCT
elp-5371	39	65	(	(	PUNCT
elp-5371	39	66	v	v	X
elp-5371	39	67	)	)	PUNCT
elp-5371	39	68	the	the	DET
elp-5371	39	69	loans	loan	NOUN
elp-5371	39	70	can	can	AUX
elp-5371	39	71	be	be	AUX
elp-5371	39	72	unsecured	unsecured	ADJ
elp-5371	39	73	or	or	CCONJ
elp-5371	39	74	secured	secure	VERB
elp-5371	39	75	;	;	PUNCT
elp-5371	39	76	(	(	PUNCT
elp-5371	39	77	vi	vi	NOUN
elp-5371	39	78	)	)	PUNCT
elp-5371	39	79	loans	loan	NOUN
elp-5371	39	80	are	be	AUX
elp-5371	39	81	securities	security	NOUN
elp-5371	39	82	that	that	PRON
elp-5371	39	83	can	can	AUX
elp-5371	39	84	be	be	AUX
elp-5371	39	85	transferred	transfer	VERB
elp-5371	39	86	to	to	ADP
elp-5371	39	87	others	other	NOUN
elp-5371	39	88	,	,	PUNCT
elp-5371	39	89	either	either	CCONJ
elp-5371	39	90	for	for	ADP
elp-5371	39	91	debt	debt	NOUN
elp-5371	39	92	collection	collection	NOUN
elp-5371	39	93	or	or	CCONJ
elp-5371	39	94	profit	profit	NOUN
elp-5371	39	95	.	.	PUNCT
elp-5371	40	1	crowdfunding	crowdfunding	NOUN
elp-5371	40	2	platforms	platform	NOUN
elp-5371	40	3	crowdfunding	crowdfunding	NOUN
elp-5371	40	4	platforms	platform	NOUN
elp-5371	40	5	are	be	AUX
elp-5371	40	6	mostly	mostly	ADV
elp-5371	40	7	internet	internet	NOUN
elp-5371	40	8	-	-	PUNCT
elp-5371	40	9	based	base	VERB
elp-5371	40	10	services	service	NOUN
elp-5371	40	11	provided	provide	VERB
elp-5371	40	12	by	by	ADP
elp-5371	40	13	fintech	fintech	NOUN
elp-5371	40	14	firms	firm	NOUN
elp-5371	40	15	to	to	PART
elp-5371	40	16	facilitate	facilitate	VERB
elp-5371	40	17	funding	funding	NOUN
elp-5371	40	18	/	/	SYM
elp-5371	40	19	investment	investment	NOUN
elp-5371	40	20	opportunities	opportunity	NOUN
elp-5371	40	21	,	,	PUNCT
elp-5371	40	22	including	include	VERB
elp-5371	40	23	equity	equity	NOUN
elp-5371	40	24	investment	investment	NOUN
elp-5371	40	25	and	and	CCONJ
elp-5371	40	26	donations	donation	NOUN
elp-5371	40	27	.	.	PUNCT
elp-5371	41	1	like	like	ADP
elp-5371	41	2	p2p	p2p	NOUN
elp-5371	41	3	lending	lending	NOUN
elp-5371	41	4	platforms	platform	NOUN
elp-5371	41	5	,	,	PUNCT
elp-5371	41	6	these	these	PRON
elp-5371	41	7	vary	vary	VERB
elp-5371	41	8	widely	widely	ADV
elp-5371	41	9	in	in	ADP
elp-5371	41	10	shape	shape	NOUN
elp-5371	41	11	and	and	CCONJ
elp-5371	41	12	operating	operating	NOUN
elp-5371	41	13	rules	rule	NOUN
elp-5371	41	14	.	.	PUNCT
elp-5371	42	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	VERB
elp-5371	42	2	economics	economic	NOUN
elp-5371	42	3	,	,	PUNCT
elp-5371	42	4	law	law	NOUN
elp-5371	42	5	and	and	CCONJ
elp-5371	42	6	policy	policy	NOUN
elp-5371	42	7	vol	vol	NOUN
elp-5371	42	8	.	.	PROPN
elp-5371	43	1	5	5	NUM
elp-5371	43	2	,	,	PUNCT
elp-5371	43	3	no	no	INTJ
elp-5371	43	4	.	.	NOUN
elp-5371	43	5	2	2	NUM
elp-5371	43	6	,	,	PUNCT
elp-5371	43	7	2022	2022	NUM
elp-5371	43	8	31	31	NUM
elp-5371	43	9	published	publish	VERB
elp-5371	43	10	by	by	ADP
elp-5371	43	11	scholink	scholink	PROPN
elp-5371	43	12	inc	inc	PROPN
elp-5371	43	13	.	.	PROPN
elp-5371	43	14	robo	robo	NOUN
elp-5371	43	15	-	-	PUNCT
elp-5371	43	16	advisors	advisor	NOUN
elp-5371	43	17	robo	robo	NOUN
elp-5371	43	18	-	-	PUNCT
elp-5371	43	19	advisors	advisor	NOUN
elp-5371	43	20	(	(	PUNCT
elp-5371	43	21	also	also	ADV
elp-5371	43	22	called	call	VERB
elp-5371	43	23	“	"	PUNCT
elp-5371	43	24	automated	automate	VERB
elp-5371	43	25	”	"	PUNCT
elp-5371	43	26	or	or	CCONJ
elp-5371	43	27	“	"	PUNCT
elp-5371	43	28	digital	digital	ADJ
elp-5371	43	29	investment	investment	NOUN
elp-5371	43	30	”	"	PUNCT
elp-5371	43	31	advisors	advisor	NOUN
elp-5371	43	32	)	)	PUNCT
elp-5371	43	33	are	be	AUX
elp-5371	43	34	online	online	ADJ
elp-5371	43	35	platforms	platform	NOUN
elp-5371	43	36	that	that	PRON
elp-5371	43	37	provide	provide	VERB
elp-5371	43	38	services	service	NOUN
elp-5371	43	39	such	such	ADJ
elp-5371	43	40	as	as	ADP
elp-5371	43	41	financial	financial	ADJ
elp-5371	43	42	advice	advice	NOUN
elp-5371	43	43	and	and	CCONJ
elp-5371	43	44	,	,	PUNCT
elp-5371	43	45	most	most	ADV
elp-5371	43	46	often	often	ADV
elp-5371	43	47	,	,	PUNCT
elp-5371	43	48	portfolio	portfolio	NOUN
elp-5371	43	49	management	management	NOUN
elp-5371	43	50	with	with	ADP
elp-5371	43	51	minimum	minimum	NOUN
elp-5371	43	52	or	or	CCONJ
elp-5371	43	53	no	no	DET
elp-5371	43	54	human	human	ADJ
elp-5371	43	55	intervention	intervention	NOUN
elp-5371	43	56	.	.	PUNCT
elp-5371	44	1	the	the	DET
elp-5371	44	2	digital	digital	PROPN
elp-5371	44	3	revolution	revolution	NOUN
elp-5371	44	4	has	have	AUX
elp-5371	44	5	changed	change	VERB
elp-5371	44	6	the	the	DET
elp-5371	44	7	demand	demand	NOUN
elp-5371	44	8	for	for	ADP
elp-5371	44	9	financial	financial	ADJ
elp-5371	44	10	services	service	NOUN
elp-5371	44	11	and	and	CCONJ
elp-5371	44	12	led	lead	VERB
elp-5371	44	13	the	the	DET
elp-5371	44	14	sector	sector	NOUN
elp-5371	44	15	to	to	PART
elp-5371	44	16	become	become	VERB
elp-5371	44	17	more	more	ADJ
elp-5371	44	18	customer	customer	NOUN
elp-5371	44	19	centric	centric	NOUN
elp-5371	44	20	.	.	PUNCT
elp-5371	45	1	on	on	ADP
elp-5371	45	2	the	the	DET
elp-5371	45	3	supply	supply	NOUN
elp-5371	45	4	side	side	NOUN
elp-5371	45	5	,	,	PUNCT
elp-5371	45	6	it	it	PRON
elp-5371	45	7	has	have	AUX
elp-5371	45	8	left	leave	VERB
elp-5371	45	9	some	some	DET
elp-5371	45	10	incumbents	incumbent	NOUN
elp-5371	45	11	with	with	ADP
elp-5371	45	12	ageing	age	VERB
elp-5371	45	13	and	and	CCONJ
elp-5371	45	14	increasingly	increasingly	ADV
elp-5371	45	15	inefficient	inefficient	ADJ
elp-5371	45	16	technologies	technology	NOUN
elp-5371	45	17	,	,	PUNCT
elp-5371	45	18	such	such	ADJ
elp-5371	45	19	as	as	ADP
elp-5371	45	20	an	an	DET
elp-5371	45	21	overreliance	overreliance	NOUN
elp-5371	45	22	on	on	ADP
elp-5371	45	23	rigid	rigid	ADJ
elp-5371	45	24	mainframes	mainframe	NOUN
elp-5371	45	25	,	,	PUNCT
elp-5371	45	26	and	and	CCONJ
elp-5371	45	27	an	an	DET
elp-5371	45	28	overextended	overextend	VERB
elp-5371	45	29	branch	branch	NOUN
elp-5371	45	30	network	network	NOUN
elp-5371	45	31	.	.	PUNCT
elp-5371	46	1	on	on	ADP
elp-5371	46	2	the	the	DET
elp-5371	46	3	demand	demand	NOUN
elp-5371	46	4	side	side	NOUN
elp-5371	46	5	,	,	PUNCT
elp-5371	46	6	younger	young	ADJ
elp-5371	46	7	population	population	NOUN
elp-5371	46	8	cohorts	cohort	NOUN
elp-5371	46	9	increasingly	increasingly	ADV
elp-5371	46	10	want	want	VERB
elp-5371	46	11	to	to	PART
elp-5371	46	12	bank	bank	VERB
elp-5371	46	13	with	with	ADP
elp-5371	46	14	their	their	PRON
elp-5371	46	15	mobile	mobile	ADJ
elp-5371	46	16	phones	phone	NOUN
elp-5371	46	17	and	and	CCONJ
elp-5371	46	18	online	online	ADJ
elp-5371	46	19	apps	app	NOUN
elp-5371	46	20	,	,	PUNCT
elp-5371	46	21	rather	rather	ADV
elp-5371	46	22	than	than	ADP
elp-5371	46	23	through	through	ADP
elp-5371	46	24	the	the	DET
elp-5371	46	25	more	more	ADV
elp-5371	46	26	conventional	conventional	ADJ
elp-5371	46	27	mainstream	mainstream	ADJ
elp-5371	46	28	banking	banking	NOUN
elp-5371	46	29	channels	channel	NOUN
elp-5371	46	30	.	.	PUNCT
elp-5371	47	1	the	the	DET
elp-5371	47	2	banking	banking	NOUN
elp-5371	47	3	sector	sector	NOUN
elp-5371	47	4	has	have	VERB
elp-5371	47	5	overcapacity	overcapacity	NOUN
elp-5371	47	6	and	and	CCONJ
elp-5371	47	7	,	,	PUNCT
elp-5371	47	8	in	in	ADP
elp-5371	47	9	some	some	DET
elp-5371	47	10	cases	case	NOUN
elp-5371	47	11	,	,	PUNCT
elp-5371	47	12	the	the	DET
elp-5371	47	13	wrong	wrong	ADJ
elp-5371	47	14	kind	kind	NOUN
elp-5371	47	15	of	of	ADP
elp-5371	47	16	capacity	capacity	NOUN
elp-5371	47	17	.	.	PUNCT
elp-5371	48	1	the	the	DET
elp-5371	48	2	industry	industry	NOUN
elp-5371	48	3	is	be	AUX
elp-5371	48	4	facing	face	VERB
elp-5371	48	5	significant	significant	ADJ
elp-5371	48	6	restructuring	restructuring	NOUN
elp-5371	48	7	and	and	CCONJ
elp-5371	48	8	it	it	PRON
elp-5371	48	9	investment	investment	NOUN
elp-5371	48	10	costs	cost	NOUN
elp-5371	48	11	,	,	PUNCT
elp-5371	48	12	which	which	PRON
elp-5371	48	13	is	be	AUX
elp-5371	48	14	placing	place	VERB
elp-5371	48	15	a	a	DET
elp-5371	48	16	strain	strain	NOUN
elp-5371	48	17	on	on	ADP
elp-5371	48	18	some	some	PRON
elp-5371	48	19	banks‟	banks‟	ADP
elp-5371	48	20	profitability	profitability	NOUN
elp-5371	48	21	,	,	PUNCT
elp-5371	48	22	particularly	particularly	ADV
elp-5371	48	23	given	give	VERB
elp-5371	48	24	the	the	DET
elp-5371	48	25	low	low	ADJ
elp-5371	48	26	net	net	ADJ
elp-5371	48	27	interest	interest	NOUN
elp-5371	48	28	margins	margin	NOUN
elp-5371	48	29	on	on	ADP
elp-5371	48	30	which	which	PRON
elp-5371	48	31	many	many	ADJ
elp-5371	48	32	banks	bank	NOUN
elp-5371	48	33	are	be	AUX
elp-5371	48	34	currently	currently	ADV
elp-5371	48	35	operating	operate	VERB
elp-5371	48	36	(	(	PUNCT
elp-5371	48	37	in	in	ADP
elp-5371	48	38	particular	particular	ADJ
elp-5371	48	39	in	in	ADP
elp-5371	48	40	the	the	DET
elp-5371	48	41	eurozone	eurozone	NOUN
elp-5371	48	42	and	and	CCONJ
elp-5371	48	43	japan	japan	PROPN
elp-5371	48	44	)	)	PUNCT
elp-5371	48	45	.	.	PUNCT
elp-5371	49	1	2.2	2.2	NUM
elp-5371	49	2	bigtechs	bigtech	NOUN
elp-5371	49	3	large	large	ADJ
elp-5371	49	4	technology	technology	NOUN
elp-5371	49	5	companies	company	NOUN
elp-5371	49	6	(	(	PUNCT
elp-5371	49	7	bigtechs	bigtech	NOUN
elp-5371	49	8	)	)	PUNCT
elp-5371	49	9	are	be	AUX
elp-5371	49	10	increasingly	increasingly	ADV
elp-5371	49	11	getting	get	VERB
elp-5371	49	12	attention	attention	NOUN
elp-5371	49	13	from	from	ADP
elp-5371	49	14	policymakers	policymaker	NOUN
elp-5371	49	15	due	due	ADP
elp-5371	49	16	to	to	ADP
elp-5371	49	17	the	the	DET
elp-5371	49	18	expansion	expansion	NOUN
elp-5371	49	19	of	of	ADP
elp-5371	49	20	bigtech	bigtech	ADJ
elp-5371	49	21	firms	firm	NOUN
elp-5371	49	22	(	(	PUNCT
elp-5371	49	23	e.g.	e.g.	ADV
elp-5371	49	24	,	,	PUNCT
elp-5371	49	25	google	google	PROPN
elp-5371	49	26	(	(	PUNCT
elp-5371	49	27	alphabet	alphabet	PROPN
elp-5371	49	28	)	)	PUNCT
elp-5371	49	29	,	,	PUNCT
elp-5371	49	30	apple	apple	NOUN
elp-5371	49	31	,	,	PUNCT
elp-5371	49	32	facebook	facebook	NOUN
elp-5371	49	33	,	,	PUNCT
elp-5371	49	34	amazon	amazon	NOUN
elp-5371	49	35	,	,	PUNCT
elp-5371	49	36	and	and	CCONJ
elp-5371	49	37	microsoft	microsoft	PROPN
elp-5371	49	38	)	)	PUNCT
elp-5371	49	39	in	in	ADP
elp-5371	49	40	financial	financial	ADJ
elp-5371	49	41	services	service	NOUN
elp-5371	49	42	.	.	PUNCT
elp-5371	50	1	this	this	PRON
elp-5371	50	2	has	have	AUX
elp-5371	50	3	generally	generally	ADV
elp-5371	50	4	been	be	AUX
elp-5371	50	5	more	more	ADV
elp-5371	50	6	rapid	rapid	ADJ
elp-5371	50	7	and	and	CCONJ
elp-5371	50	8	broad	broad	ADV
elp-5371	50	9	-	-	PUNCT
elp-5371	50	10	based	base	VERB
elp-5371	50	11	in	in	ADP
elp-5371	50	12	emerging	emerge	VERB
elp-5371	50	13	market	market	NOUN
elp-5371	50	14	and	and	CCONJ
elp-5371	50	15	developing	develop	VERB
elp-5371	50	16	economies	economy	NOUN
elp-5371	50	17	(	(	PUNCT
elp-5371	50	18	emdes	emde	NOUN
elp-5371	50	19	)	)	PUNCT
elp-5371	50	20	than	than	ADP
elp-5371	50	21	that	that	PRON
elp-5371	50	22	in	in	ADP
elp-5371	50	23	advanced	advanced	ADJ
elp-5371	50	24	economies	economy	NOUN
elp-5371	50	25	.	.	PUNCT
elp-5371	51	1	the	the	DET
elp-5371	51	2	expansion	expansion	NOUN
elp-5371	51	3	of	of	ADP
elp-5371	51	4	bigtech	bigtech	ADJ
elp-5371	51	5	firms	firm	NOUN
elp-5371	51	6	in	in	ADP
elp-5371	51	7	emdes	emde	NOUN
elp-5371	51	8	has	have	AUX
elp-5371	51	9	brought	bring	VERB
elp-5371	51	10	benefits	benefit	NOUN
elp-5371	51	11	,	,	PUNCT
elp-5371	51	12	but	but	CCONJ
elp-5371	51	13	can	can	AUX
elp-5371	51	14	also	also	ADV
elp-5371	51	15	give	give	VERB
elp-5371	51	16	rise	rise	NOUN
elp-5371	51	17	to	to	ADP
elp-5371	51	18	risks	risk	NOUN
elp-5371	51	19	and	and	CCONJ
elp-5371	51	20	vulnerabilities	vulnerability	NOUN
elp-5371	51	21	,	,	PUNCT
elp-5371	51	22	including	include	VERB
elp-5371	51	23	risks	risk	NOUN
elp-5371	51	24	relating	relate	VERB
elp-5371	51	25	to	to	ADP
elp-5371	51	26	data	datum	NOUN
elp-5371	51	27	privacy	privacy	NOUN
elp-5371	51	28	and	and	CCONJ
elp-5371	51	29	cyber	cyber	NOUN
elp-5371	51	30	-	-	PUNCT
elp-5371	51	31	attacks	attack	NOUN
elp-5371	51	32	.	.	PUNCT
elp-5371	52	1	risks	risk	NOUN
elp-5371	52	2	concerning	concern	VERB
elp-5371	52	3	consumer	consumer	NOUN
elp-5371	52	4	protection	protection	NOUN
elp-5371	52	5	may	may	AUX
elp-5371	52	6	also	also	ADV
elp-5371	52	7	be	be	AUX
elp-5371	52	8	larger	large	ADJ
elp-5371	52	9	in	in	ADP
elp-5371	52	10	the	the	DET
elp-5371	52	11	case	case	NOUN
elp-5371	52	12	of	of	ADP
elp-5371	52	13	emdes	emde	NOUN
elp-5371	52	14	,	,	PUNCT
elp-5371	52	15	particularly	particularly	ADV
elp-5371	52	16	where	where	SCONJ
elp-5371	52	17	customers	customer	NOUN
elp-5371	52	18	have	have	VERB
elp-5371	52	19	a	a	DET
elp-5371	52	20	lower	low	ADJ
elp-5371	52	21	financial	financial	ADJ
elp-5371	52	22	literacy	literacy	NOUN
elp-5371	52	23	and	and	CCONJ
elp-5371	52	24	to	to	ADP
elp-5371	52	25	the	the	DET
elp-5371	52	26	extent	extent	NOUN
elp-5371	52	27	that	that	SCONJ
elp-5371	52	28	bigtech	bigtech	NOUN
elp-5371	52	29	firms	firm	NOUN
elp-5371	52	30	make	make	VERB
elp-5371	52	31	greater	great	ADJ
elp-5371	52	32	use	use	NOUN
elp-5371	52	33	of	of	ADP
elp-5371	52	34	personal	personal	ADJ
elp-5371	52	35	data	datum	NOUN
elp-5371	52	36	(	(	PUNCT
elp-5371	52	37	including	include	VERB
elp-5371	52	38	that	that	PRON
elp-5371	52	39	acquired	acquire	VERB
elp-5371	52	40	from	from	ADP
elp-5371	52	41	their	their	PRON
elp-5371	52	42	non	non	ADJ
elp-5371	52	43	-	-	ADJ
elp-5371	52	44	financial	financial	ADJ
elp-5371	52	45	business	business	NOUN
elp-5371	52	46	)	)	PUNCT
elp-5371	52	47	without	without	ADP
elp-5371	52	48	appropriate	appropriate	ADJ
elp-5371	52	49	statutory	statutory	ADJ
elp-5371	52	50	protections	protection	NOUN
elp-5371	52	51	of	of	ADP
elp-5371	52	52	privacy	privacy	NOUN
elp-5371	52	53	being	be	AUX
elp-5371	52	54	in	in	ADP
elp-5371	52	55	place	place	NOUN
elp-5371	52	56	.	.	PUNCT
elp-5371	53	1	where	where	SCONJ
elp-5371	53	2	bigtech	bigtech	NOUN
elp-5371	53	3	firms	firm	NOUN
elp-5371	53	4	are	be	AUX
elp-5371	53	5	the	the	DET
elp-5371	53	6	principal	principal	NOUN
elp-5371	53	7	or	or	CCONJ
elp-5371	53	8	even	even	ADV
elp-5371	53	9	sole	sole	ADJ
elp-5371	53	10	providers	provider	NOUN
elp-5371	53	11	of	of	ADP
elp-5371	53	12	financial	financial	ADJ
elp-5371	53	13	services	service	NOUN
elp-5371	53	14	to	to	ADP
elp-5371	53	15	some	some	DET
elp-5371	53	16	emde	emde	NOUN
elp-5371	53	17	populations	population	NOUN
elp-5371	53	18	,	,	PUNCT
elp-5371	53	19	there	there	PRON
elp-5371	53	20	is	be	VERB
elp-5371	53	21	a	a	DET
elp-5371	53	22	risk	risk	NOUN
elp-5371	53	23	of	of	ADP
elp-5371	53	24	excessive	excessive	ADJ
elp-5371	53	25	market	market	NOUN
elp-5371	53	26	concentration	concentration	NOUN
elp-5371	53	27	and	and	CCONJ
elp-5371	53	28	attendant	attendant	ADJ
elp-5371	53	29	issues	issue	NOUN
elp-5371	53	30	related	relate	VERB
elp-5371	53	31	to	to	ADP
elp-5371	53	32	excessive	excessive	ADJ
elp-5371	53	33	market	market	NOUN
elp-5371	53	34	power	power	NOUN
elp-5371	53	35	and	and	CCONJ
elp-5371	53	36	inadequate	inadequate	ADJ
elp-5371	53	37	consumer	consumer	NOUN
elp-5371	53	38	protection	protection	NOUN
elp-5371	53	39	.	.	PUNCT
elp-5371	54	1	they	they	PRON
elp-5371	54	2	may	may	AUX
elp-5371	54	3	also	also	ADV
elp-5371	54	4	be	be	AUX
elp-5371	54	5	subject	subject	ADJ
elp-5371	54	6	to	to	ADP
elp-5371	54	7	heightened	heighten	VERB
elp-5371	54	8	operational	operational	ADJ
elp-5371	54	9	risks	risk	NOUN
elp-5371	54	10	,	,	PUNCT
elp-5371	54	11	particularly	particularly	ADV
elp-5371	54	12	in	in	ADP
elp-5371	54	13	environments	environment	NOUN
elp-5371	54	14	with	with	ADP
elp-5371	54	15	weaker	weak	ADJ
elp-5371	54	16	communications	communication	NOUN
elp-5371	54	17	and	and	CCONJ
elp-5371	54	18	financial	financial	ADJ
elp-5371	54	19	infrastructure	infrastructure	NOUN
elp-5371	54	20	.	.	PUNCT
elp-5371	55	1	competition	competition	NOUN
elp-5371	55	2	from	from	ADP
elp-5371	55	3	bigtech	bigtech	NOUN
elp-5371	55	4	firms	firm	NOUN
elp-5371	55	5	may	may	AUX
elp-5371	55	6	,	,	PUNCT
elp-5371	55	7	in	in	ADP
elp-5371	55	8	places	place	NOUN
elp-5371	55	9	,	,	PUNCT
elp-5371	55	10	also	also	ADV
elp-5371	55	11	reduce	reduce	VERB
elp-5371	55	12	the	the	DET
elp-5371	55	13	profitability	profitability	NOUN
elp-5371	55	14	and	and	CCONJ
elp-5371	55	15	resilience	resilience	NOUN
elp-5371	55	16	of	of	ADP
elp-5371	55	17	incumbent	incumbent	ADJ
elp-5371	55	18	financial	financial	ADJ
elp-5371	55	19	institutions	institution	NOUN
elp-5371	55	20	and	and	CCONJ
elp-5371	55	21	lead	lead	VERB
elp-5371	55	22	to	to	ADP
elp-5371	55	23	greater	great	ADJ
elp-5371	55	24	risk	risk	NOUN
elp-5371	55	25	-	-	PUNCT
elp-5371	55	26	taking	taking	NOUN
elp-5371	55	27	.	.	PUNCT
elp-5371	56	1	bigtechs	bigtech	NOUN
elp-5371	56	2	also	also	ADV
elp-5371	56	3	handle	handle	VERB
elp-5371	56	4	payment	payment	NOUN
elp-5371	56	5	services	service	NOUN
elp-5371	56	6	as	as	ADP
elp-5371	56	7	part	part	NOUN
elp-5371	56	8	of	of	ADP
elp-5371	56	9	e	e	NOUN
elp-5371	56	10	-	-	NOUN
elp-5371	56	11	commerce	commerce	NOUN
elp-5371	56	12	,	,	PUNCT
elp-5371	56	13	with	with	ADP
elp-5371	56	14	some	some	PRON
elp-5371	56	15	offering	offer	VERB
elp-5371	56	16	them	they	PRON
elp-5371	56	17	as	as	ADP
elp-5371	56	18	independent	independent	ADJ
elp-5371	56	19	business	business	NOUN
elp-5371	56	20	units	unit	NOUN
elp-5371	56	21	.	.	PUNCT
elp-5371	57	1	their	their	PRON
elp-5371	57	2	business	business	NOUN
elp-5371	57	3	models	model	NOUN
elp-5371	57	4	leverage	leverage	NOUN
elp-5371	57	5	on	on	ADP
elp-5371	57	6	their	their	PRON
elp-5371	57	7	data	datum	NOUN
elp-5371	57	8	analytics	analytic	NOUN
elp-5371	57	9	,	,	PUNCT
elp-5371	57	10	network	network	NOUN
elp-5371	57	11	externalities	externality	NOUN
elp-5371	57	12	,	,	PUNCT
elp-5371	57	13	and	and	CCONJ
elp-5371	57	14	interwoven	interwoven	ADJ
elp-5371	57	15	activities	activity	NOUN
elp-5371	57	16	,	,	PUNCT
elp-5371	57	17	coupled	couple	VERB
elp-5371	57	18	with	with	ADP
elp-5371	57	19	distinct	distinct	ADJ
elp-5371	57	20	platforms	platform	NOUN
elp-5371	57	21	that	that	DET
elp-5371	57	22	process	process	VERB
elp-5371	57	23	and	and	CCONJ
elp-5371	57	24	settle	settle	VERB
elp-5371	57	25	payments	payment	NOUN
elp-5371	57	26	,	,	PUNCT
elp-5371	57	27	including	include	VERB
elp-5371	57	28	:	:	PUNCT
elp-5371	57	29	(	(	PUNCT
elp-5371	57	30	i	i	NOUN
elp-5371	57	31	)	)	PUNCT
elp-5371	57	32	overlay	overlay	NOUN
elp-5371	57	33	systems	system	NOUN
elp-5371	57	34	(	(	PUNCT
elp-5371	57	35	using	use	VERB
elp-5371	57	36	third	third	ADJ
elp-5371	57	37	-	-	PUNCT
elp-5371	57	38	party	party	NOUN
elp-5371	57	39	infrastructures	infrastructure	NOUN
elp-5371	57	40	such	such	ADJ
elp-5371	57	41	as	as	ADP
elp-5371	57	42	credit	credit	NOUN
elp-5371	57	43	card	card	NOUN
elp-5371	57	44	or	or	CCONJ
elp-5371	57	45	retail	retail	ADJ
elp-5371	57	46	payment	payment	NOUN
elp-5371	57	47	systems	system	NOUN
elp-5371	57	48	)	)	PUNCT
elp-5371	57	49	;	;	PUNCT
elp-5371	57	50	and/or	and/or	CCONJ
elp-5371	57	51	(	(	PUNCT
elp-5371	57	52	ii	ii	NOUN
elp-5371	57	53	)	)	PUNCT
elp-5371	57	54	proprietary	proprietary	ADJ
elp-5371	57	55	systems	system	NOUN
elp-5371	57	56	(	(	PUNCT
elp-5371	57	57	using	use	VERB
elp-5371	57	58	firm	firm	NOUN
elp-5371	57	59	-	-	PUNCT
elp-5371	57	60	owned	own	VERB
elp-5371	57	61	infrastructures	infrastructure	NOUN
elp-5371	57	62	)	)	PUNCT
elp-5371	57	63	(	(	PUNCT
elp-5371	57	64	note	note	VERB
elp-5371	57	65	4	4	NUM
elp-5371	57	66	)	)	PUNCT
elp-5371	57	67	.	.	PUNCT
elp-5371	58	1	some	some	DET
elp-5371	58	2	common	common	ADJ
elp-5371	58	3	business	business	NOUN
elp-5371	58	4	applications	application	NOUN
elp-5371	58	5	include	include	VERB
elp-5371	58	6	digital	digital	ADJ
elp-5371	58	7	wallets	wallet	NOUN
elp-5371	58	8	,	,	PUNCT
elp-5371	58	9	online	online	ADJ
elp-5371	58	10	banking	banking	NOUN
elp-5371	58	11	,	,	PUNCT
elp-5371	58	12	and	and	CCONJ
elp-5371	58	13	domestic	domestic	ADJ
elp-5371	58	14	and	and	CCONJ
elp-5371	58	15	cross	cross	ADJ
elp-5371	58	16	-	-	ADJ
elp-5371	58	17	border	border	ADJ
elp-5371	58	18	funds	fund	NOUN
elp-5371	58	19	transfers	transfer	NOUN
elp-5371	58	20	.	.	PUNCT
elp-5371	59	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	59	2	economics	economic	NOUN
elp-5371	59	3	,	,	PUNCT
elp-5371	59	4	law	law	NOUN
elp-5371	59	5	and	and	CCONJ
elp-5371	59	6	policy	policy	NOUN
elp-5371	59	7	vol	vol	NOUN
elp-5371	59	8	.	.	PROPN
elp-5371	60	1	5	5	NUM
elp-5371	60	2	,	,	PUNCT
elp-5371	60	3	no	no	INTJ
elp-5371	60	4	.	.	NOUN
elp-5371	60	5	2	2	NUM
elp-5371	60	6	,	,	PUNCT
elp-5371	60	7	2022	2022	NUM
elp-5371	60	8	32	32	NUM
elp-5371	60	9	published	publish	VERB
elp-5371	60	10	by	by	ADP
elp-5371	60	11	scholink	scholink	PROPN
elp-5371	60	12	inc	inc	PROPN
elp-5371	60	13	.	.	PUNCT
elp-5371	61	1	the	the	DET
elp-5371	61	2	experience	experience	NOUN
elp-5371	61	3	of	of	ADP
elp-5371	61	4	some	some	DET
elp-5371	61	5	jurisdictions	jurisdiction	NOUN
elp-5371	61	6	demonstrates	demonstrate	VERB
elp-5371	61	7	the	the	DET
elp-5371	61	8	positive	positive	ADJ
elp-5371	61	9	role	role	NOUN
elp-5371	61	10	that	that	PRON
elp-5371	61	11	well	well	ADV
elp-5371	61	12	-	-	PUNCT
elp-5371	61	13	targeted	target	VERB
elp-5371	61	14	and	and	CCONJ
elp-5371	61	15	designed	design	VERB
elp-5371	61	16	regulation	regulation	NOUN
elp-5371	61	17	,	,	PUNCT
elp-5371	61	18	supervision	supervision	NOUN
elp-5371	61	19	and	and	CCONJ
elp-5371	61	20	other	other	ADJ
elp-5371	61	21	official	official	ADJ
elp-5371	61	22	-	-	PUNCT
elp-5371	61	23	sector	sector	NOUN
elp-5371	61	24	policy	policy	NOUN
elp-5371	61	25	can	can	AUX
elp-5371	61	26	play	play	VERB
elp-5371	61	27	in	in	ADP
elp-5371	61	28	supporting	support	VERB
elp-5371	61	29	innovation	innovation	NOUN
elp-5371	61	30	in	in	ADP
elp-5371	61	31	financial	financial	ADJ
elp-5371	61	32	services	service	NOUN
elp-5371	61	33	while	while	SCONJ
elp-5371	61	34	also	also	ADV
elp-5371	61	35	mitigating	mitigate	VERB
elp-5371	61	36	risks	risk	NOUN
elp-5371	61	37	.	.	PUNCT
elp-5371	62	1	governments	government	NOUN
elp-5371	62	2	in	in	ADP
elp-5371	62	3	some	some	DET
elp-5371	62	4	jurisdictions	jurisdiction	NOUN
elp-5371	62	5	have	have	AUX
elp-5371	62	6	also	also	ADV
elp-5371	62	7	played	play	VERB
elp-5371	62	8	a	a	DET
elp-5371	62	9	key	key	ADJ
elp-5371	62	10	role	role	NOUN
elp-5371	62	11	in	in	ADP
elp-5371	62	12	promoting	promote	VERB
elp-5371	62	13	the	the	DET
elp-5371	62	14	development	development	NOUN
elp-5371	62	15	of	of	ADP
elp-5371	62	16	financial	financial	ADJ
elp-5371	62	17	infrastructures	infrastructure	NOUN
elp-5371	62	18	.	.	PUNCT
elp-5371	63	1	in	in	ADP
elp-5371	63	2	doing	do	VERB
elp-5371	63	3	so	so	ADV
elp-5371	63	4	,	,	PUNCT
elp-5371	63	5	they	they	PRON
elp-5371	63	6	have	have	AUX
elp-5371	63	7	facilitated	facilitate	VERB
elp-5371	63	8	the	the	DET
elp-5371	63	9	growth	growth	NOUN
elp-5371	63	10	of	of	ADP
elp-5371	63	11	financial	financial	ADJ
elp-5371	63	12	technology	technology	NOUN
elp-5371	63	13	,	,	PUNCT
elp-5371	63	14	including	include	VERB
elp-5371	63	15	that	that	PRON
elp-5371	63	16	employed	employ	VERB
elp-5371	63	17	by	by	ADP
elp-5371	63	18	bigtech	bigtech	NOUN
elp-5371	63	19	firms	firm	NOUN
elp-5371	63	20	(	(	PUNCT
elp-5371	63	21	note	note	NOUN
elp-5371	63	22	5	5	NUM
elp-5371	63	23	)	)	PUNCT
elp-5371	63	24	.	.	PUNCT
elp-5371	64	1	however	however	ADV
elp-5371	64	2	,	,	PUNCT
elp-5371	64	3	there	there	PRON
elp-5371	64	4	are	be	VERB
elp-5371	64	5	also	also	ADV
elp-5371	64	6	examples	example	NOUN
elp-5371	64	7	where	where	SCONJ
elp-5371	64	8	regulation	regulation	NOUN
elp-5371	64	9	has	have	AUX
elp-5371	64	10	not	not	PART
elp-5371	64	11	kept	keep	VERB
elp-5371	64	12	pace	pace	NOUN
elp-5371	64	13	with	with	ADP
elp-5371	64	14	fintech	fintech	NOUN
elp-5371	64	15	developments	development	NOUN
elp-5371	64	16	,	,	PUNCT
elp-5371	64	17	leaving	leave	VERB
elp-5371	64	18	consumers	consumer	NOUN
elp-5371	64	19	and	and	CCONJ
elp-5371	64	20	the	the	DET
elp-5371	64	21	wider	wide	ADJ
elp-5371	64	22	financial	financial	ADJ
elp-5371	64	23	system	system	NOUN
elp-5371	64	24	exposed	expose	VERB
elp-5371	64	25	to	to	ADP
elp-5371	64	26	significant	significant	ADJ
elp-5371	64	27	risks	risk	NOUN
elp-5371	64	28	,	,	PUNCT
elp-5371	64	29	as	as	SCONJ
elp-5371	64	30	discussed	discuss	VERB
elp-5371	64	31	later	later	ADV
elp-5371	64	32	in	in	ADP
elp-5371	64	33	this	this	DET
elp-5371	64	34	paper	paper	NOUN
elp-5371	64	35	.	.	PUNCT
elp-5371	65	1	2.3	2.3	NUM
elp-5371	65	2	non	non	ADJ
elp-5371	65	3	-	-	ADJ
elp-5371	65	4	bank	bank	ADJ
elp-5371	65	5	payment	payment	NOUN
elp-5371	65	6	system	system	NOUN
elp-5371	65	7	providers	provider	NOUN
elp-5371	65	8	fintech	fintech	NOUN
elp-5371	65	9	is	be	AUX
elp-5371	65	10	also	also	ADV
elp-5371	65	11	enabling	enable	VERB
elp-5371	65	12	the	the	DET
elp-5371	65	13	evolution	evolution	NOUN
elp-5371	65	14	of	of	ADP
elp-5371	65	15	“	"	PUNCT
elp-5371	65	16	new	new	ADJ
elp-5371	65	17	”	"	PUNCT
elp-5371	65	18	forms	form	NOUN
elp-5371	65	19	of	of	ADP
elp-5371	65	20	banking	banking	NOUN
elp-5371	65	21	,	,	PUNCT
elp-5371	65	22	such	such	ADJ
elp-5371	65	23	as	as	ADP
elp-5371	65	24	the	the	DET
elp-5371	65	25	development	development	NOUN
elp-5371	65	26	of	of	ADP
elp-5371	65	27	purely	purely	ADV
elp-5371	65	28	digital	digital	ADJ
elp-5371	65	29	/	/	SYM
elp-5371	65	30	online	online	ADJ
elp-5371	65	31	banks	bank	NOUN
elp-5371	65	32	which	which	PRON
elp-5371	65	33	have	have	VERB
elp-5371	65	34	no	no	DET
elp-5371	65	35	physical	physical	ADJ
elp-5371	65	36	presence	presence	NOUN
elp-5371	65	37	(	(	PUNCT
elp-5371	65	38	e.g.	e.g.	ADV
elp-5371	65	39	,	,	PUNCT
elp-5371	65	40	ubank	ubank	ADJ
elp-5371	65	41	,	,	PUNCT
elp-5371	65	42	rabodirect	rabodirect	NOUN
elp-5371	65	43	and	and	CCONJ
elp-5371	65	44	me	i	PRON
elp-5371	65	45	bank	bank	PROPN
elp-5371	65	46	in	in	ADP
elp-5371	65	47	australia	australia	PROPN
elp-5371	65	48	;	;	PUNCT
elp-5371	65	49	and	and	CCONJ
elp-5371	65	50	wise	wise	ADJ
elp-5371	65	51	,	,	PUNCT
elp-5371	65	52	revolut	revolut	NOUN
elp-5371	65	53	and	and	CCONJ
elp-5371	65	54	starling	starling	NOUN
elp-5371	65	55	in	in	ADP
elp-5371	65	56	the	the	DET
elp-5371	65	57	uk	uk	PROPN
elp-5371	65	58	,	,	PUNCT
elp-5371	65	59	etc	etc	X
elp-5371	65	60	.	.	X
elp-5371	65	61	)	)	PUNCT
elp-5371	66	1	and	and	CCONJ
elp-5371	66	2	non	non	ADJ
elp-5371	66	3	-	-	ADJ
elp-5371	66	4	bank	bank	ADJ
elp-5371	66	5	payment	payment	NOUN
elp-5371	66	6	system	system	NOUN
elp-5371	66	7	providers	provider	NOUN
elp-5371	66	8	.	.	PUNCT
elp-5371	67	1	non	non	ADJ
elp-5371	67	2	-	-	ADJ
elp-5371	67	3	bank	bank	ADJ
elp-5371	67	4	payment	payment	NOUN
elp-5371	67	5	system	system	NOUN
elp-5371	67	6	providers	provider	NOUN
elp-5371	67	7	(	(	PUNCT
elp-5371	67	8	psps	psp	NOUN
elp-5371	67	9	)	)	PUNCT
elp-5371	67	10	include	include	VERB
elp-5371	67	11	prepaid	prepaid	ADJ
elp-5371	67	12	payment	payment	NOUN
elp-5371	67	13	instrument	instrument	NOUN
elp-5371	67	14	(	(	PUNCT
elp-5371	67	15	ppi	ppi	NOUN
elp-5371	67	16	)	)	PUNCT
elp-5371	67	17	issuers	issuer	NOUN
elp-5371	67	18	,	,	PUNCT
elp-5371	67	19	such	such	ADJ
elp-5371	67	20	as	as	ADP
elp-5371	67	21	mobile	mobile	ADJ
elp-5371	67	22	wallets	wallet	NOUN
elp-5371	67	23	,	,	PUNCT
elp-5371	67	24	card	card	NOUN
elp-5371	67	25	networks	network	NOUN
elp-5371	67	26	and	and	CCONJ
elp-5371	67	27	“	"	PUNCT
elp-5371	67	28	white	white	ADJ
elp-5371	67	29	label	label	NOUN
elp-5371	67	30	”	"	PUNCT
elp-5371	67	31	atm	atm	PROPN
elp-5371	67	32	operators	operator	NOUN
elp-5371	67	33	.	.	PUNCT
elp-5371	68	1	these	these	DET
elp-5371	68	2	developments	development	NOUN
elp-5371	68	3	are	be	AUX
elp-5371	68	4	an	an	DET
elp-5371	68	5	important	important	ADJ
elp-5371	68	6	aspect	aspect	NOUN
elp-5371	68	7	of	of	ADP
elp-5371	68	8	fintech	fintech	NOUN
elp-5371	68	9	and	and	CCONJ
elp-5371	68	10	have	have	AUX
elp-5371	68	11	grown	grow	VERB
elp-5371	68	12	rapidly	rapidly	ADV
elp-5371	68	13	in	in	ADP
elp-5371	68	14	many	many	ADJ
elp-5371	68	15	countries	country	NOUN
elp-5371	68	16	via	via	ADP
elp-5371	68	17	a	a	DET
elp-5371	68	18	range	range	NOUN
elp-5371	68	19	of	of	ADP
elp-5371	68	20	operators	operator	NOUN
elp-5371	68	21	,	,	PUNCT
elp-5371	68	22	such	such	ADJ
elp-5371	68	23	as	as	ADP
elp-5371	68	24	adyen	adyen	NOUN
elp-5371	68	25	,	,	PUNCT
elp-5371	68	26	braintree	braintree	PROPN
elp-5371	68	27	,	,	PUNCT
elp-5371	68	28	paypal	paypal	NOUN
elp-5371	68	29	and	and	CCONJ
elp-5371	68	30	stripe	stripe	NOUN
elp-5371	68	31	.	.	PUNCT
elp-5371	69	1	for	for	ADP
elp-5371	69	2	example	example	NOUN
elp-5371	69	3	,	,	PUNCT
elp-5371	69	4	the	the	DET
elp-5371	69	5	reserve	reserve	PROPN
elp-5371	69	6	bank	bank	PROPN
elp-5371	69	7	of	of	ADP
elp-5371	69	8	india	india	PROPN
elp-5371	69	9	has	have	AUX
elp-5371	69	10	recently	recently	ADV
elp-5371	69	11	announced	announce	VERB
elp-5371	69	12	that	that	SCONJ
elp-5371	69	13	it	it	PRON
elp-5371	69	14	has	have	AUX
elp-5371	69	15	allowed	allow	VERB
elp-5371	69	16	non	non	NOUN
elp-5371	69	17	-	-	NOUN
elp-5371	69	18	banks	bank	NOUN
elp-5371	69	19	to	to	PART
elp-5371	69	20	participate	participate	VERB
elp-5371	69	21	in	in	ADP
elp-5371	69	22	its	its	PRON
elp-5371	69	23	centralised	centralised	ADJ
elp-5371	69	24	payment	payment	NOUN
elp-5371	69	25	systems	system	NOUN
elp-5371	69	26	(	(	PUNCT
elp-5371	69	27	cps	cps	PROPN
elp-5371	69	28	)	)	PUNCT
elp-5371	69	29	through	through	ADP
elp-5371	69	30	real	real	ADJ
elp-5371	69	31	time	time	NOUN
elp-5371	69	32	gross	gross	ADJ
elp-5371	69	33	settlement	settlement	NOUN
elp-5371	69	34	(	(	PUNCT
elp-5371	69	35	rtgs	rtgs	PROPN
elp-5371	69	36	)	)	PUNCT
elp-5371	69	37	and	and	CCONJ
elp-5371	69	38	national	national	ADJ
elp-5371	69	39	electronic	electronic	ADJ
elp-5371	69	40	fund	fund	NOUN
elp-5371	69	41	transfer	transfer	NOUN
elp-5371	69	42	(	(	PUNCT
elp-5371	69	43	neft	neft	NOUN
elp-5371	69	44	)	)	PUNCT
elp-5371	69	45	systems	system	NOUN
elp-5371	69	46	,	,	PUNCT
elp-5371	69	47	in	in	ADP
elp-5371	69	48	a	a	DET
elp-5371	69	49	phased	phase	VERB
elp-5371	69	50	manner	manner	NOUN
elp-5371	69	51	.	.	PUNCT
elp-5371	70	1	psps	psp	NOUN
elp-5371	70	2	are	be	AUX
elp-5371	70	3	facilitating	facilitate	VERB
elp-5371	70	4	financial	financial	ADJ
elp-5371	70	5	inclusion	inclusion	NOUN
elp-5371	70	6	in	in	ADP
elp-5371	70	7	emdes	emde	NOUN
elp-5371	70	8	by	by	ADP
elp-5371	70	9	providing	provide	VERB
elp-5371	70	10	electronic	electronic	ADJ
elp-5371	70	11	payments	payment	NOUN
elp-5371	70	12	services	service	NOUN
elp-5371	70	13	to	to	ADP
elp-5371	70	14	large	large	ADJ
elp-5371	70	15	numbers	number	NOUN
elp-5371	70	16	of	of	ADP
elp-5371	70	17	people	people	NOUN
elp-5371	70	18	who	who	PRON
elp-5371	70	19	are	be	AUX
elp-5371	70	20	not	not	PART
elp-5371	70	21	currently	currently	ADV
elp-5371	70	22	serviced	service	VERB
elp-5371	70	23	by	by	ADP
elp-5371	70	24	banks	bank	NOUN
elp-5371	70	25	—	—	PUNCT
elp-5371	70	26	i.e.	i.e.	X
elp-5371	70	27	,	,	PUNCT
elp-5371	70	28	those	those	PRON
elp-5371	70	29	without	without	ADP
elp-5371	70	30	a	a	DET
elp-5371	70	31	bank	bank	NOUN
elp-5371	70	32	account	account	NOUN
elp-5371	70	33	,	,	PUNCT
elp-5371	70	34	as	as	ADP
elp-5371	70	35	,	,	PUNCT
elp-5371	70	36	for	for	ADP
elp-5371	70	37	example	example	NOUN
elp-5371	70	38	,	,	PUNCT
elp-5371	70	39	in	in	ADP
elp-5371	70	40	much	much	ADJ
elp-5371	70	41	of	of	ADP
elp-5371	70	42	africa	africa	PROPN
elp-5371	70	43	.	.	PUNCT
elp-5371	71	1	hence	hence	ADV
elp-5371	71	2	psps	psp	NOUN
elp-5371	71	3	can	can	AUX
elp-5371	71	4	help	help	VERB
elp-5371	71	5	to	to	PART
elp-5371	71	6	promote	promote	VERB
elp-5371	71	7	greater	great	ADJ
elp-5371	71	8	financial	financial	ADJ
elp-5371	71	9	inclusion	inclusion	NOUN
elp-5371	71	10	goals	goal	NOUN
elp-5371	71	11	by	by	ADP
elp-5371	71	12	enabling	enable	VERB
elp-5371	71	13	unbanked	unbanked	ADJ
elp-5371	71	14	individuals	individual	NOUN
elp-5371	71	15	to	to	PART
elp-5371	71	16	use	use	VERB
elp-5371	71	17	non	non	ADJ
elp-5371	71	18	-	-	ADJ
elp-5371	71	19	bank	bank	ADJ
elp-5371	71	20	services	service	NOUN
elp-5371	71	21	as	as	ADP
elp-5371	71	22	an	an	DET
elp-5371	71	23	alternative	alternative	NOUN
elp-5371	71	24	to	to	ADP
elp-5371	71	25	payment	payment	NOUN
elp-5371	71	26	instruments	instrument	NOUN
elp-5371	71	27	offered	offer	VERB
elp-5371	71	28	by	by	ADP
elp-5371	71	29	banks	bank	NOUN
elp-5371	71	30	(	(	PUNCT
elp-5371	71	31	mainly	mainly	ADV
elp-5371	71	32	due	due	ADP
elp-5371	71	33	to	to	ADP
elp-5371	71	34	the	the	DET
elp-5371	71	35	reason	reason	NOUN
elp-5371	71	36	that	that	PRON
elp-5371	71	37	they	they	PRON
elp-5371	71	38	do	do	AUX
elp-5371	71	39	not	not	PART
elp-5371	71	40	have	have	VERB
elp-5371	71	41	a	a	DET
elp-5371	71	42	banking	banking	NOUN
elp-5371	71	43	account	account	NOUN
elp-5371	71	44	or	or	CCONJ
elp-5371	71	45	can	can	AUX
elp-5371	71	46	not	not	PART
elp-5371	71	47	open	open	VERB
elp-5371	71	48	one	one	NUM
elp-5371	71	49	)	)	PUNCT
elp-5371	71	50	.	.	PUNCT
elp-5371	72	1	non	non	ADJ
elp-5371	72	2	-	-	ADJ
elp-5371	72	3	bank	bank	ADJ
elp-5371	72	4	payment	payment	NOUN
elp-5371	72	5	service	service	NOUN
elp-5371	72	6	provider	provider	NOUN
elp-5371	72	7	can	can	AUX
elp-5371	72	8	improve	improve	VERB
elp-5371	72	9	the	the	DET
elp-5371	72	10	efficiency	efficiency	NOUN
elp-5371	72	11	of	of	ADP
elp-5371	72	12	the	the	DET
elp-5371	72	13	retail	retail	ADJ
elp-5371	72	14	payments	payment	NOUN
elp-5371	72	15	system	system	NOUN
elp-5371	72	16	by	by	ADP
elp-5371	72	17	increasing	increase	VERB
elp-5371	72	18	competition	competition	NOUN
elp-5371	72	19	,	,	PUNCT
elp-5371	72	20	providing	provide	VERB
elp-5371	72	21	new	new	ADJ
elp-5371	72	22	or	or	CCONJ
elp-5371	72	23	improved	improved	ADJ
elp-5371	72	24	payment	payment	NOUN
elp-5371	72	25	options	option	NOUN
elp-5371	72	26	,	,	PUNCT
elp-5371	72	27	and	and	CCONJ
elp-5371	72	28	reaching	reach	VERB
elp-5371	72	29	sectors	sector	NOUN
elp-5371	72	30	of	of	ADP
elp-5371	72	31	the	the	DET
elp-5371	72	32	population	population	NOUN
elp-5371	72	33	that	that	PRON
elp-5371	72	34	did	do	AUX
elp-5371	72	35	not	not	PART
elp-5371	72	36	previously	previously	ADV
elp-5371	72	37	have	have	VERB
elp-5371	72	38	access	access	NOUN
elp-5371	72	39	to	to	ADP
elp-5371	72	40	payment	payment	NOUN
elp-5371	72	41	services	service	NOUN
elp-5371	72	42	.	.	PUNCT
elp-5371	73	1	in	in	ADP
elp-5371	73	2	other	other	ADJ
elp-5371	73	3	situations	situation	NOUN
elp-5371	73	4	,	,	PUNCT
elp-5371	73	5	non	non	NOUN
elp-5371	73	6	-	-	ADJ
elp-5371	73	7	banks	bank	NOUN
elp-5371	73	8	can	can	AUX
elp-5371	73	9	contribute	contribute	VERB
elp-5371	73	10	expertise	expertise	NOUN
elp-5371	73	11	that	that	SCONJ
elp-5371	73	12	the	the	DET
elp-5371	73	13	incumbents	incumbent	NOUN
elp-5371	73	14	lack	lack	VERB
elp-5371	73	15	and	and	CCONJ
elp-5371	73	16	cooperate	cooperate	VERB
elp-5371	73	17	with	with	ADP
elp-5371	73	18	banks	bank	NOUN
elp-5371	73	19	to	to	PART
elp-5371	73	20	provide	provide	VERB
elp-5371	73	21	innovative	innovative	ADJ
elp-5371	73	22	services	service	NOUN
elp-5371	73	23	,	,	PUNCT
elp-5371	73	24	such	such	ADJ
elp-5371	73	25	as	as	ADP
elp-5371	73	26	mobile	mobile	ADJ
elp-5371	73	27	payments	payment	NOUN
elp-5371	73	28	.	.	PUNCT
elp-5371	74	1	at	at	ADP
elp-5371	74	2	the	the	DET
elp-5371	74	3	same	same	ADJ
elp-5371	74	4	time	time	NOUN
elp-5371	74	5	,	,	PUNCT
elp-5371	74	6	the	the	DET
elp-5371	74	7	growing	grow	VERB
elp-5371	74	8	involvement	involvement	NOUN
elp-5371	74	9	of	of	ADP
elp-5371	74	10	non	non	NOUN
elp-5371	74	11	-	-	NOUN
elp-5371	74	12	banks	bank	NOUN
elp-5371	74	13	could	could	AUX
elp-5371	74	14	also	also	ADV
elp-5371	74	15	impact	impact	VERB
elp-5371	74	16	risks	risk	NOUN
elp-5371	74	17	in	in	ADP
elp-5371	74	18	the	the	DET
elp-5371	74	19	system	system	NOUN
elp-5371	74	20	.	.	PUNCT
elp-5371	75	1	the	the	DET
elp-5371	75	2	implications	implication	NOUN
elp-5371	75	3	will	will	AUX
elp-5371	75	4	vary	vary	VERB
elp-5371	75	5	by	by	ADP
elp-5371	75	6	the	the	DET
elp-5371	75	7	type	type	NOUN
elp-5371	75	8	of	of	ADP
elp-5371	75	9	non	non	ADJ
elp-5371	75	10	-	-	ADJ
elp-5371	75	11	bank	bank	NOUN
elp-5371	75	12	and	and	CCONJ
elp-5371	75	13	the	the	DET
elp-5371	75	14	services	service	NOUN
elp-5371	75	15	that	that	PRON
elp-5371	75	16	they	they	PRON
elp-5371	75	17	provide	provide	VERB
elp-5371	75	18	.	.	PUNCT
elp-5371	76	1	for	for	ADP
elp-5371	76	2	example	example	NOUN
elp-5371	76	3	,	,	PUNCT
elp-5371	76	4	non	non	NOUN
elp-5371	76	5	-	-	NOUN
elp-5371	76	6	banks	bank	NOUN
elp-5371	76	7	may	may	AUX
elp-5371	76	8	specialize	specialize	VERB
elp-5371	76	9	in	in	ADP
elp-5371	76	10	certain	certain	ADJ
elp-5371	76	11	services	service	NOUN
elp-5371	76	12	,	,	PUNCT
elp-5371	76	13	thus	thus	ADV
elp-5371	76	14	generating	generate	VERB
elp-5371	76	15	large	large	ADJ
elp-5371	76	16	economies	economy	NOUN
elp-5371	76	17	of	of	ADP
elp-5371	76	18	scale	scale	NOUN
elp-5371	76	19	or	or	CCONJ
elp-5371	76	20	network	network	NOUN
elp-5371	76	21	effects	effect	NOUN
elp-5371	76	22	.	.	PUNCT
elp-5371	77	1	the	the	DET
elp-5371	77	2	nature	nature	NOUN
elp-5371	77	3	of	of	ADP
elp-5371	77	4	these	these	DET
elp-5371	77	5	effects	effect	NOUN
elp-5371	77	6	could	could	AUX
elp-5371	77	7	mean	mean	VERB
elp-5371	77	8	that	that	SCONJ
elp-5371	77	9	the	the	DET
elp-5371	77	10	provision	provision	NOUN
elp-5371	77	11	of	of	ADP
elp-5371	77	12	such	such	ADJ
elp-5371	77	13	services	service	NOUN
elp-5371	77	14	may	may	AUX
elp-5371	77	15	converge	converge	VERB
elp-5371	77	16	towards	towards	ADP
elp-5371	77	17	a	a	DET
elp-5371	77	18	small	small	ADJ
elp-5371	77	19	number	number	NOUN
elp-5371	77	20	of	of	ADP
elp-5371	77	21	large	large	ADJ
elp-5371	77	22	providers	provider	NOUN
elp-5371	77	23	,	,	PUNCT
elp-5371	77	24	or	or	CCONJ
elp-5371	77	25	in	in	ADP
elp-5371	77	26	the	the	DET
elp-5371	77	27	extreme	extreme	NOUN
elp-5371	77	28	,	,	PUNCT
elp-5371	77	29	a	a	DET
elp-5371	77	30	monopoly	monopoly	NOUN
elp-5371	77	31	over	over	ADP
elp-5371	77	32	the	the	DET
elp-5371	77	33	provision	provision	NOUN
elp-5371	77	34	of	of	ADP
elp-5371	77	35	a	a	DET
elp-5371	77	36	certain	certain	ADJ
elp-5371	77	37	payment	payment	NOUN
elp-5371	77	38	service	service	NOUN
elp-5371	77	39	.	.	PUNCT
elp-5371	78	1	if	if	SCONJ
elp-5371	78	2	a	a	DET
elp-5371	78	3	service	service	NOUN
elp-5371	78	4	is	be	AUX
elp-5371	78	5	localized	localize	VERB
elp-5371	78	6	in	in	ADP
elp-5371	78	7	a	a	DET
elp-5371	78	8	particular	particular	ADJ
elp-5371	78	9	non	non	NOUN
elp-5371	78	10	-	-	NOUN
elp-5371	78	11	bank	bank	NOUN
elp-5371	78	12	,	,	PUNCT
elp-5371	78	13	the	the	DET
elp-5371	78	14	operational	operational	ADJ
elp-5371	78	15	risk	risk	NOUN
elp-5371	78	16	may	may	AUX
elp-5371	78	17	also	also	ADV
elp-5371	78	18	be	be	AUX
elp-5371	78	19	concentrated	concentrate	VERB
elp-5371	78	20	.	.	PUNCT
elp-5371	79	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	79	2	economics	economic	NOUN
elp-5371	79	3	,	,	PUNCT
elp-5371	79	4	law	law	NOUN
elp-5371	79	5	and	and	CCONJ
elp-5371	79	6	policy	policy	NOUN
elp-5371	79	7	vol	vol	NOUN
elp-5371	79	8	.	.	PROPN
elp-5371	80	1	5	5	NUM
elp-5371	80	2	,	,	PUNCT
elp-5371	80	3	no	no	INTJ
elp-5371	80	4	.	.	NOUN
elp-5371	80	5	2	2	NUM
elp-5371	80	6	,	,	PUNCT
elp-5371	80	7	2022	2022	NUM
elp-5371	80	8	33	33	NUM
elp-5371	80	9	published	publish	VERB
elp-5371	80	10	by	by	ADP
elp-5371	80	11	scholink	scholink	PROPN
elp-5371	80	12	inc	inc	PROPN
elp-5371	80	13	.	.	PUNCT
elp-5371	80	14	an	an	DET
elp-5371	80	15	important	important	ADJ
elp-5371	80	16	feature	feature	NOUN
elp-5371	80	17	of	of	ADP
elp-5371	80	18	non	non	ADJ
elp-5371	80	19	-	-	ADJ
elp-5371	80	20	bank	bank	ADJ
elp-5371	80	21	involvement	involvement	NOUN
elp-5371	80	22	in	in	ADP
elp-5371	80	23	payments	payment	NOUN
elp-5371	80	24	services	service	NOUN
elp-5371	80	25	is	be	AUX
elp-5371	80	26	outsourcing	outsource	VERB
elp-5371	80	27	,	,	PUNCT
elp-5371	80	28	where	where	SCONJ
elp-5371	80	29	payment	payment	NOUN
elp-5371	80	30	service	service	NOUN
elp-5371	80	31	firms	firm	NOUN
elp-5371	80	32	place	place	VERB
elp-5371	80	33	considerable	considerable	ADJ
elp-5371	80	34	reliance	reliance	NOUN
elp-5371	80	35	on	on	ADP
elp-5371	80	36	a	a	DET
elp-5371	80	37	wide	wide	ADJ
elp-5371	80	38	range	range	NOUN
elp-5371	80	39	of	of	ADP
elp-5371	80	40	outsourced	outsource	VERB
elp-5371	80	41	it	it	PRON
elp-5371	80	42	and	and	CCONJ
elp-5371	80	43	other	other	ADJ
elp-5371	80	44	functionality	functionality	NOUN
elp-5371	80	45	providers	provider	NOUN
elp-5371	80	46	.	.	PUNCT
elp-5371	81	1	outsourcing	outsourcing	NOUN
elp-5371	81	2	offers	offer	VERB
elp-5371	81	3	a	a	DET
elp-5371	81	4	range	range	NOUN
elp-5371	81	5	of	of	ADP
elp-5371	81	6	benefits	benefit	NOUN
elp-5371	81	7	,	,	PUNCT
elp-5371	81	8	including	include	VERB
elp-5371	81	9	enhanced	enhance	VERB
elp-5371	81	10	efficiency	efficiency	NOUN
elp-5371	81	11	,	,	PUNCT
elp-5371	81	12	strengthened	strengthen	VERB
elp-5371	81	13	capacity	capacity	NOUN
elp-5371	81	14	for	for	ADP
elp-5371	81	15	innovation	innovation	NOUN
elp-5371	81	16	and	and	CCONJ
elp-5371	81	17	reduced	reduced	ADJ
elp-5371	81	18	operating	operating	NOUN
elp-5371	81	19	costs	cost	NOUN
elp-5371	81	20	.	.	PUNCT
elp-5371	82	1	if	if	SCONJ
elp-5371	82	2	managed	manage	VERB
elp-5371	82	3	well	well	ADV
elp-5371	82	4	,	,	PUNCT
elp-5371	82	5	outsourcing	outsourcing	NOUN
elp-5371	82	6	may	may	AUX
elp-5371	82	7	also	also	ADV
elp-5371	82	8	offer	offer	VERB
elp-5371	82	9	the	the	DET
elp-5371	82	10	potential	potential	NOUN
elp-5371	82	11	to	to	PART
elp-5371	82	12	reduce	reduce	VERB
elp-5371	82	13	operational	operational	ADJ
elp-5371	82	14	risks	risk	NOUN
elp-5371	82	15	.	.	PUNCT
elp-5371	83	1	however	however	ADV
elp-5371	83	2	,	,	PUNCT
elp-5371	83	3	outsourcing	outsourcing	NOUN
elp-5371	83	4	also	also	ADV
elp-5371	83	5	carries	carry	VERB
elp-5371	83	6	a	a	DET
elp-5371	83	7	number	number	NOUN
elp-5371	83	8	of	of	ADP
elp-5371	83	9	risks	risk	NOUN
elp-5371	83	10	do	do	AUX
elp-5371	83	11	not	not	PART
elp-5371	83	12	present	present	VERB
elp-5371	83	13	or	or	CCONJ
elp-5371	83	14	not	not	PART
elp-5371	83	15	as	as	ADV
elp-5371	83	16	prevalent	prevalent	ADJ
elp-5371	83	17	with	with	ADP
elp-5371	83	18	an	an	DET
elp-5371	83	19	insourced	insourced	ADJ
elp-5371	83	20	approach	approach	NOUN
elp-5371	83	21	to	to	ADP
elp-5371	83	22	functionality	functionality	NOUN
elp-5371	83	23	provision	provision	NOUN
elp-5371	83	24	.	.	PUNCT
elp-5371	84	1	these	these	PRON
elp-5371	84	2	include	include	VERB
elp-5371	84	3	risks	risk	NOUN
elp-5371	84	4	of	of	ADP
elp-5371	84	5	more	more	ADV
elp-5371	84	6	complicated	complicated	ADJ
elp-5371	84	7	coordination	coordination	NOUN
elp-5371	84	8	between	between	ADP
elp-5371	84	9	the	the	DET
elp-5371	84	10	financial	financial	ADJ
elp-5371	84	11	service	service	NOUN
elp-5371	84	12	provider	provider	NOUN
elp-5371	84	13	and	and	CCONJ
elp-5371	84	14	the	the	DET
elp-5371	84	15	various	various	ADJ
elp-5371	84	16	outsourced	outsourced	ADJ
elp-5371	84	17	providers	provider	NOUN
elp-5371	84	18	of	of	ADP
elp-5371	84	19	functionality	functionality	NOUN
elp-5371	84	20	,	,	PUNCT
elp-5371	84	21	discontinuity	discontinuity	NOUN
elp-5371	84	22	of	of	ADP
elp-5371	84	23	supply	supply	NOUN
elp-5371	84	24	and	and	CCONJ
elp-5371	84	25	inadequate	inadequate	ADJ
elp-5371	84	26	contingency	contingency	NOUN
elp-5371	84	27	arrangements	arrangement	NOUN
elp-5371	84	28	.	.	PUNCT
elp-5371	85	1	this	this	PRON
elp-5371	85	2	requires	require	VERB
elp-5371	85	3	supervisory	supervisory	ADJ
elp-5371	85	4	authorities	authority	NOUN
elp-5371	85	5	to	to	PART
elp-5371	85	6	be	be	AUX
elp-5371	85	7	particularly	particularly	ADV
elp-5371	85	8	attentive	attentive	ADJ
elp-5371	85	9	to	to	ADP
elp-5371	85	10	outsourcing	outsource	VERB
elp-5371	85	11	risks	risk	NOUN
elp-5371	85	12	,	,	PUNCT
elp-5371	85	13	including	include	VERB
elp-5371	85	14	the	the	DET
elp-5371	85	15	need	need	NOUN
elp-5371	85	16	for	for	ADP
elp-5371	85	17	robust	robust	ADJ
elp-5371	85	18	contractual	contractual	ADJ
elp-5371	85	19	documentation	documentation	NOUN
elp-5371	85	20	,	,	PUNCT
elp-5371	85	21	testing	testing	NOUN
elp-5371	85	22	requirements	requirement	NOUN
elp-5371	85	23	,	,	PUNCT
elp-5371	85	24	backup	backup	ADJ
elp-5371	85	25	arrangements	arrangement	NOUN
elp-5371	85	26	and	and	CCONJ
elp-5371	85	27	financial	financial	ADJ
elp-5371	85	28	institutions	institution	NOUN
elp-5371	85	29	maintaining	maintain	VERB
elp-5371	85	30	contingency	contingency	NOUN
elp-5371	85	31	plans	plan	NOUN
elp-5371	85	32	to	to	PART
elp-5371	85	33	deal	deal	VERB
elp-5371	85	34	with	with	ADP
elp-5371	85	35	situations	situation	NOUN
elp-5371	85	36	where	where	SCONJ
elp-5371	85	37	outsource	outsource	NOUN
elp-5371	85	38	providers	provider	NOUN
elp-5371	85	39	fail	fail	VERB
elp-5371	85	40	.	.	PUNCT
elp-5371	86	1	2.4	2.4	NUM
elp-5371	86	2	digital	digital	ADJ
elp-5371	86	3	currencies	currency	NOUN
elp-5371	86	4	another	another	DET
elp-5371	86	5	area	area	NOUN
elp-5371	86	6	of	of	ADP
elp-5371	86	7	innovation	innovation	NOUN
elp-5371	86	8	by	by	ADP
elp-5371	86	9	technological	technological	ADJ
elp-5371	86	10	advancements	advancement	NOUN
elp-5371	86	11	has	have	AUX
elp-5371	86	12	been	be	AUX
elp-5371	86	13	the	the	DET
elp-5371	86	14	development	development	NOUN
elp-5371	86	15	of	of	ADP
elp-5371	86	16	potential	potential	ADJ
elp-5371	86	17	new	new	ADJ
elp-5371	86	18	mediums	medium	NOUN
elp-5371	86	19	of	of	ADP
elp-5371	86	20	exchange	exchange	NOUN
elp-5371	86	21	and	and	CCONJ
elp-5371	86	22	store	store	NOUN
elp-5371	86	23	of	of	ADP
elp-5371	86	24	value	value	NOUN
elp-5371	86	25	,	,	PUNCT
elp-5371	86	26	and	and	CCONJ
elp-5371	86	27	other	other	ADJ
elp-5371	86	28	means	mean	NOUN
elp-5371	86	29	of	of	ADP
elp-5371	86	30	payment	payment	NOUN
elp-5371	86	31	such	such	ADJ
elp-5371	86	32	as	as	ADP
elp-5371	86	33	central	central	ADJ
elp-5371	86	34	bank	bank	NOUN
elp-5371	86	35	digital	digital	ADJ
elp-5371	86	36	currency	currency	NOUN
elp-5371	86	37	,	,	PUNCT
elp-5371	86	38	cryptocurrencies	cryptocurrencie	NOUN
elp-5371	86	39	including	include	VERB
elp-5371	86	40	bitcoin	bitcoin	ADJ
elp-5371	86	41	or	or	CCONJ
elp-5371	86	42	other	other	ADJ
elp-5371	86	43	digital	digital	ADJ
elp-5371	86	44	coins	coin	NOUN
elp-5371	86	45	,	,	PUNCT
elp-5371	86	46	or	or	CCONJ
elp-5371	86	47	claims	claim	NOUN
elp-5371	86	48	such	such	ADJ
elp-5371	86	49	as	as	ADP
elp-5371	86	50	payment	payment	NOUN
elp-5371	86	51	services	service	NOUN
elp-5371	86	52	issued	issue	VERB
elp-5371	86	53	by	by	ADP
elp-5371	86	54	banks	bank	NOUN
elp-5371	86	55	or	or	CCONJ
elp-5371	86	56	other	other	ADJ
elp-5371	86	57	intermediaries	intermediary	NOUN
elp-5371	86	58	(	(	PUNCT
elp-5371	86	59	alipay	alipay	PROPN
elp-5371	86	60	,	,	PUNCT
elp-5371	86	61	wechat	wechat	NOUN
elp-5371	86	62	pay	pay	VERB
elp-5371	86	63	,	,	PUNCT
elp-5371	86	64	m	m	NOUN
elp-5371	86	65	-	-	NOUN
elp-5371	86	66	pesa	pesa	NOUN
elp-5371	86	67	,	,	PUNCT
elp-5371	86	68	or	or	CCONJ
elp-5371	86	69	blockchain	blockchain	NOUN
elp-5371	86	70	-	-	PUNCT
elp-5371	86	71	based	base	VERB
elp-5371	86	72	monies	monie	NOUN
elp-5371	86	73	such	such	ADJ
elp-5371	86	74	as	as	ADP
elp-5371	86	75	paxos	paxos	NOUN
elp-5371	86	76	or	or	CCONJ
elp-5371	86	77	usd	usd	NOUN
elp-5371	86	78	coin	coin	NOUN
elp-5371	86	79	)	)	PUNCT
elp-5371	86	80	(	(	PUNCT
elp-5371	86	81	note	note	VERB
elp-5371	86	82	6	6	NUM
elp-5371	86	83	)	)	PUNCT
elp-5371	86	84	.	.	PUNCT
elp-5371	87	1	these	these	DET
elp-5371	87	2	developments	development	NOUN
elp-5371	87	3	characterise	characterise	VERB
elp-5371	87	4	a	a	DET
elp-5371	87	5	“	"	PUNCT
elp-5371	87	6	dual	dual	ADJ
elp-5371	87	7	”	"	PUNCT
elp-5371	87	8	monetary	monetary	ADJ
elp-5371	87	9	system	system	NOUN
elp-5371	87	10	involving	involve	VERB
elp-5371	87	11	privately	privately	ADV
elp-5371	87	12	issued	issue	VERB
elp-5371	87	13	money	money	NOUN
elp-5371	87	14	(	(	PUNCT
elp-5371	87	15	by	by	ADP
elp-5371	87	16	banks	bank	NOUN
elp-5371	87	17	,	,	PUNCT
elp-5371	87	18	telecom	telecom	NOUN
elp-5371	87	19	companies	company	NOUN
elp-5371	87	20	,	,	PUNCT
elp-5371	87	21	or	or	CCONJ
elp-5371	87	22	specialised	specialised	ADJ
elp-5371	87	23	payment	payment	NOUN
elp-5371	87	24	providers	provider	NOUN
elp-5371	87	25	)	)	PUNCT
elp-5371	87	26	built	build	VERB
elp-5371	87	27	upon	upon	SCONJ
elp-5371	87	28	a	a	DET
elp-5371	87	29	foundation	foundation	NOUN
elp-5371	87	30	of	of	ADP
elp-5371	87	31	publicly	publicly	ADV
elp-5371	87	32	issued	issue	VERB
elp-5371	87	33	money	money	NOUN
elp-5371	87	34	(	(	PUNCT
elp-5371	87	35	by	by	ADP
elp-5371	87	36	central	central	ADJ
elp-5371	87	37	banks	bank	NOUN
elp-5371	87	38	)	)	PUNCT
elp-5371	87	39	.	.	PUNCT
elp-5371	88	1	claim	claim	NOUN
elp-5371	88	2	-	-	PUNCT
elp-5371	88	3	based	base	VERB
elp-5371	88	4	monies	monie	NOUN
elp-5371	88	5	can	can	AUX
elp-5371	88	6	,	,	PUNCT
elp-5371	88	7	in	in	ADP
elp-5371	88	8	turn	turn	NOUN
elp-5371	88	9	,	,	PUNCT
elp-5371	88	10	be	be	AUX
elp-5371	88	11	categorised	categorise	VERB
elp-5371	88	12	according	accord	VERB
elp-5371	88	13	to	to	ADP
elp-5371	88	14	whether	whether	SCONJ
elp-5371	88	15	their	their	PRON
elp-5371	88	16	redemption	redemption	NOUN
elp-5371	88	17	is	be	AUX
elp-5371	88	18	at	at	ADP
elp-5371	88	19	a	a	DET
elp-5371	88	20	fixed	fix	VERB
elp-5371	88	21	value	value	NOUN
elp-5371	88	22	(	(	PUNCT
elp-5371	88	23	e.g.	e.g.	ADV
elp-5371	88	24	,	,	PUNCT
elp-5371	88	25	bank	bank	NOUN
elp-5371	88	26	money	money	NOUN
elp-5371	88	27	or	or	CCONJ
elp-5371	88	28	e	e	NOUN
elp-5371	88	29	-	-	NOUN
elp-5371	88	30	money	money	NOUN
elp-5371	88	31	)	)	PUNCT
elp-5371	88	32	or	or	CCONJ
elp-5371	88	33	at	at	ADP
elp-5371	88	34	a	a	DET
elp-5371	88	35	variable	variable	ADJ
elp-5371	88	36	value	value	NOUN
elp-5371	88	37	in	in	ADP
elp-5371	88	38	the	the	DET
elp-5371	88	39	case	case	NOUN
elp-5371	88	40	of	of	ADP
elp-5371	88	41	libra	libra	NOUN
elp-5371	88	42	,	,	PUNCT
elp-5371	88	43	for	for	ADP
elp-5371	88	44	example	example	NOUN
elp-5371	88	45	,	,	PUNCT
elp-5371	88	46	which	which	PRON
elp-5371	88	47	may	may	AUX
elp-5371	88	48	have	have	VERB
elp-5371	88	49	exchange	exchange	NOUN
elp-5371	88	50	rate	rate	NOUN
elp-5371	88	51	risk	risk	NOUN
elp-5371	88	52	when	when	SCONJ
elp-5371	88	53	converted	convert	VERB
elp-5371	88	54	into	into	ADP
elp-5371	88	55	domestic	domestic	ADJ
elp-5371	88	56	currency	currency	NOUN
elp-5371	88	57	.	.	PUNCT
elp-5371	89	1	another	another	DET
elp-5371	89	2	important	important	ADJ
elp-5371	89	3	distinction	distinction	NOUN
elp-5371	89	4	is	be	AUX
elp-5371	89	5	whether	whether	SCONJ
elp-5371	89	6	the	the	DET
elp-5371	89	7	settlement	settlement	NOUN
elp-5371	89	8	is	be	AUX
elp-5371	89	9	centralised	centralise	VERB
elp-5371	89	10	(	(	PUNCT
elp-5371	89	11	e.g.	e.g.	ADV
elp-5371	89	12	,	,	PUNCT
elp-5371	89	13	cash	cash	NOUN
elp-5371	89	14	,	,	PUNCT
elp-5371	89	15	bank	bank	NOUN
elp-5371	89	16	money	money	NOUN
elp-5371	89	17	,	,	PUNCT
elp-5371	89	18	e	e	NOUN
elp-5371	89	19	-	-	NOUN
elp-5371	89	20	money	money	NOUN
elp-5371	89	21	)	)	PUNCT
elp-5371	89	22	or	or	CCONJ
elp-5371	89	23	decentralised	decentralise	VERB
elp-5371	89	24	(	(	PUNCT
elp-5371	89	25	e.g.	e.g.	ADV
elp-5371	89	26	,	,	PUNCT
elp-5371	89	27	crypto	crypto	NOUN
elp-5371	89	28	-	-	NOUN
elp-5371	89	29	assets	asset	NOUN
elp-5371	89	30	)	)	PUNCT
elp-5371	89	31	.	.	PUNCT
elp-5371	90	1	stablecoins	stablecoin	NOUN
elp-5371	90	2	are	be	AUX
elp-5371	90	3	a	a	DET
elp-5371	90	4	specific	specific	ADJ
elp-5371	90	5	category	category	NOUN
elp-5371	90	6	of	of	ADP
elp-5371	90	7	cryptoassets	cryptoasset	NOUN
elp-5371	90	8	that	that	PRON
elp-5371	90	9	have	have	VERB
elp-5371	90	10	the	the	DET
elp-5371	90	11	potential	potential	NOUN
elp-5371	90	12	to	to	PART
elp-5371	90	13	enhance	enhance	VERB
elp-5371	90	14	the	the	DET
elp-5371	90	15	efficiency	efficiency	NOUN
elp-5371	90	16	of	of	ADP
elp-5371	90	17	the	the	DET
elp-5371	90	18	provision	provision	NOUN
elp-5371	90	19	of	of	ADP
elp-5371	90	20	financial	financial	ADJ
elp-5371	90	21	services	service	NOUN
elp-5371	90	22	but	but	CCONJ
elp-5371	90	23	may	may	AUX
elp-5371	90	24	also	also	ADV
elp-5371	90	25	generate	generate	VERB
elp-5371	90	26	risks	risk	NOUN
elp-5371	90	27	to	to	ADP
elp-5371	90	28	financial	financial	ADJ
elp-5371	90	29	stability	stability	NOUN
elp-5371	90	30	,	,	PUNCT
elp-5371	90	31	particularly	particularly	ADV
elp-5371	90	32	if	if	SCONJ
elp-5371	90	33	they	they	PRON
elp-5371	90	34	are	be	AUX
elp-5371	90	35	adopted	adopt	VERB
elp-5371	90	36	at	at	ADP
elp-5371	90	37	a	a	DET
elp-5371	90	38	significant	significant	ADJ
elp-5371	90	39	scale	scale	NOUN
elp-5371	90	40	.	.	PUNCT
elp-5371	91	1	stablecoins	stablecoin	NOUN
elp-5371	91	2	are	be	AUX
elp-5371	91	3	an	an	DET
elp-5371	91	4	attempt	attempt	NOUN
elp-5371	91	5	to	to	PART
elp-5371	91	6	address	address	VERB
elp-5371	91	7	the	the	DET
elp-5371	91	8	high	high	ADJ
elp-5371	91	9	volatility	volatility	NOUN
elp-5371	91	10	of	of	ADP
elp-5371	91	11	“	"	PUNCT
elp-5371	91	12	traditional	traditional	ADJ
elp-5371	91	13	”	"	PUNCT
elp-5371	91	14	crypt	crypt	NOUN
elp-5371	91	15	-	-	PUNCT
elp-5371	91	16	assets	asset	NOUN
elp-5371	91	17	by	by	ADP
elp-5371	91	18	tying	tie	VERB
elp-5371	91	19	the	the	DET
elp-5371	91	20	stablecoin‟s	stablecoin‟	NOUN
elp-5371	91	21	value	value	NOUN
elp-5371	91	22	to	to	ADP
elp-5371	91	23	one	one	NUM
elp-5371	91	24	or	or	CCONJ
elp-5371	91	25	more	more	ADJ
elp-5371	91	26	other	other	ADJ
elp-5371	91	27	assets	asset	NOUN
elp-5371	91	28	,	,	PUNCT
elp-5371	91	29	such	such	ADJ
elp-5371	91	30	as	as	ADP
elp-5371	91	31	sovereign	sovereign	ADJ
elp-5371	91	32	currencies	currency	NOUN
elp-5371	91	33	.	.	PUNCT
elp-5371	92	1	they	they	PRON
elp-5371	92	2	have	have	VERB
elp-5371	92	3	the	the	DET
elp-5371	92	4	potential	potential	NOUN
elp-5371	92	5	to	to	PART
elp-5371	92	6	bring	bring	VERB
elp-5371	92	7	efficiencies	efficiency	NOUN
elp-5371	92	8	to	to	ADP
elp-5371	92	9	payments	payment	NOUN
elp-5371	92	10	systems	system	NOUN
elp-5371	92	11	and	and	CCONJ
elp-5371	92	12	to	to	PART
elp-5371	92	13	promote	promote	VERB
elp-5371	92	14	financial	financial	ADJ
elp-5371	92	15	inclusion	inclusion	NOUN
elp-5371	92	16	.	.	PUNCT
elp-5371	93	1	however	however	ADV
elp-5371	93	2	,	,	PUNCT
elp-5371	93	3	a	a	DET
elp-5371	93	4	widely	widely	ADV
elp-5371	93	5	adopted	adopt	VERB
elp-5371	93	6	stablecoin	stablecoin	NOUN
elp-5371	93	7	with	with	ADP
elp-5371	93	8	a	a	DET
elp-5371	93	9	potential	potential	ADJ
elp-5371	93	10	reach	reach	NOUN
elp-5371	93	11	and	and	CCONJ
elp-5371	93	12	use	use	VERB
elp-5371	93	13	across	across	ADP
elp-5371	93	14	multiple	multiple	ADJ
elp-5371	93	15	jurisdictions	jurisdiction	NOUN
elp-5371	93	16	(	(	PUNCT
elp-5371	93	17	global	global	ADJ
elp-5371	93	18	stablecoin	stablecoin	NOUN
elp-5371	93	19	or	or	CCONJ
elp-5371	93	20	gsc	gsc	PROPN
elp-5371	93	21	)	)	PUNCT
elp-5371	93	22	could	could	AUX
elp-5371	93	23	become	become	VERB
elp-5371	93	24	systemically	systemically	ADV
elp-5371	93	25	important	important	ADJ
elp-5371	93	26	in	in	ADP
elp-5371	93	27	and	and	CCONJ
elp-5371	93	28	across	across	ADP
elp-5371	93	29	one	one	NUM
elp-5371	93	30	or	or	CCONJ
elp-5371	93	31	many	many	ADJ
elp-5371	93	32	jurisdictions	jurisdiction	NOUN
elp-5371	93	33	,	,	PUNCT
elp-5371	93	34	including	include	VERB
elp-5371	93	35	as	as	ADP
elp-5371	93	36	a	a	DET
elp-5371	93	37	means	means	NOUN
elp-5371	93	38	of	of	ADP
elp-5371	93	39	making	make	VERB
elp-5371	93	40	payments	payment	NOUN
elp-5371	93	41	.	.	PUNCT
elp-5371	94	1	the	the	DET
elp-5371	94	2	emergence	emergence	NOUN
elp-5371	94	3	of	of	ADP
elp-5371	94	4	gscs	gsc	NOUN
elp-5371	94	5	may	may	AUX
elp-5371	94	6	challenge	challenge	VERB
elp-5371	94	7	the	the	DET
elp-5371	94	8	comprehensiveness	comprehensiveness	NOUN
elp-5371	94	9	and	and	CCONJ
elp-5371	94	10	effectiveness	effectiveness	NOUN
elp-5371	94	11	of	of	ADP
elp-5371	94	12	existing	exist	VERB
elp-5371	94	13	regulatory	regulatory	ADJ
elp-5371	94	14	and	and	CCONJ
elp-5371	94	15	supervisory	supervisory	ADJ
elp-5371	94	16	oversight	oversight	NOUN
elp-5371	94	17	.	.	PUNCT
elp-5371	95	1	the	the	DET
elp-5371	95	2	fsb	fsb	NOUN
elp-5371	95	3	has	have	AUX
elp-5371	95	4	agreed	agree	VERB
elp-5371	95	5	on	on	ADP
elp-5371	95	6	ten	ten	NUM
elp-5371	95	7	high	high	ADJ
elp-5371	95	8	-	-	PUNCT
elp-5371	95	9	level	level	NOUN
elp-5371	95	10	recommendations	recommendation	NOUN
elp-5371	95	11	that	that	PRON
elp-5371	95	12	promote	promote	VERB
elp-5371	95	13	coordinated	coordinated	ADJ
elp-5371	95	14	and	and	CCONJ
elp-5371	95	15	effective	effective	ADJ
elp-5371	95	16	regulation	regulation	NOUN
elp-5371	95	17	,	,	PUNCT
elp-5371	95	18	supervision	supervision	NOUN
elp-5371	95	19	and	and	CCONJ
elp-5371	95	20	oversight	oversight	NOUN
elp-5371	95	21	of	of	ADP
elp-5371	95	22	gsc	gsc	PROPN
elp-5371	95	23	arrangements	arrangement	NOUN
elp-5371	95	24	to	to	PART
elp-5371	95	25	address	address	VERB
elp-5371	95	26	the	the	DET
elp-5371	95	27	financial	financial	ADJ
elp-5371	95	28	stability	stability	NOUN
elp-5371	95	29	risks	risk	NOUN
elp-5371	95	30	posed	pose	VERB
elp-5371	95	31	by	by	ADP
elp-5371	95	32	gscs	gsc	NOUN
elp-5371	95	33	,	,	PUNCT
elp-5371	95	34	both	both	PRON
elp-5371	95	35	at	at	ADP
elp-5371	95	36	the	the	DET
elp-5371	95	37	domestic	domestic	ADJ
elp-5371	95	38	and	and	CCONJ
elp-5371	95	39	international	international	ADJ
elp-5371	95	40	level	level	NOUN
elp-5371	95	41	(	(	PUNCT
elp-5371	95	42	note	note	NOUN
elp-5371	95	43	7	7	NUM
elp-5371	95	44	)	)	PUNCT
elp-5371	95	45	.	.	PUNCT
elp-5371	96	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	96	2	economics	economic	NOUN
elp-5371	96	3	,	,	PUNCT
elp-5371	96	4	law	law	NOUN
elp-5371	96	5	and	and	CCONJ
elp-5371	96	6	policy	policy	NOUN
elp-5371	96	7	vol	vol	NOUN
elp-5371	96	8	.	.	PROPN
elp-5371	97	1	5	5	NUM
elp-5371	97	2	,	,	PUNCT
elp-5371	97	3	no	no	INTJ
elp-5371	97	4	.	.	NOUN
elp-5371	97	5	2	2	NUM
elp-5371	97	6	,	,	PUNCT
elp-5371	97	7	2022	2022	NUM
elp-5371	97	8	34	34	NUM
elp-5371	97	9	published	publish	VERB
elp-5371	97	10	by	by	ADP
elp-5371	97	11	scholink	scholink	PROPN
elp-5371	97	12	inc	inc	PROPN
elp-5371	97	13	.	.	PUNCT
elp-5371	98	1	another	another	DET
elp-5371	98	2	development	development	NOUN
elp-5371	98	3	in	in	ADP
elp-5371	98	4	this	this	DET
elp-5371	98	5	area	area	NOUN
elp-5371	98	6	is	be	AUX
elp-5371	98	7	central	central	ADJ
elp-5371	98	8	bank	bank	NOUN
elp-5371	98	9	digital	digital	ADJ
elp-5371	98	10	currencies	currency	NOUN
elp-5371	98	11	which	which	PRON
elp-5371	98	12	are	be	AUX
elp-5371	98	13	becoming	become	VERB
elp-5371	98	14	an	an	DET
elp-5371	98	15	important	important	ADJ
elp-5371	98	16	agenda	agenda	NOUN
elp-5371	98	17	item	item	NOUN
elp-5371	98	18	for	for	ADP
elp-5371	98	19	many	many	ADJ
elp-5371	98	20	central	central	ADJ
elp-5371	98	21	banks	bank	NOUN
elp-5371	98	22	:	:	PUNCT
elp-5371	98	23	the	the	DET
elp-5371	98	24	eastern	eastern	ADJ
elp-5371	98	25	caribbean	caribbean	PROPN
elp-5371	98	26	has	have	AUX
elp-5371	98	27	created	create	VERB
elp-5371	98	28	its	its	PRON
elp-5371	98	29	own	own	ADJ
elp-5371	98	30	form	form	NOUN
elp-5371	98	31	of	of	ADP
elp-5371	98	32	digital	digital	ADJ
elp-5371	98	33	currency	currency	NOUN
elp-5371	98	34	(	(	PUNCT
elp-5371	98	35	dcash	dcash	PROPN
elp-5371	98	36	)	)	PUNCT
elp-5371	98	37	,	,	PUNCT
elp-5371	98	38	which	which	PRON
elp-5371	98	39	is	be	AUX
elp-5371	98	40	designed	design	VERB
elp-5371	98	41	to	to	PART
elp-5371	98	42	facilitate	facilitate	VERB
elp-5371	98	43	faster	fast	ADJ
elp-5371	98	44	transactions	transaction	NOUN
elp-5371	98	45	and	and	CCONJ
elp-5371	98	46	serve	serve	VERB
elp-5371	98	47	people	people	NOUN
elp-5371	98	48	without	without	ADP
elp-5371	98	49	bank	bank	NOUN
elp-5371	98	50	accounts	account	NOUN
elp-5371	98	51	.	.	PUNCT
elp-5371	99	1	dcash	dcash	PROPN
elp-5371	99	2	was	be	AUX
elp-5371	99	3	created	create	VERB
elp-5371	99	4	by	by	ADP
elp-5371	99	5	barbados	barbado	NOUN
elp-5371	99	6	-	-	PUNCT
elp-5371	99	7	based	base	VERB
elp-5371	99	8	fintech	fintech	NOUN
elp-5371	99	9	company	company	NOUN
elp-5371	99	10	bitt	bitt	VERB
elp-5371	99	11	in	in	ADP
elp-5371	99	12	partnership	partnership	NOUN
elp-5371	99	13	with	with	ADP
elp-5371	99	14	the	the	DET
elp-5371	99	15	central	central	ADJ
elp-5371	99	16	bank	bank	NOUN
elp-5371	99	17	.	.	PUNCT
elp-5371	100	1	unlike	unlike	ADP
elp-5371	100	2	cryptocurrencies	cryptocurrencie	NOUN
elp-5371	100	3	,	,	PUNCT
elp-5371	100	4	it	it	PRON
elp-5371	100	5	is	be	AUX
elp-5371	100	6	issued	issue	VERB
elp-5371	100	7	by	by	ADP
elp-5371	100	8	an	an	DET
elp-5371	100	9	official	official	ADJ
elp-5371	100	10	central	central	ADJ
elp-5371	100	11	bank	bank	NOUN
elp-5371	100	12	and	and	CCONJ
elp-5371	100	13	has	have	VERB
elp-5371	100	14	a	a	DET
elp-5371	100	15	fixed	fix	VERB
elp-5371	100	16	value	value	NOUN
elp-5371	100	17	,	,	PUNCT
elp-5371	100	18	tied	tie	VERB
elp-5371	100	19	to	to	ADP
elp-5371	100	20	the	the	DET
elp-5371	100	21	existing	exist	VERB
elp-5371	100	22	eastern	eastern	ADJ
elp-5371	100	23	caribbean	caribbean	ADJ
elp-5371	100	24	dollar	dollar	NOUN
elp-5371	100	25	used	use	VERB
elp-5371	100	26	across	across	ADP
elp-5371	100	27	much	much	ADJ
elp-5371	100	28	of	of	ADP
elp-5371	100	29	the	the	DET
elp-5371	100	30	region	region	NOUN
elp-5371	100	31	.	.	PUNCT
elp-5371	101	1	other	other	ADJ
elp-5371	101	2	countries	country	NOUN
elp-5371	101	3	are	be	AUX
elp-5371	101	4	developing	develop	VERB
elp-5371	101	5	central	central	ADJ
elp-5371	101	6	bank	bank	NOUN
elp-5371	101	7	digital	digital	ADJ
elp-5371	101	8	currencies	currency	NOUN
elp-5371	101	9	.	.	PUNCT
elp-5371	102	1	for	for	ADP
elp-5371	102	2	example	example	NOUN
elp-5371	102	3	,	,	PUNCT
elp-5371	102	4	china	china	PROPN
elp-5371	102	5	launched	launch	VERB
elp-5371	102	6	the	the	DET
elp-5371	102	7	e	e	NOUN
elp-5371	102	8	-	-	NOUN
elp-5371	102	9	yuan	yuan	NOUN
elp-5371	102	10	in	in	ADP
elp-5371	102	11	2020	2020	NUM
elp-5371	102	12	;	;	PUNCT
elp-5371	102	13	the	the	DET
elp-5371	102	14	ecb	ecb	NOUN
elp-5371	102	15	aims	aim	VERB
elp-5371	102	16	to	to	PART
elp-5371	102	17	launch	launch	VERB
elp-5371	102	18	its	its	PRON
elp-5371	102	19	own	own	ADJ
elp-5371	102	20	digital	digital	ADJ
elp-5371	102	21	currency	currency	NOUN
elp-5371	102	22	in	in	ADP
elp-5371	102	23	2025	2025	NUM
elp-5371	102	24	,	,	PUNCT
elp-5371	102	25	while	while	SCONJ
elp-5371	102	26	the	the	DET
elp-5371	102	27	bank	bank	NOUN
elp-5371	102	28	of	of	ADP
elp-5371	102	29	england	england	PROPN
elp-5371	102	30	and	and	CCONJ
elp-5371	102	31	the	the	DET
elp-5371	102	32	fed	fed	PROPN
elp-5371	102	33	are	be	AUX
elp-5371	102	34	actively	actively	ADV
elp-5371	102	35	exploring	explore	VERB
elp-5371	102	36	the	the	DET
elp-5371	102	37	issue	issue	NOUN
elp-5371	102	38	.	.	PUNCT
elp-5371	103	1	a	a	DET
elp-5371	103	2	january	january	PROPN
elp-5371	103	3	2021	2021	NUM
elp-5371	103	4	survey	survey	NOUN
elp-5371	103	5	(	(	PUNCT
elp-5371	103	6	note	note	NOUN
elp-5371	103	7	8)	8)	NUM
elp-5371	103	8	by	by	ADP
elp-5371	103	9	the	the	DET
elp-5371	103	10	bank	bank	NOUN
elp-5371	103	11	for	for	ADP
elp-5371	103	12	international	international	ADJ
elp-5371	103	13	settlements	settlement	NOUN
elp-5371	103	14	reported	report	VERB
elp-5371	103	15	that	that	SCONJ
elp-5371	103	16	most	most	ADJ
elp-5371	103	17	central	central	ADJ
elp-5371	103	18	banks	bank	NOUN
elp-5371	103	19	are	be	AUX
elp-5371	103	20	considering	consider	VERB
elp-5371	103	21	digital	digital	ADJ
elp-5371	103	22	currencies	currency	NOUN
elp-5371	103	23	.	.	PUNCT
elp-5371	104	1	the	the	DET
elp-5371	104	2	survey	survey	NOUN
elp-5371	104	3	found	find	VERB
elp-5371	104	4	that	that	SCONJ
elp-5371	104	5	central	central	ADJ
elp-5371	104	6	banks	bank	NOUN
elp-5371	104	7	representing	represent	VERB
elp-5371	104	8	a	a	DET
elp-5371	104	9	combined	combine	VERB
elp-5371	104	10	20	20	NUM
elp-5371	104	11	per	per	ADP
elp-5371	104	12	cent	cent	NOUN
elp-5371	104	13	of	of	ADP
elp-5371	104	14	the	the	DET
elp-5371	104	15	world‟s	world‟s	NOUN
elp-5371	104	16	population	population	NOUN
elp-5371	104	17	are	be	AUX
elp-5371	104	18	likely	likely	ADJ
elp-5371	104	19	to	to	PART
elp-5371	104	20	launch	launch	VERB
elp-5371	104	21	their	their	PRON
elp-5371	104	22	own	own	ADJ
elp-5371	104	23	digital	digital	ADJ
elp-5371	104	24	currencies	currency	NOUN
elp-5371	104	25	within	within	ADP
elp-5371	104	26	three	three	NUM
elp-5371	104	27	years	year	NOUN
elp-5371	104	28	.	.	PUNCT
elp-5371	105	1	aside	aside	ADV
elp-5371	105	2	from	from	ADP
elp-5371	105	3	central	central	ADJ
elp-5371	105	4	bank	bank	NOUN
elp-5371	105	5	digital	digital	ADJ
elp-5371	105	6	currencies	currency	NOUN
elp-5371	105	7	,	,	PUNCT
elp-5371	105	8	private	private	ADJ
elp-5371	105	9	-	-	PUNCT
elp-5371	105	10	based	base	VERB
elp-5371	105	11	digital	digital	ADJ
elp-5371	105	12	currencies	currency	NOUN
elp-5371	105	13	,	,	PUNCT
elp-5371	105	14	while	while	SCONJ
elp-5371	105	15	offering	offer	VERB
elp-5371	105	16	potential	potential	ADJ
elp-5371	105	17	benefits	benefit	NOUN
elp-5371	105	18	in	in	ADP
elp-5371	105	19	payments	payment	NOUN
elp-5371	105	20	capability	capability	NOUN
elp-5371	105	21	,	,	PUNCT
elp-5371	105	22	also	also	ADV
elp-5371	105	23	present	present	VERB
elp-5371	105	24	significant	significant	ADJ
elp-5371	105	25	risks	risk	NOUN
elp-5371	105	26	.	.	PUNCT
elp-5371	106	1	a	a	DET
elp-5371	106	2	key	key	ADJ
elp-5371	106	3	concern	concern	NOUN
elp-5371	106	4	is	be	AUX
elp-5371	106	5	the	the	DET
elp-5371	106	6	extreme	extreme	ADJ
elp-5371	106	7	volatility	volatility	NOUN
elp-5371	106	8	in	in	ADP
elp-5371	106	9	the	the	DET
elp-5371	106	10	value	value	NOUN
elp-5371	106	11	of	of	ADP
elp-5371	106	12	these	these	DET
elp-5371	106	13	digital	digital	ADJ
elp-5371	106	14	currencies	currency	NOUN
elp-5371	106	15	,	,	PUNCT
elp-5371	106	16	with	with	ADP
elp-5371	106	17	market	market	NOUN
elp-5371	106	18	prices	price	NOUN
elp-5371	106	19	moving	move	VERB
elp-5371	106	20	by	by	ADP
elp-5371	106	21	very	very	ADV
elp-5371	106	22	large	large	ADJ
elp-5371	106	23	amounts	amount	NOUN
elp-5371	106	24	intra	intra	ADJ
elp-5371	106	25	-	-	NOUN
elp-5371	106	26	day	day	NOUN
elp-5371	106	27	and	and	CCONJ
elp-5371	106	28	over	over	ADP
elp-5371	106	29	a	a	DET
elp-5371	106	30	short	short	ADJ
elp-5371	106	31	trading	trading	NOUN
elp-5371	106	32	horizon	horizon	NOUN
elp-5371	106	33	.	.	PUNCT
elp-5371	107	1	they	they	PRON
elp-5371	107	2	also	also	ADV
elp-5371	107	3	represent	represent	VERB
elp-5371	107	4	a	a	DET
elp-5371	107	5	potential	potential	ADJ
elp-5371	107	6	avenue	avenue	NOUN
elp-5371	107	7	for	for	ADP
elp-5371	107	8	money	money	NOUN
elp-5371	107	9	laundering	laundering	NOUN
elp-5371	107	10	and	and	CCONJ
elp-5371	107	11	other	other	ADJ
elp-5371	107	12	financial	financial	ADJ
elp-5371	107	13	crimes	crime	NOUN
elp-5371	107	14	unless	unless	SCONJ
elp-5371	107	15	subject	subject	ADJ
elp-5371	107	16	to	to	ADP
elp-5371	107	17	robust	robust	ADJ
elp-5371	107	18	aml	aml	PROPN
elp-5371	107	19	/	/	SYM
elp-5371	107	20	cft	cft	NOUN
elp-5371	107	21	requirements	requirement	NOUN
elp-5371	107	22	.	.	PUNCT
elp-5371	108	1	moreover	moreover	ADV
elp-5371	108	2	,	,	PUNCT
elp-5371	108	3	private	private	ADJ
elp-5371	108	4	digital	digital	ADJ
elp-5371	108	5	currencies	currency	NOUN
elp-5371	108	6	also	also	ADV
elp-5371	108	7	fail	fail	VERB
elp-5371	108	8	to	to	PART
elp-5371	108	9	have	have	VERB
elp-5371	108	10	the	the	DET
elp-5371	108	11	liquidity	liquidity	NOUN
elp-5371	108	12	needed	need	VERB
elp-5371	108	13	to	to	PART
elp-5371	108	14	serve	serve	VERB
elp-5371	108	15	as	as	ADP
elp-5371	108	16	efficient	efficient	ADJ
elp-5371	108	17	media	medium	NOUN
elp-5371	108	18	of	of	ADP
elp-5371	108	19	exchange	exchange	NOUN
elp-5371	108	20	,	,	PUNCT
elp-5371	108	21	at	at	ADP
elp-5371	108	22	least	least	ADJ
elp-5371	108	23	for	for	ADP
elp-5371	108	24	the	the	DET
elp-5371	108	25	time	time	NOUN
elp-5371	108	26	being	be	AUX
elp-5371	108	27	.	.	PUNCT
elp-5371	109	1	2.5	2.5	NUM
elp-5371	109	2	regtech	regtech	NOUN
elp-5371	109	3	and	and	CCONJ
elp-5371	109	4	suptech	suptech	VERB
elp-5371	109	5	regtech	regtech	NOUN
elp-5371	109	6	and	and	CCONJ
elp-5371	109	7	suptech	suptech	NOUN
elp-5371	109	8	are	be	AUX
elp-5371	109	9	part	part	NOUN
elp-5371	109	10	of	of	ADP
elp-5371	109	11	the	the	DET
elp-5371	109	12	fintech	fintech	NOUN
elp-5371	109	13	evolution	evolution	NOUN
elp-5371	109	14	.	.	PUNCT
elp-5371	110	1	these	these	DET
elp-5371	110	2	tools	tool	NOUN
elp-5371	110	3	could	could	AUX
elp-5371	110	4	have	have	VERB
elp-5371	110	5	important	important	ADJ
elp-5371	110	6	benefits	benefit	NOUN
elp-5371	110	7	for	for	ADP
elp-5371	110	8	financial	financial	ADJ
elp-5371	110	9	stability	stability	NOUN
elp-5371	110	10	.	.	PUNCT
elp-5371	111	1	regtech	regtech	PROPN
elp-5371	111	2	focuses	focus	VERB
elp-5371	111	3	on	on	ADP
elp-5371	111	4	technology	technology	NOUN
elp-5371	111	5	-	-	PUNCT
elp-5371	111	6	based	base	VERB
elp-5371	111	7	solutions	solution	NOUN
elp-5371	111	8	to	to	PART
elp-5371	111	9	attenuate	attenuate	VERB
elp-5371	111	10	or	or	CCONJ
elp-5371	111	11	solve	solve	VERB
elp-5371	111	12	regulatory	regulatory	ADJ
elp-5371	111	13	and	and	CCONJ
elp-5371	111	14	supervisory	supervisory	ADJ
elp-5371	111	15	challenges	challenge	NOUN
elp-5371	111	16	,	,	PUNCT
elp-5371	111	17	including	include	VERB
elp-5371	111	18	the	the	DET
elp-5371	111	19	challenges	challenge	NOUN
elp-5371	111	20	posed	pose	VERB
elp-5371	111	21	by	by	ADP
elp-5371	111	22	the	the	DET
elp-5371	111	23	expansion	expansion	NOUN
elp-5371	111	24	of	of	ADP
elp-5371	111	25	fintech	fintech	NOUN
elp-5371	111	26	.	.	PUNCT
elp-5371	112	1	it	it	PRON
elp-5371	112	2	leverages	leverage	VERB
elp-5371	112	3	digital	digital	ADJ
elp-5371	112	4	data	datum	NOUN
elp-5371	112	5	and	and	CCONJ
elp-5371	112	6	analytical	analytical	ADJ
elp-5371	112	7	networks	network	NOUN
elp-5371	112	8	to	to	PART
elp-5371	112	9	supplement	supplement	VERB
elp-5371	112	10	conventional	conventional	ADJ
elp-5371	112	11	processes	process	NOUN
elp-5371	112	12	to	to	PART
elp-5371	112	13	strengthen	strengthen	VERB
elp-5371	112	14	the	the	DET
elp-5371	112	15	capacity	capacity	NOUN
elp-5371	112	16	to	to	PART
elp-5371	112	17	manage	manage	VERB
elp-5371	112	18	risks	risk	NOUN
elp-5371	112	19	and	and	CCONJ
elp-5371	112	20	improve	improve	VERB
elp-5371	112	21	the	the	DET
elp-5371	112	22	decision	decision	NOUN
elp-5371	112	23	-	-	PUNCT
elp-5371	112	24	making	make	VERB
elp-5371	112	25	process	process	NOUN
elp-5371	112	26	.	.	PUNCT
elp-5371	113	1	for	for	ADP
elp-5371	113	2	regulated	regulated	ADJ
elp-5371	113	3	institutions	institution	NOUN
elp-5371	113	4	,	,	PUNCT
elp-5371	113	5	the	the	DET
elp-5371	113	6	use	use	NOUN
elp-5371	113	7	of	of	ADP
elp-5371	113	8	regtech	regtech	NOUN
elp-5371	113	9	could	could	AUX
elp-5371	113	10	improve	improve	VERB
elp-5371	113	11	compliance	compliance	NOUN
elp-5371	113	12	outcomes	outcome	NOUN
elp-5371	113	13	,	,	PUNCT
elp-5371	113	14	enhance	enhance	VERB
elp-5371	113	15	risk	risk	NOUN
elp-5371	113	16	management	management	NOUN
elp-5371	113	17	capabilities	capability	NOUN
elp-5371	113	18	,	,	PUNCT
elp-5371	113	19	and	and	CCONJ
elp-5371	113	20	generate	generate	VERB
elp-5371	113	21	new	new	ADJ
elp-5371	113	22	insights	insight	NOUN
elp-5371	113	23	into	into	ADP
elp-5371	113	24	the	the	DET
elp-5371	113	25	business	business	NOUN
elp-5371	113	26	for	for	ADP
elp-5371	113	27	improved	improved	ADJ
elp-5371	113	28	decision	decision	NOUN
elp-5371	113	29	-	-	PUNCT
elp-5371	113	30	making	making	NOUN
elp-5371	113	31	.	.	PUNCT
elp-5371	114	1	for	for	ADP
elp-5371	114	2	both	both	DET
elp-5371	114	3	authorities	authority	NOUN
elp-5371	114	4	and	and	CCONJ
elp-5371	114	5	regulated	regulated	ADJ
elp-5371	114	6	institutions	institution	NOUN
elp-5371	114	7	,	,	PUNCT
elp-5371	114	8	the	the	DET
elp-5371	114	9	efficiency	efficiency	NOUN
elp-5371	114	10	and	and	CCONJ
elp-5371	114	11	effectiveness	effectiveness	NOUN
elp-5371	114	12	gains	gain	NOUN
elp-5371	114	13	,	,	PUNCT
elp-5371	114	14	and	and	CCONJ
elp-5371	114	15	possible	possible	ADJ
elp-5371	114	16	improvement	improvement	NOUN
elp-5371	114	17	in	in	ADP
elp-5371	114	18	quality	quality	NOUN
elp-5371	114	19	arising	arise	VERB
elp-5371	114	20	from	from	ADP
elp-5371	114	21	automation	automation	NOUN
elp-5371	114	22	of	of	ADP
elp-5371	114	23	previously	previously	ADV
elp-5371	114	24	manual	manual	ADJ
elp-5371	114	25	processes	process	NOUN
elp-5371	114	26	offers	offer	VERB
elp-5371	114	27	potentially	potentially	ADV
elp-5371	114	28	significant	significant	ADJ
elp-5371	114	29	benefits	benefit	NOUN
elp-5371	114	30	.	.	PUNCT
elp-5371	115	1	most	most	ADJ
elp-5371	115	2	of	of	ADP
elp-5371	115	3	regtech	regtech	NOUN
elp-5371	115	4	centres	centre	NOUN
elp-5371	115	5	around	around	ADP
elp-5371	115	6	solutions	solution	NOUN
elp-5371	115	7	for	for	ADP
elp-5371	115	8	regulated	regulated	ADJ
elp-5371	115	9	financial	financial	ADJ
elp-5371	115	10	institutions	institution	NOUN
elp-5371	115	11	,	,	PUNCT
elp-5371	115	12	helping	help	VERB
elp-5371	115	13	them	they	PRON
elp-5371	115	14	to	to	PART
elp-5371	115	15	comply	comply	VERB
elp-5371	115	16	more	more	ADV
elp-5371	115	17	efficiently	efficiently	ADV
elp-5371	115	18	and	and	CCONJ
elp-5371	115	19	with	with	ADP
elp-5371	115	20	greater	great	ADJ
elp-5371	115	21	certainty	certainty	NOUN
elp-5371	115	22	with	with	ADP
elp-5371	115	23	regulations	regulation	NOUN
elp-5371	115	24	and	and	CCONJ
elp-5371	115	25	improve	improve	VERB
elp-5371	115	26	risk	risk	NOUN
elp-5371	115	27	management	management	NOUN
elp-5371	115	28	,	,	PUNCT
elp-5371	115	29	while	while	SCONJ
elp-5371	115	30	cutting	cut	VERB
elp-5371	115	31	costs	cost	NOUN
elp-5371	115	32	(	(	PUNCT
elp-5371	115	33	e.g.	e.g.	ADV
elp-5371	115	34	,	,	PUNCT
elp-5371	115	35	compliance	compliance	NOUN
elp-5371	115	36	costs	cost	NOUN
elp-5371	115	37	)	)	PUNCT
elp-5371	115	38	.	.	PUNCT
elp-5371	116	1	regtech	regtech	PROPN
elp-5371	116	2	developments	development	NOUN
elp-5371	116	3	are	be	AUX
elp-5371	116	4	mainly	mainly	ADV
elp-5371	116	5	in	in	ADP
elp-5371	116	6	the	the	DET
elp-5371	116	7	following	follow	VERB
elp-5371	116	8	areas	area	NOUN
elp-5371	116	9	:	:	PUNCT
elp-5371	116	10	(	(	PUNCT
elp-5371	116	11	i	i	NOUN
elp-5371	116	12	)	)	PUNCT
elp-5371	116	13	regulatory	regulatory	ADJ
elp-5371	116	14	compliance	compliance	NOUN
elp-5371	116	15	—	—	PUNCT
elp-5371	116	16	e.g.	e.g.	ADV
elp-5371	116	17	,	,	PUNCT
elp-5371	116	18	systems	system	NOUN
elp-5371	116	19	to	to	PART
elp-5371	116	20	enable	enable	VERB
elp-5371	116	21	banks	bank	NOUN
elp-5371	116	22	and	and	CCONJ
elp-5371	116	23	other	other	ADJ
elp-5371	116	24	regulated	regulated	ADJ
elp-5371	116	25	entities	entity	NOUN
elp-5371	116	26	to	to	PART
elp-5371	116	27	identify	identify	VERB
elp-5371	116	28	breaches	breach	NOUN
elp-5371	116	29	of	of	ADP
elp-5371	116	30	regulatory	regulatory	ADJ
elp-5371	116	31	requirements	requirement	NOUN
elp-5371	116	32	and	and	CCONJ
elp-5371	116	33	to	to	PART
elp-5371	116	34	facilitate	facilitate	VERB
elp-5371	116	35	quick	quick	ADJ
elp-5371	116	36	remediation	remediation	NOUN
elp-5371	116	37	,	,	PUNCT
elp-5371	116	38	and	and	CCONJ
elp-5371	116	39	to	to	PART
elp-5371	116	40	maintain	maintain	VERB
elp-5371	116	41	compliance	compliance	NOUN
elp-5371	116	42	with	with	ADP
elp-5371	116	43	regulations	regulation	NOUN
elp-5371	116	44	;	;	PUNCT
elp-5371	116	45	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	116	46	economics	economic	NOUN
elp-5371	116	47	,	,	PUNCT
elp-5371	116	48	law	law	NOUN
elp-5371	116	49	and	and	CCONJ
elp-5371	116	50	policy	policy	NOUN
elp-5371	116	51	vol	vol	NOUN
elp-5371	116	52	.	.	PROPN
elp-5371	117	1	5	5	NUM
elp-5371	117	2	,	,	PUNCT
elp-5371	117	3	no	no	INTJ
elp-5371	117	4	.	.	NOUN
elp-5371	117	5	2	2	NUM
elp-5371	117	6	,	,	PUNCT
elp-5371	117	7	2022	2022	NUM
elp-5371	117	8	35	35	NUM
elp-5371	117	9	published	publish	VERB
elp-5371	117	10	by	by	ADP
elp-5371	117	11	scholink	scholink	PROPN
elp-5371	117	12	inc	inc	PROPN
elp-5371	117	13	.	.	PROPN
elp-5371	117	14	(	(	PUNCT
elp-5371	117	15	ii	ii	NOUN
elp-5371	117	16	)	)	PUNCT
elp-5371	117	17	identity	identity	NOUN
elp-5371	117	18	management	management	NOUN
elp-5371	117	19	and	and	CCONJ
elp-5371	117	20	control	control	NOUN
elp-5371	117	21	—	—	PUNCT
elp-5371	117	22	e.g.	e.g.	ADV
elp-5371	117	23	,	,	PUNCT
elp-5371	117	24	anti	anti	ADJ
elp-5371	117	25	-	-	ADJ
elp-5371	117	26	money	money	ADJ
elp-5371	117	27	laundering	laundering	NOUN
elp-5371	117	28	controls	control	NOUN
elp-5371	117	29	and	and	CCONJ
elp-5371	117	30	fraud	fraud	NOUN
elp-5371	117	31	detection	detection	NOUN
elp-5371	117	32	;	;	PUNCT
elp-5371	117	33	(	(	PUNCT
elp-5371	117	34	iii	iii	X
elp-5371	117	35	)	)	PUNCT
elp-5371	117	36	risk	risk	NOUN
elp-5371	117	37	management	management	NOUN
elp-5371	117	38	-	-	PUNCT
elp-5371	117	39	advanced	advance	VERB
elp-5371	117	40	data	datum	NOUN
elp-5371	117	41	analytics	analytic	NOUN
elp-5371	117	42	supported	support	VERB
elp-5371	117	43	by	by	ADP
elp-5371	117	44	machine	machine	NOUN
elp-5371	117	45	learning	learning	NOUN
elp-5371	117	46	or	or	CCONJ
elp-5371	117	47	other	other	ADJ
elp-5371	117	48	ai	ai	PROPN
elp-5371	117	49	applications	application	NOUN
elp-5371	117	50	and	and	CCONJ
elp-5371	117	51	regulatory	regulatory	ADJ
elp-5371	117	52	reporting	reporting	NOUN
elp-5371	117	53	,	,	PUNCT
elp-5371	117	54	transaction	transaction	NOUN
elp-5371	117	55	monitoring	monitoring	NOUN
elp-5371	117	56	such	such	ADJ
elp-5371	117	57	as	as	ADP
elp-5371	117	58	by	by	ADP
elp-5371	117	59	using	use	VERB
elp-5371	117	60	dlt	dlt	PROPN
elp-5371	117	61	,	,	PUNCT
elp-5371	117	62	end	end	NOUN
elp-5371	117	63	-	-	PUNCT
elp-5371	117	64	to	to	ADP
elp-5371	117	65	-	-	PUNCT
elp-5371	117	66	end	end	NOUN
elp-5371	117	67	integrity	integrity	NOUN
elp-5371	117	68	validation	validation	NOUN
elp-5371	117	69	,	,	PUNCT
elp-5371	117	70	anti	anti	ADJ
elp-5371	117	71	-	-	ADJ
elp-5371	117	72	fraud	fraud	ADJ
elp-5371	117	73	and	and	CCONJ
elp-5371	117	74	market	market	NOUN
elp-5371	117	75	abuse	abuse	NOUN
elp-5371	117	76	identification	identification	NOUN
elp-5371	117	77	systems	system	NOUN
elp-5371	117	78	,	,	PUNCT
elp-5371	117	79	back	back	ADJ
elp-5371	117	80	-	-	PUNCT
elp-5371	117	81	office	office	NOUN
elp-5371	117	82	automation	automation	NOUN
elp-5371	117	83	and	and	CCONJ
elp-5371	117	84	risk	risk	NOUN
elp-5371	117	85	alerts	alert	NOUN
elp-5371	117	86	;	;	PUNCT
elp-5371	117	87	(	(	PUNCT
elp-5371	117	88	iv	iv	X
elp-5371	117	89	)	)	PUNCT
elp-5371	117	90	trading	trading	NOUN
elp-5371	117	91	in	in	ADP
elp-5371	117	92	financial	financial	ADJ
elp-5371	117	93	markets	market	NOUN
elp-5371	117	94	-	-	PUNCT
elp-5371	117	95	the	the	DET
elp-5371	117	96	automation	automation	NOUN
elp-5371	117	97	of	of	ADP
elp-5371	117	98	the	the	DET
elp-5371	117	99	procedures	procedure	NOUN
elp-5371	117	100	related	relate	VERB
elp-5371	117	101	to	to	ADP
elp-5371	117	102	transacting	transact	VERB
elp-5371	117	103	in	in	ADP
elp-5371	117	104	financial	financial	ADJ
elp-5371	117	105	markets	market	NOUN
elp-5371	117	106	,	,	PUNCT
elp-5371	117	107	such	such	ADJ
elp-5371	117	108	as	as	ADP
elp-5371	117	109	calculating	calculate	VERB
elp-5371	117	110	margins	margin	NOUN
elp-5371	117	111	,	,	PUNCT
elp-5371	117	112	choosing	choose	VERB
elp-5371	117	113	central	central	ADJ
elp-5371	117	114	counterparties	counterpartie	NOUN
elp-5371	117	115	and	and	CCONJ
elp-5371	117	116	trading	trading	NOUN
elp-5371	117	117	venues	venue	NOUN
elp-5371	117	118	,	,	PUNCT
elp-5371	117	119	assessing	assess	VERB
elp-5371	117	120	exposures	exposure	NOUN
elp-5371	117	121	,	,	PUNCT
elp-5371	117	122	complying	comply	VERB
elp-5371	117	123	with	with	ADP
elp-5371	117	124	good	good	ADJ
elp-5371	117	125	conduct	conduct	NOUN
elp-5371	117	126	-	-	PUNCT
elp-5371	117	127	of	of	ADP
elp-5371	117	128	-	-	PUNCT
elp-5371	117	129	business	business	NOUN
elp-5371	117	130	principles	principle	NOUN
elp-5371	117	131	,	,	PUNCT
elp-5371	117	132	etc	etc	X
elp-5371	117	133	.	.	X
elp-5371	118	1	in	in	ADP
elp-5371	118	2	some	some	DET
elp-5371	118	3	cases	case	NOUN
elp-5371	118	4	(	(	PUNCT
elp-5371	118	5	regulatory	regulatory	ADJ
elp-5371	118	6	reporting	reporting	NOUN
elp-5371	118	7	,	,	PUNCT
elp-5371	118	8	kyc	kyc	PROPN
elp-5371	118	9	)	)	PUNCT
elp-5371	118	10	,	,	PUNCT
elp-5371	118	11	regtech	regtech	NOUN
elp-5371	118	12	solutions	solution	NOUN
elp-5371	118	13	are	be	AUX
elp-5371	118	14	developed	develop	VERB
elp-5371	118	15	and	and	CCONJ
elp-5371	118	16	implemented	implement	VERB
elp-5371	118	17	jointly	jointly	ADV
elp-5371	118	18	or	or	CCONJ
elp-5371	118	19	use	use	VERB
elp-5371	118	20	a	a	DET
elp-5371	118	21	third	third	ADJ
elp-5371	118	22	-	-	PUNCT
elp-5371	118	23	party	party	NOUN
elp-5371	118	24	solution	solution	NOUN
elp-5371	118	25	to	to	PART
elp-5371	118	26	achieve	achieve	VERB
elp-5371	118	27	efficiency	efficiency	NOUN
elp-5371	118	28	gains	gain	NOUN
elp-5371	118	29	,	,	PUNCT
elp-5371	118	30	while	while	SCONJ
elp-5371	118	31	others	other	NOUN
elp-5371	118	32	are	be	AUX
elp-5371	118	33	developed	develop	VERB
elp-5371	118	34	and	and	CCONJ
elp-5371	118	35	implemented	implement	VERB
elp-5371	118	36	separately	separately	ADV
elp-5371	118	37	by	by	ADP
elp-5371	118	38	individual	individual	ADJ
elp-5371	118	39	financial	financial	ADJ
elp-5371	118	40	institutions	institution	NOUN
elp-5371	118	41	in	in	ADP
elp-5371	118	42	bilateral	bilateral	ADJ
elp-5371	118	43	partnerships	partnership	NOUN
elp-5371	118	44	with	with	ADP
elp-5371	118	45	fintech	fintech	NOUN
elp-5371	118	46	firms	firm	NOUN
elp-5371	118	47	.	.	PUNCT
elp-5371	119	1	supervisory	supervisory	ADJ
elp-5371	119	2	technology	technology	NOUN
elp-5371	119	3	(	(	PUNCT
elp-5371	119	4	suptech	suptech	NOUN
elp-5371	119	5	)	)	PUNCT
elp-5371	119	6	is	be	AUX
elp-5371	119	7	being	be	AUX
elp-5371	119	8	adopted	adopt	VERB
elp-5371	119	9	by	by	ADP
elp-5371	119	10	regulatory	regulatory	ADJ
elp-5371	119	11	authorities	authority	NOUN
elp-5371	119	12	to	to	PART
elp-5371	119	13	use	use	VERB
elp-5371	119	14	fintech	fintech	NOUN
elp-5371	119	15	to	to	PART
elp-5371	119	16	assess	assess	VERB
elp-5371	119	17	trends	trend	NOUN
elp-5371	119	18	more	more	ADV
elp-5371	119	19	efficiently	efficiently	ADV
elp-5371	119	20	in	in	ADP
elp-5371	119	21	market	market	NOUN
elp-5371	119	22	data	datum	NOUN
elp-5371	119	23	to	to	PART
elp-5371	119	24	identify	identify	VERB
elp-5371	119	25	potential	potential	ADJ
elp-5371	119	26	risk	risk	NOUN
elp-5371	119	27	areas	area	NOUN
elp-5371	119	28	,	,	PUNCT
elp-5371	119	29	to	to	PART
elp-5371	119	30	facilitate	facilitate	VERB
elp-5371	119	31	peer	peer	NOUN
elp-5371	119	32	group	group	NOUN
elp-5371	119	33	analysis	analysis	NOUN
elp-5371	119	34	of	of	ADP
elp-5371	119	35	banks	bank	NOUN
elp-5371	119	36	and	and	CCONJ
elp-5371	119	37	other	other	ADJ
elp-5371	119	38	institutions	institution	NOUN
elp-5371	119	39	,	,	PUNCT
elp-5371	119	40	and	and	CCONJ
elp-5371	119	41	to	to	PART
elp-5371	119	42	assess	assess	VERB
elp-5371	119	43	early	early	ADJ
elp-5371	119	44	warning	warning	NOUN
elp-5371	119	45	indicators	indicator	NOUN
elp-5371	119	46	of	of	ADP
elp-5371	119	47	emergent	emergent	ADJ
elp-5371	119	48	stress	stress	NOUN
elp-5371	119	49	.	.	PUNCT
elp-5371	120	1	suptech	suptech	NOUN
elp-5371	120	2	is	be	AUX
elp-5371	120	3	mainly	mainly	ADV
elp-5371	120	4	conducted	conduct	VERB
elp-5371	120	5	in	in	ADP
elp-5371	120	6	two	two	NUM
elp-5371	120	7	types	type	NOUN
elp-5371	120	8	of	of	ADP
elp-5371	120	9	application	application	NOUN
elp-5371	120	10	:	:	PUNCT
elp-5371	120	11	(	(	PUNCT
elp-5371	120	12	i	i	NOUN
elp-5371	120	13	)	)	PUNCT
elp-5371	120	14	data	datum	NOUN
elp-5371	120	15	collection	collection	NOUN
elp-5371	120	16	;	;	PUNCT
elp-5371	120	17	and	and	CCONJ
elp-5371	120	18	(	(	PUNCT
elp-5371	120	19	ii	ii	NOUN
elp-5371	120	20	)	)	PUNCT
elp-5371	120	21	data	datum	NOUN
elp-5371	120	22	analytics	analytic	NOUN
elp-5371	120	23	:	:	PUNCT
elp-5371	120	24	(	(	PUNCT
elp-5371	120	25	i	i	NOUN
elp-5371	120	26	)	)	PUNCT
elp-5371	120	27	data	datum	NOUN
elp-5371	120	28	collection	collection	NOUN
elp-5371	120	29	applications	application	NOUN
elp-5371	120	30	are	be	AUX
elp-5371	120	31	used	use	VERB
elp-5371	120	32	for	for	ADP
elp-5371	120	33	supervisory	supervisory	ADJ
elp-5371	120	34	reporting	reporting	NOUN
elp-5371	120	35	,	,	PUNCT
elp-5371	120	36	data	datum	NOUN
elp-5371	120	37	management	management	NOUN
elp-5371	120	38	and	and	CCONJ
elp-5371	120	39	virtual	virtual	ADJ
elp-5371	120	40	assistance	assistance	NOUN
elp-5371	120	41	.	.	PUNCT
elp-5371	121	1	examples	example	NOUN
elp-5371	121	2	include	include	VERB
elp-5371	121	3	the	the	DET
elp-5371	121	4	ability	ability	NOUN
elp-5371	121	5	to	to	PART
elp-5371	121	6	pull	pull	VERB
elp-5371	121	7	data	datum	NOUN
elp-5371	121	8	directly	directly	ADV
elp-5371	121	9	from	from	ADP
elp-5371	121	10	it	it	PRON
elp-5371	121	11	systems	system	NOUN
elp-5371	121	12	of	of	ADP
elp-5371	121	13	banks	bank	NOUN
elp-5371	121	14	and	and	CCONJ
elp-5371	121	15	other	other	ADJ
elp-5371	121	16	financial	financial	ADJ
elp-5371	121	17	institutions	institution	NOUN
elp-5371	121	18	;	;	PUNCT
elp-5371	121	19	automated	automate	VERB
elp-5371	121	20	data	data	NOUN
elp-5371	121	21	validation	validation	NOUN
elp-5371	121	22	and	and	CCONJ
elp-5371	121	23	consolidation	consolidation	NOUN
elp-5371	121	24	;	;	PUNCT
elp-5371	121	25	chatbots	chatbot	NOUN
elp-5371	121	26	to	to	PART
elp-5371	121	27	answer	answer	VERB
elp-5371	121	28	consumer	consumer	NOUN
elp-5371	121	29	complaints	complaint	NOUN
elp-5371	121	30	while	while	SCONJ
elp-5371	121	31	collecting	collect	VERB
elp-5371	121	32	information	information	NOUN
elp-5371	121	33	that	that	PRON
elp-5371	121	34	could	could	AUX
elp-5371	121	35	signal	signal	VERB
elp-5371	121	36	potential	potential	ADJ
elp-5371	121	37	areas	area	NOUN
elp-5371	121	38	of	of	ADP
elp-5371	121	39	concern	concern	NOUN
elp-5371	121	40	.	.	PUNCT
elp-5371	122	1	(	(	PUNCT
elp-5371	122	2	ii	ii	NOUN
elp-5371	122	3	)	)	PUNCT
elp-5371	122	4	data	datum	NOUN
elp-5371	122	5	analytics	analytic	NOUN
elp-5371	122	6	applications	application	NOUN
elp-5371	122	7	are	be	AUX
elp-5371	122	8	used	use	VERB
elp-5371	122	9	for	for	ADP
elp-5371	122	10	market	market	NOUN
elp-5371	122	11	surveillance	surveillance	NOUN
elp-5371	122	12	,	,	PUNCT
elp-5371	122	13	misconduct	misconduct	NOUN
elp-5371	122	14	analysis	analysis	NOUN
elp-5371	122	15	as	as	ADV
elp-5371	122	16	well	well	ADV
elp-5371	122	17	as	as	ADP
elp-5371	122	18	microprudential	microprudential	ADJ
elp-5371	122	19	and	and	CCONJ
elp-5371	122	20	macroprudential	macroprudential	ADJ
elp-5371	122	21	supervision	supervision	NOUN
elp-5371	122	22	.	.	PUNCT
elp-5371	123	1	examples	example	NOUN
elp-5371	123	2	include	include	VERB
elp-5371	123	3	detecting	detect	VERB
elp-5371	123	4	insider	insider	NOUN
elp-5371	123	5	trading	trading	NOUN
elp-5371	123	6	activities	activity	NOUN
elp-5371	123	7	,	,	PUNCT
elp-5371	123	8	money	money	NOUN
elp-5371	123	9	laundering	laundering	NOUN
elp-5371	123	10	identification	identification	NOUN
elp-5371	123	11	,	,	PUNCT
elp-5371	123	12	monitoring	monitoring	NOUN
elp-5371	123	13	supervised	supervise	VERB
elp-5371	123	14	entities‟	entities‟	PRON
elp-5371	123	15	liquidity	liquidity	NOUN
elp-5371	123	16	risks	risk	NOUN
elp-5371	123	17	and	and	CCONJ
elp-5371	123	18	forecasting	forecast	VERB
elp-5371	123	19	housing	housing	NOUN
elp-5371	123	20	market	market	NOUN
elp-5371	123	21	conditions	condition	NOUN
elp-5371	123	22	.	.	PUNCT
elp-5371	124	1	suptech	suptech	NOUN
elp-5371	124	2	is	be	AUX
elp-5371	124	3	a	a	DET
elp-5371	124	4	strategic	strategic	ADJ
elp-5371	124	5	priority	priority	NOUN
elp-5371	124	6	for	for	ADP
elp-5371	124	7	an	an	DET
elp-5371	124	8	increasing	increase	VERB
elp-5371	124	9	number	number	NOUN
elp-5371	124	10	of	of	ADP
elp-5371	124	11	regulatory	regulatory	ADJ
elp-5371	124	12	authorities	authority	NOUN
elp-5371	124	13	.	.	PUNCT
elp-5371	125	1	it	it	PRON
elp-5371	125	2	is	be	AUX
elp-5371	125	3	still	still	ADV
elp-5371	125	4	at	at	ADP
elp-5371	125	5	a	a	DET
elp-5371	125	6	relatively	relatively	ADV
elp-5371	125	7	early	early	ADJ
elp-5371	125	8	stage	stage	NOUN
elp-5371	125	9	of	of	ADP
elp-5371	125	10	development	development	NOUN
elp-5371	125	11	but	but	CCONJ
elp-5371	125	12	could	could	AUX
elp-5371	125	13	evolve	evolve	VERB
elp-5371	125	14	into	into	ADP
elp-5371	125	15	the	the	DET
elp-5371	125	16	greater	great	ADJ
elp-5371	125	17	use	use	NOUN
elp-5371	125	18	of	of	ADP
elp-5371	125	19	„	„	PUNCT
elp-5371	125	20	real	real	ADJ
elp-5371	125	21	time‟	time‟	NOUN
elp-5371	125	22	access	access	NOUN
elp-5371	125	23	to	to	ADP
elp-5371	125	24	and	and	CCONJ
elp-5371	125	25	interrogation	interrogation	NOUN
elp-5371	125	26	of	of	ADP
elp-5371	125	27	data	datum	NOUN
elp-5371	125	28	on	on	ADP
elp-5371	125	29	financial	financial	ADJ
elp-5371	125	30	institutions	institution	NOUN
elp-5371	125	31	,	,	PUNCT
elp-5371	125	32	and	and	CCONJ
elp-5371	125	33	greater	great	ADJ
elp-5371	125	34	analysis	analysis	NOUN
elp-5371	125	35	of	of	ADP
elp-5371	125	36	the	the	DET
elp-5371	125	37	“	"	PUNCT
elp-5371	125	38	big	big	ADJ
elp-5371	125	39	data	datum	NOUN
elp-5371	125	40	”	"	PUNCT
elp-5371	125	41	contained	contain	VERB
elp-5371	125	42	in	in	ADP
elp-5371	125	43	regulatory	regulatory	ADJ
elp-5371	125	44	reporting	reporting	NOUN
elp-5371	125	45	by	by	ADP
elp-5371	125	46	financial	financial	ADJ
elp-5371	125	47	institutions	institution	NOUN
elp-5371	125	48	and	and	CCONJ
elp-5371	125	49	more	more	ADV
elp-5371	125	50	widely	widely	ADV
elp-5371	125	51	in	in	ADP
elp-5371	125	52	other	other	ADJ
elp-5371	125	53	information	information	NOUN
elp-5371	125	54	sets	set	NOUN
elp-5371	125	55	and	and	CCONJ
elp-5371	125	56	social	social	ADJ
elp-5371	125	57	media	medium	NOUN
elp-5371	125	58	.	.	PUNCT
elp-5371	126	1	for	for	ADP
elp-5371	126	2	authorities	authority	NOUN
elp-5371	126	3	,	,	PUNCT
elp-5371	126	4	the	the	DET
elp-5371	126	5	use	use	NOUN
elp-5371	126	6	of	of	ADP
elp-5371	126	7	suptech	suptech	NOUN
elp-5371	126	8	could	could	AUX
elp-5371	126	9	improve	improve	VERB
elp-5371	126	10	oversight	oversight	NOUN
elp-5371	126	11	,	,	PUNCT
elp-5371	126	12	surveillance	surveillance	NOUN
elp-5371	126	13	and	and	CCONJ
elp-5371	126	14	analytical	analytical	ADJ
elp-5371	126	15	capabilities	capability	NOUN
elp-5371	126	16	,	,	PUNCT
elp-5371	126	17	and	and	CCONJ
elp-5371	126	18	generate	generate	VERB
elp-5371	126	19	real	real	ADJ
elp-5371	126	20	-	-	PUNCT
elp-5371	126	21	time	time	NOUN
elp-5371	126	22	indicators	indicator	NOUN
elp-5371	126	23	of	of	ADP
elp-5371	126	24	risk	risk	NOUN
elp-5371	126	25	to	to	PART
elp-5371	126	26	support	support	VERB
elp-5371	126	27	forward	forward	ADV
elp-5371	126	28	-	-	PUNCT
elp-5371	126	29	looking	look	VERB
elp-5371	126	30	,	,	PUNCT
elp-5371	126	31	judgement	judgement	NOUN
elp-5371	126	32	based	base	VERB
elp-5371	126	33	supervision	supervision	NOUN
elp-5371	126	34	and	and	CCONJ
elp-5371	126	35	policymaking	policymaking	NOUN
elp-5371	126	36	.	.	PUNCT
elp-5371	127	1	however	however	ADV
elp-5371	127	2	,	,	PUNCT
elp-5371	127	3	such	such	ADJ
elp-5371	127	4	developments	development	NOUN
elp-5371	127	5	depend	depend	VERB
elp-5371	127	6	on	on	ADP
elp-5371	127	7	supervisory	supervisory	ADJ
elp-5371	127	8	authorities	authority	NOUN
elp-5371	127	9	having	have	VERB
elp-5371	127	10	the	the	DET
elp-5371	127	11	necessary	necessary	ADJ
elp-5371	127	12	resources	resource	NOUN
elp-5371	127	13	and	and	CCONJ
elp-5371	127	14	skills	skill	NOUN
elp-5371	127	15	to	to	PART
elp-5371	127	16	take	take	VERB
elp-5371	127	17	them	they	PRON
elp-5371	127	18	forward	forward	ADV
elp-5371	127	19	.	.	PUNCT
elp-5371	128	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	128	2	economics	economic	NOUN
elp-5371	128	3	,	,	PUNCT
elp-5371	128	4	law	law	NOUN
elp-5371	128	5	and	and	CCONJ
elp-5371	128	6	policy	policy	NOUN
elp-5371	128	7	vol	vol	NOUN
elp-5371	128	8	.	.	PROPN
elp-5371	129	1	5	5	NUM
elp-5371	129	2	,	,	PUNCT
elp-5371	129	3	no	no	INTJ
elp-5371	129	4	.	.	NOUN
elp-5371	129	5	2	2	NUM
elp-5371	129	6	,	,	PUNCT
elp-5371	129	7	2022	2022	NUM
elp-5371	129	8	36	36	NUM
elp-5371	129	9	published	publish	VERB
elp-5371	129	10	by	by	ADP
elp-5371	129	11	scholink	scholink	PROPN
elp-5371	129	12	inc	inc	PROPN
elp-5371	129	13	.	.	PROPN
elp-5371	129	14	3	3	X
elp-5371	129	15	.	.	X
elp-5371	130	1	risks	risk	NOUN
elp-5371	130	2	associated	associate	VERB
elp-5371	130	3	with	with	ADP
elp-5371	130	4	fintech	fintech	NOUN
elp-5371	130	5	:	:	PUNCT
elp-5371	130	6	implications	implication	NOUN
elp-5371	130	7	for	for	ADP
elp-5371	130	8	financial	financial	ADJ
elp-5371	130	9	stability	stability	NOUN
elp-5371	130	10	fintech	fintech	NOUN
elp-5371	130	11	brings	bring	VERB
elp-5371	130	12	wide	wide	ADV
elp-5371	130	13	-	-	PUNCT
elp-5371	130	14	ranging	range	VERB
elp-5371	130	15	benefits	benefit	NOUN
elp-5371	130	16	,	,	PUNCT
elp-5371	130	17	particularly	particularly	ADV
elp-5371	130	18	for	for	ADP
elp-5371	130	19	low	low	ADJ
elp-5371	130	20	-	-	PUNCT
elp-5371	130	21	income	income	NOUN
elp-5371	130	22	countries	country	NOUN
elp-5371	130	23	,	,	PUNCT
elp-5371	130	24	due	due	ADP
elp-5371	130	25	to	to	ADP
elp-5371	130	26	its	its	PRON
elp-5371	130	27	potentially	potentially	ADV
elp-5371	130	28	far	far	ADV
elp-5371	130	29	-	-	PUNCT
elp-5371	130	30	reaching	reach	VERB
elp-5371	130	31	economic	economic	ADJ
elp-5371	130	32	and	and	CCONJ
elp-5371	130	33	social	social	ADJ
elp-5371	130	34	impact	impact	NOUN
elp-5371	130	35	.	.	PUNCT
elp-5371	131	1	those	those	DET
elp-5371	131	2	benefits	benefit	NOUN
elp-5371	131	3	include	include	VERB
elp-5371	131	4	increasing	increase	VERB
elp-5371	131	5	access	access	NOUN
elp-5371	131	6	to	to	ADP
elp-5371	131	7	financial	financial	ADJ
elp-5371	131	8	services	service	NOUN
elp-5371	131	9	and	and	CCONJ
elp-5371	131	10	financial	financial	ADJ
elp-5371	131	11	inclusion	inclusion	NOUN
elp-5371	131	12	;	;	PUNCT
elp-5371	131	13	deepening	deepen	VERB
elp-5371	131	14	financial	financial	ADJ
elp-5371	131	15	markets	market	NOUN
elp-5371	131	16	;	;	PUNCT
elp-5371	131	17	strengthening	strengthen	VERB
elp-5371	131	18	competitiveness	competitiveness	NOUN
elp-5371	131	19	in	in	ADP
elp-5371	131	20	the	the	DET
elp-5371	131	21	financial	financial	ADJ
elp-5371	131	22	markets	market	NOUN
elp-5371	131	23	;	;	PUNCT
elp-5371	131	24	lowering	lower	VERB
elp-5371	131	25	the	the	DET
elp-5371	131	26	costs	cost	NOUN
elp-5371	131	27	of	of	ADP
elp-5371	131	28	some	some	DET
elp-5371	131	29	financial	financial	ADJ
elp-5371	131	30	services	service	NOUN
elp-5371	131	31	;	;	PUNCT
elp-5371	131	32	and	and	CCONJ
elp-5371	131	33	improving	improve	VERB
elp-5371	131	34	cross	cross	ADJ
elp-5371	131	35	-	-	ADJ
elp-5371	131	36	border	border	ADJ
elp-5371	131	37	payments	payment	NOUN
elp-5371	131	38	and	and	CCONJ
elp-5371	131	39	remittance	remittance	NOUN
elp-5371	131	40	transfer	transfer	NOUN
elp-5371	131	41	systems	system	NOUN
elp-5371	131	42	.	.	PUNCT
elp-5371	132	1	however	however	ADV
elp-5371	132	2	,	,	PUNCT
elp-5371	132	3	fintech	fintech	NOUN
elp-5371	132	4	also	also	ADV
elp-5371	132	5	creates	create	VERB
elp-5371	132	6	a	a	DET
elp-5371	132	7	number	number	NOUN
elp-5371	132	8	of	of	ADP
elp-5371	132	9	significant	significant	ADJ
elp-5371	132	10	risks	risk	NOUN
elp-5371	132	11	in	in	ADP
elp-5371	132	12	the	the	DET
elp-5371	132	13	financial	financial	ADJ
elp-5371	132	14	system	system	NOUN
elp-5371	132	15	,	,	PUNCT
elp-5371	132	16	and	and	CCONJ
elp-5371	132	17	not	not	PART
elp-5371	132	18	least	least	ADJ
elp-5371	132	19	in	in	ADP
elp-5371	132	20	the	the	DET
elp-5371	132	21	banking	banking	NOUN
elp-5371	132	22	sector	sector	NOUN
elp-5371	132	23	.	.	PUNCT
elp-5371	133	1	in	in	ADP
elp-5371	133	2	this	this	DET
elp-5371	133	3	paper	paper	NOUN
elp-5371	133	4	,	,	PUNCT
elp-5371	133	5	the	the	DET
elp-5371	133	6	focus	focus	NOUN
elp-5371	133	7	is	be	AUX
elp-5371	133	8	mainly	mainly	ADV
elp-5371	133	9	on	on	ADP
elp-5371	133	10	the	the	DET
elp-5371	133	11	risks	risk	NOUN
elp-5371	133	12	and	and	CCONJ
elp-5371	133	13	the	the	DET
elp-5371	133	14	regulatory	regulatory	ADJ
elp-5371	133	15	and	and	CCONJ
elp-5371	133	16	supervisory	supervisory	ADJ
elp-5371	133	17	issues	issue	NOUN
elp-5371	133	18	that	that	PRON
elp-5371	133	19	arise	arise	VERB
elp-5371	133	20	from	from	ADP
elp-5371	133	21	these	these	DET
elp-5371	133	22	risks	risk	NOUN
elp-5371	133	23	.	.	PUNCT
elp-5371	134	1	supervisors	supervisor	NOUN
elp-5371	134	2	should	should	AUX
elp-5371	134	3	monitor	monitor	VERB
elp-5371	134	4	the	the	DET
elp-5371	134	5	evolution	evolution	NOUN
elp-5371	134	6	of	of	ADP
elp-5371	134	7	those	those	DET
elp-5371	134	8	risks	risk	NOUN
elp-5371	134	9	closely	closely	ADV
elp-5371	134	10	and	and	CCONJ
elp-5371	134	11	take	take	VERB
elp-5371	134	12	necessary	necessary	ADJ
elp-5371	134	13	actions	action	NOUN
elp-5371	134	14	to	to	PART
elp-5371	134	15	mitigate	mitigate	VERB
elp-5371	134	16	them	they	PRON
elp-5371	134	17	.	.	PUNCT
elp-5371	135	1	although	although	SCONJ
elp-5371	135	2	most	most	ADJ
elp-5371	135	3	of	of	ADP
elp-5371	135	4	the	the	DET
elp-5371	135	5	risks	risk	NOUN
elp-5371	135	6	are	be	AUX
elp-5371	135	7	not	not	PART
elp-5371	135	8	new	new	ADJ
elp-5371	135	9	,	,	PUNCT
elp-5371	135	10	the	the	DET
elp-5371	135	11	nature	nature	NOUN
elp-5371	135	12	of	of	ADP
elp-5371	135	13	fintech	fintech	NOUN
elp-5371	135	14	increases	increase	VERB
elp-5371	135	15	the	the	DET
elp-5371	135	16	probability	probability	NOUN
elp-5371	135	17	and	and	CCONJ
elp-5371	135	18	potential	potential	ADJ
elp-5371	135	19	impact	impact	NOUN
elp-5371	135	20	of	of	ADP
elp-5371	135	21	some	some	DET
elp-5371	135	22	key	key	ADJ
elp-5371	135	23	risks	risk	NOUN
elp-5371	135	24	.	.	PUNCT
elp-5371	136	1	those	those	DET
elp-5371	136	2	risks	risk	NOUN
elp-5371	136	3	include	include	VERB
elp-5371	136	4	:	:	PUNCT
elp-5371	136	5	o	o	NOUN
elp-5371	136	6	operational	operational	ADJ
elp-5371	136	7	risks	risk	NOUN
elp-5371	136	8	-	-	PUNCT
elp-5371	136	9	such	such	ADJ
elp-5371	136	10	as	as	ADP
elp-5371	136	11	cyber	cyber	NOUN
elp-5371	136	12	risks	risk	NOUN
elp-5371	136	13	,	,	PUNCT
elp-5371	136	14	it	it	PRON
elp-5371	136	15	malfunction	malfunction	NOUN
elp-5371	136	16	fraud	fraud	NOUN
elp-5371	136	17	,	,	PUNCT
elp-5371	136	18	money	money	NOUN
elp-5371	136	19	laundering	laundering	NOUN
elp-5371	136	20	/	/	SYM
elp-5371	136	21	financing	financing	NOUN
elp-5371	136	22	of	of	ADP
elp-5371	136	23	crime	crime	NOUN
elp-5371	136	24	,	,	PUNCT
elp-5371	136	25	misselling	misselle	VERB
elp-5371	136	26	of	of	ADP
elp-5371	136	27	financial	financial	ADJ
elp-5371	136	28	products	product	NOUN
elp-5371	136	29	and	and	CCONJ
elp-5371	136	30	services	service	NOUN
elp-5371	136	31	,	,	PUNCT
elp-5371	136	32	privacy	privacy	NOUN
elp-5371	136	33	breaches	breach	NOUN
elp-5371	136	34	,	,	PUNCT
elp-5371	136	35	and	and	CCONJ
elp-5371	136	36	breaches	breach	NOUN
elp-5371	136	37	of	of	ADP
elp-5371	136	38	regulatory	regulatory	ADJ
elp-5371	136	39	compliance	compliance	NOUN
elp-5371	136	40	o	o	NOUN
elp-5371	136	41	credit	credit	NOUN
elp-5371	136	42	risk	risk	NOUN
elp-5371	136	43	inadequately	inadequately	ADV
elp-5371	136	44	managed	manage	VERB
elp-5371	136	45	arising	arise	VERB
elp-5371	136	46	from	from	ADP
elp-5371	136	47	p2p	p2p	NOUN
elp-5371	136	48	platforms	platform	NOUN
elp-5371	136	49	o	o	NOUN
elp-5371	136	50	reputation	reputation	NOUN
elp-5371	136	51	risk	risk	NOUN
elp-5371	136	52	for	for	ADP
elp-5371	136	53	banks	bank	NOUN
elp-5371	136	54	/	/	SYM
elp-5371	136	55	insurers	insurer	NOUN
elp-5371	136	56	as	as	ADP
elp-5371	136	57	a	a	DET
elp-5371	136	58	result	result	NOUN
elp-5371	136	59	of	of	ADP
elp-5371	136	60	the	the	DET
elp-5371	136	61	above	above	ADJ
elp-5371	136	62	risks	risk	NOUN
elp-5371	136	63	,	,	PUNCT
elp-5371	136	64	with	with	ADP
elp-5371	136	65	potential	potential	NOUN
elp-5371	136	66	for	for	ADP
elp-5371	136	67	intra	intra	ADJ
elp-5371	136	68	-	-	ADJ
elp-5371	136	69	group	group	ADJ
elp-5371	136	70	contagion	contagion	NOUN
elp-5371	136	71	o	o	NOUN
elp-5371	136	72	payment	payment	NOUN
elp-5371	136	73	system	system	NOUN
elp-5371	136	74	disruption	disruption	NOUN
elp-5371	136	75	—	—	PUNCT
elp-5371	136	76	e.g.	e.g.	ADV
elp-5371	136	77	,	,	PUNCT
elp-5371	136	78	arising	arise	VERB
elp-5371	136	79	from	from	ADP
elp-5371	136	80	operational	operational	ADJ
elp-5371	136	81	dysfunction	dysfunction	NOUN
elp-5371	136	82	in	in	ADP
elp-5371	136	83	non	non	ADJ
elp-5371	136	84	-	-	ADJ
elp-5371	136	85	bank	bank	ADJ
elp-5371	136	86	payment	payment	NOUN
elp-5371	136	87	providers	provider	NOUN
elp-5371	136	88	o	o	NOUN
elp-5371	136	89	business	business	NOUN
elp-5371	136	90	model	model	NOUN
elp-5371	136	91	risk	risk	NOUN
elp-5371	136	92	-	-	PUNCT
elp-5371	136	93	as	as	ADV
elp-5371	136	94	new	new	ADJ
elp-5371	136	95	technology	technology	NOUN
elp-5371	136	96	,	,	PUNCT
elp-5371	136	97	new	new	ADJ
elp-5371	136	98	entrants	entrant	NOUN
elp-5371	136	99	and	and	CCONJ
elp-5371	136	100	greater	great	ADJ
elp-5371	136	101	competition	competition	NOUN
elp-5371	136	102	threaten	threaten	VERB
elp-5371	136	103	the	the	DET
elp-5371	136	104	viability	viability	NOUN
elp-5371	136	105	of	of	ADP
elp-5371	136	106	existing	exist	VERB
elp-5371	136	107	business	business	NOUN
elp-5371	136	108	models	model	NOUN
elp-5371	136	109	.	.	PUNCT
elp-5371	137	1	unless	unless	SCONJ
elp-5371	137	2	these	these	DET
elp-5371	137	3	risks	risk	NOUN
elp-5371	137	4	are	be	AUX
elp-5371	137	5	subject	subject	ADJ
elp-5371	137	6	to	to	ADP
elp-5371	137	7	robust	robust	ADJ
elp-5371	137	8	governance	governance	NOUN
elp-5371	137	9	and	and	CCONJ
elp-5371	137	10	risk	risk	NOUN
elp-5371	137	11	management	management	NOUN
elp-5371	137	12	frameworks	framework	NOUN
elp-5371	137	13	overseen	oversee	VERB
elp-5371	137	14	by	by	ADP
elp-5371	137	15	appropriate	appropriate	ADJ
elp-5371	137	16	prudential	prudential	NOUN
elp-5371	137	17	and	and	CCONJ
elp-5371	137	18	market	market	NOUN
elp-5371	137	19	conduct	conduct	NOUN
elp-5371	137	20	supervision	supervision	NOUN
elp-5371	137	21	,	,	PUNCT
elp-5371	137	22	they	they	PRON
elp-5371	137	23	have	have	VERB
elp-5371	137	24	the	the	DET
elp-5371	137	25	potential	potential	NOUN
elp-5371	137	26	to	to	PART
elp-5371	137	27	cause	cause	VERB
elp-5371	137	28	instability	instability	NOUN
elp-5371	137	29	in	in	ADP
elp-5371	137	30	individual	individual	ADJ
elp-5371	137	31	financial	financial	ADJ
elp-5371	137	32	institutions	institution	NOUN
elp-5371	137	33	,	,	PUNCT
elp-5371	137	34	payments	payment	NOUN
elp-5371	137	35	networks	network	NOUN
elp-5371	137	36	and	and	CCONJ
elp-5371	137	37	potentially	potentially	ADV
elp-5371	137	38	the	the	DET
elp-5371	137	39	financial	financial	ADJ
elp-5371	137	40	system	system	NOUN
elp-5371	137	41	as	as	ADP
elp-5371	137	42	a	a	DET
elp-5371	137	43	whole	whole	NOUN
elp-5371	137	44	.	.	PUNCT
elp-5371	138	1	moreover	moreover	ADV
elp-5371	138	2	,	,	PUNCT
elp-5371	138	3	the	the	DET
elp-5371	138	4	entry	entry	NOUN
elp-5371	138	5	of	of	ADP
elp-5371	138	6	new	new	ADJ
elp-5371	138	7	firms	firm	NOUN
elp-5371	138	8	into	into	ADP
elp-5371	138	9	the	the	DET
elp-5371	138	10	financial	financial	ADJ
elp-5371	138	11	system	system	NOUN
elp-5371	138	12	,	,	PUNCT
elp-5371	138	13	such	such	ADJ
elp-5371	138	14	as	as	ADP
elp-5371	138	15	bigtechs	bigtech	NOUN
elp-5371	138	16	and	and	CCONJ
elp-5371	138	17	non	non	ADJ
elp-5371	138	18	-	-	ADJ
elp-5371	138	19	bank	bank	ADJ
elp-5371	138	20	payment	payment	NOUN
elp-5371	138	21	providers	provider	NOUN
elp-5371	138	22	,	,	PUNCT
elp-5371	138	23	have	have	VERB
elp-5371	138	24	the	the	DET
elp-5371	138	25	potential	potential	NOUN
elp-5371	138	26	to	to	PART
elp-5371	138	27	reduce	reduce	VERB
elp-5371	138	28	the	the	DET
elp-5371	138	29	market	market	NOUN
elp-5371	138	30	share	share	NOUN
elp-5371	138	31	and	and	CCONJ
elp-5371	138	32	profitability	profitability	NOUN
elp-5371	138	33	of	of	ADP
elp-5371	138	34	the	the	DET
elp-5371	138	35	incumbents	incumbent	NOUN
elp-5371	138	36	,	,	PUNCT
elp-5371	138	37	with	with	ADP
elp-5371	138	38	the	the	DET
elp-5371	138	39	potential	potential	NOUN
elp-5371	138	40	that	that	SCONJ
elp-5371	138	41	the	the	DET
elp-5371	138	42	established	establish	VERB
elp-5371	138	43	financial	financial	ADJ
elp-5371	138	44	firms	firm	NOUN
elp-5371	138	45	could	could	AUX
elp-5371	138	46	come	come	VERB
elp-5371	138	47	under	under	ADP
elp-5371	138	48	financial	financial	ADJ
elp-5371	138	49	stress	stress	NOUN
elp-5371	138	50	,	,	PUNCT
elp-5371	138	51	especially	especially	ADV
elp-5371	138	52	in	in	ADP
elp-5371	138	53	a	a	DET
elp-5371	138	54	low	low	ADJ
elp-5371	138	55	net	net	ADJ
elp-5371	138	56	interest	interest	NOUN
elp-5371	138	57	income	income	NOUN
elp-5371	138	58	environment	environment	NOUN
elp-5371	138	59	.	.	PUNCT
elp-5371	139	1	some	some	PRON
elp-5371	139	2	of	of	ADP
elp-5371	139	3	these	these	DET
elp-5371	139	4	risks	risk	NOUN
elp-5371	139	5	pose	pose	VERB
elp-5371	139	6	a	a	DET
elp-5371	139	7	potential	potential	ADJ
elp-5371	139	8	threat	threat	NOUN
elp-5371	139	9	to	to	ADP
elp-5371	139	10	the	the	DET
elp-5371	139	11	stability	stability	NOUN
elp-5371	139	12	of	of	ADP
elp-5371	139	13	financial	financial	ADJ
elp-5371	139	14	systems	system	NOUN
elp-5371	139	15	via	via	ADP
elp-5371	139	16	several	several	ADJ
elp-5371	139	17	channels	channel	NOUN
elp-5371	139	18	(	(	PUNCT
elp-5371	139	19	note	note	VERB
elp-5371	139	20	9	9	NUM
elp-5371	139	21	):	):	PUNCT
elp-5371	139	22	o	o	PROPN
elp-5371	139	23	contagion	contagion	NOUN
elp-5371	139	24	:	:	PUNCT
elp-5371	139	25	examples	example	NOUN
elp-5371	139	26	of	of	ADP
elp-5371	139	27	contagion	contagion	NOUN
elp-5371	139	28	arising	arise	VERB
elp-5371	139	29	via	via	ADP
elp-5371	139	30	fintech	fintech	NOUN
elp-5371	139	31	include	include	VERB
elp-5371	139	32	:	:	PUNCT
elp-5371	139	33	(	(	PUNCT
elp-5371	139	34	i	i	NOUN
elp-5371	139	35	)	)	PUNCT
elp-5371	139	36	significant	significant	ADJ
elp-5371	139	37	and	and	CCONJ
elp-5371	139	38	unexpected	unexpected	ADJ
elp-5371	139	39	losses	loss	NOUN
elp-5371	139	40	incurred	incur	VERB
elp-5371	139	41	on	on	ADP
elp-5371	139	42	a	a	DET
elp-5371	139	43	single	single	ADJ
elp-5371	139	44	fintech	fintech	NOUN
elp-5371	139	45	lending	lending	NOUN
elp-5371	139	46	platform	platform	NOUN
elp-5371	139	47	could	could	AUX
elp-5371	139	48	be	be	AUX
elp-5371	139	49	interpreted	interpret	VERB
elp-5371	139	50	as	as	ADP
elp-5371	139	51	indicating	indicate	VERB
elp-5371	139	52	potential	potential	ADJ
elp-5371	139	53	losses	loss	NOUN
elp-5371	139	54	across	across	ADP
elp-5371	139	55	the	the	DET
elp-5371	139	56	sector	sector	NOUN
elp-5371	139	57	,	,	PUNCT
elp-5371	139	58	with	with	ADP
elp-5371	139	59	flow	flow	NOUN
elp-5371	139	60	-	-	PUNCT
elp-5371	139	61	on	on	ADP
elp-5371	139	62	effects	effect	NOUN
elp-5371	139	63	to	to	ADP
elp-5371	139	64	investor	investor	NOUN
elp-5371	139	65	and	and	CCONJ
elp-5371	139	66	creditor	creditor	NOUN
elp-5371	139	67	confidence	confidence	NOUN
elp-5371	139	68	in	in	ADP
elp-5371	139	69	that	that	DET
elp-5371	139	70	sector	sector	NOUN
elp-5371	139	71	.	.	PUNCT
elp-5371	140	1	(	(	PUNCT
elp-5371	140	2	ii	ii	X
elp-5371	140	3	)	)	PUNCT
elp-5371	140	4	the	the	DET
elp-5371	140	5	technical	technical	ADJ
elp-5371	140	6	failure	failure	NOUN
elp-5371	140	7	of	of	ADP
elp-5371	140	8	a	a	DET
elp-5371	140	9	fintech	fintech	NOUN
elp-5371	140	10	function	function	NOUN
elp-5371	140	11	in	in	ADP
elp-5371	140	12	a	a	DET
elp-5371	140	13	financial	financial	ADJ
elp-5371	140	14	conglomerate	conglomerate	NOUN
elp-5371	140	15	could	could	AUX
elp-5371	140	16	trigger	trigger	VERB
elp-5371	140	17	intra	intra	ADJ
elp-5371	140	18	-	-	ADJ
elp-5371	140	19	group	group	NOUN
elp-5371	140	20	contagion	contagion	NOUN
elp-5371	140	21	through	through	ADP
elp-5371	140	22	the	the	DET
elp-5371	140	23	transmission	transmission	NOUN
elp-5371	140	24	of	of	ADP
elp-5371	140	25	losses	loss	NOUN
elp-5371	140	26	,	,	PUNCT
elp-5371	140	27	confidence	confidence	NOUN
elp-5371	140	28	effects	effect	NOUN
elp-5371	140	29	and	and	CCONJ
elp-5371	140	30	cross	cross	NOUN
elp-5371	140	31	-	-	NOUN
elp-5371	140	32	defaults	default	NOUN
elp-5371	140	33	,	,	PUNCT
elp-5371	140	34	and	and	CCONJ
elp-5371	140	35	(	(	PUNCT
elp-5371	140	36	iii	iii	X
elp-5371	140	37	)	)	PUNCT
elp-5371	140	38	misconduct	misconduct	NOUN
elp-5371	140	39	or	or	CCONJ
elp-5371	140	40	misselling	misselle	VERB
elp-5371	140	41	in	in	ADP
elp-5371	140	42	new	new	ADJ
elp-5371	140	43	fintech	fintech	NOUN
elp-5371	140	44	sectors	sector	NOUN
elp-5371	140	45	could	could	AUX
elp-5371	140	46	erode	erode	VERB
elp-5371	140	47	market	market	NOUN
elp-5371	140	48	confidence	confidence	NOUN
elp-5371	140	49	in	in	ADP
elp-5371	140	50	the	the	DET
elp-5371	140	51	wider	wide	ADJ
elp-5371	140	52	financial	financial	ADJ
elp-5371	140	53	system	system	NOUN
elp-5371	140	54	.	.	PUNCT
elp-5371	141	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	141	2	economics	economic	NOUN
elp-5371	141	3	,	,	PUNCT
elp-5371	141	4	law	law	NOUN
elp-5371	141	5	and	and	CCONJ
elp-5371	141	6	policy	policy	NOUN
elp-5371	141	7	vol	vol	NOUN
elp-5371	141	8	.	.	PROPN
elp-5371	142	1	5	5	NUM
elp-5371	142	2	,	,	PUNCT
elp-5371	142	3	no	no	INTJ
elp-5371	142	4	.	.	NOUN
elp-5371	142	5	2	2	NUM
elp-5371	142	6	,	,	PUNCT
elp-5371	142	7	2022	2022	NUM
elp-5371	142	8	37	37	NUM
elp-5371	142	9	published	publish	VERB
elp-5371	142	10	by	by	ADP
elp-5371	142	11	scholink	scholink	PROPN
elp-5371	142	12	inc	inc	PROPN
elp-5371	142	13	.	.	PUNCT
elp-5371	143	1	o	o	PROPN
elp-5371	143	2	procyclicality	procyclicality	NOUN
elp-5371	143	3	:	:	PUNCT
elp-5371	143	4	procyclicality	procyclicality	NOUN
elp-5371	143	5	can	can	AUX
elp-5371	143	6	arise	arise	VERB
elp-5371	143	7	when	when	SCONJ
elp-5371	143	8	market	market	NOUN
elp-5371	143	9	participants	participant	NOUN
elp-5371	143	10	act	act	VERB
elp-5371	143	11	in	in	ADP
elp-5371	143	12	a	a	DET
elp-5371	143	13	way	way	NOUN
elp-5371	143	14	that	that	PRON
elp-5371	143	15	exacerbates	exacerbate	VERB
elp-5371	143	16	the	the	DET
elp-5371	143	17	degree	degree	NOUN
elp-5371	143	18	and	and	CCONJ
elp-5371	143	19	impact	impact	NOUN
elp-5371	143	20	of	of	ADP
elp-5371	143	21	fluctuations	fluctuation	NOUN
elp-5371	143	22	in	in	ADP
elp-5371	143	23	economic	economic	ADJ
elp-5371	143	24	growth	growth	NOUN
elp-5371	143	25	and	and	CCONJ
elp-5371	143	26	market	market	NOUN
elp-5371	143	27	prices	price	NOUN
elp-5371	143	28	over	over	ADP
elp-5371	143	29	the	the	DET
elp-5371	143	30	short	short	ADJ
elp-5371	143	31	and/or	and/or	CCONJ
elp-5371	143	32	longer	long	ADJ
elp-5371	143	33	-	-	PUNCT
elp-5371	143	34	term	term	NOUN
elp-5371	143	35	,	,	PUNCT
elp-5371	143	36	such	such	ADJ
elp-5371	143	37	as	as	ADP
elp-5371	143	38	excess	excess	ADJ
elp-5371	143	39	provision	provision	NOUN
elp-5371	143	40	of	of	ADP
elp-5371	143	41	credit	credit	NOUN
elp-5371	143	42	in	in	ADP
elp-5371	143	43	economic	economic	ADJ
elp-5371	143	44	upswings	upswing	NOUN
elp-5371	143	45	and	and	CCONJ
elp-5371	143	46	excessive	excessive	ADJ
elp-5371	143	47	deleveraging	deleveraging	NOUN
elp-5371	143	48	in	in	ADP
elp-5371	143	49	a	a	DET
elp-5371	143	50	downturn	downturn	NOUN
elp-5371	143	51	.	.	PUNCT
elp-5371	144	1	examples	example	NOUN
elp-5371	144	2	of	of	ADP
elp-5371	144	3	procyclicality	procyclicality	NOUN
elp-5371	144	4	that	that	PRON
elp-5371	144	5	could	could	AUX
elp-5371	144	6	potentially	potentially	ADV
elp-5371	144	7	be	be	AUX
elp-5371	144	8	generated	generate	VERB
elp-5371	144	9	by	by	ADP
elp-5371	144	10	fintech	fintech	NOUN
elp-5371	144	11	include	include	VERB
elp-5371	144	12	:	:	PUNCT
elp-5371	144	13	(	(	PUNCT
elp-5371	144	14	i	i	NOUN
elp-5371	144	15	)	)	PUNCT
elp-5371	144	16	interaction	interaction	NOUN
elp-5371	144	17	between	between	ADP
elp-5371	144	18	investors	investor	NOUN
elp-5371	144	19	and	and	CCONJ
elp-5371	144	20	borrowers	borrower	NOUN
elp-5371	144	21	on	on	ADP
elp-5371	144	22	fintech	fintech	NOUN
elp-5371	144	23	lending	lending	NOUN
elp-5371	144	24	platforms	platform	NOUN
elp-5371	144	25	could	could	AUX
elp-5371	144	26	potentially	potentially	ADV
elp-5371	144	27	exhibit	exhibit	VERB
elp-5371	144	28	larger	large	ADJ
elp-5371	144	29	swings	swing	NOUN
elp-5371	144	30	in	in	ADP
elp-5371	144	31	sentiment	sentiment	NOUN
elp-5371	144	32	than	than	ADP
elp-5371	144	33	traditional	traditional	ADJ
elp-5371	144	34	intermediation	intermediation	NOUN
elp-5371	144	35	of	of	ADP
elp-5371	144	36	funds	fund	NOUN
elp-5371	144	37	,	,	PUNCT
elp-5371	144	38	as	as	SCONJ
elp-5371	144	39	a	a	DET
elp-5371	144	40	sudden	sudden	ADV
elp-5371	144	41	unexpected	unexpected	ADJ
elp-5371	144	42	rise	rise	NOUN
elp-5371	144	43	in	in	ADP
elp-5371	144	44	non	non	ADJ
elp-5371	144	45	-	-	ADJ
elp-5371	144	46	performing	performing	ADJ
elp-5371	144	47	loans	loan	NOUN
elp-5371	144	48	could	could	AUX
elp-5371	144	49	trigger	trigger	VERB
elp-5371	144	50	a	a	DET
elp-5371	144	51	drying	drying	NOUN
elp-5371	144	52	up	up	ADP
elp-5371	144	53	of	of	ADP
elp-5371	144	54	new	new	ADJ
elp-5371	144	55	funds	fund	NOUN
elp-5371	144	56	;	;	PUNCT
elp-5371	144	57	(	(	PUNCT
elp-5371	144	58	ii	ii	NOUN
elp-5371	144	59	)	)	PUNCT
elp-5371	144	60	small	small	ADJ
elp-5371	144	61	investors	investor	NOUN
elp-5371	144	62	involved	involve	VERB
elp-5371	144	63	in	in	ADP
elp-5371	144	64	crowdfunding	crowdfunding	NOUN
elp-5371	144	65	might	might	AUX
elp-5371	144	66	be	be	AUX
elp-5371	144	67	more	more	ADV
elp-5371	144	68	prone	prone	ADJ
elp-5371	144	69	to	to	ADP
elp-5371	144	70	contributing	contribute	VERB
elp-5371	144	71	to	to	ADP
elp-5371	144	72	asset	asset	NOUN
elp-5371	144	73	price	price	NOUN
elp-5371	144	74	bubbles	bubble	NOUN
elp-5371	144	75	(	(	PUNCT
elp-5371	144	76	and	and	CCONJ
elp-5371	144	77	subsequent	subsequent	ADJ
elp-5371	144	78	bursting	bursting	NOUN
elp-5371	144	79	of	of	ADP
elp-5371	144	80	bubbles	bubble	NOUN
elp-5371	144	81	)	)	PUNCT
elp-5371	144	82	due	due	ADP
elp-5371	144	83	to	to	ADP
elp-5371	144	84	lower	low	ADJ
elp-5371	144	85	understanding	understanding	NOUN
elp-5371	144	86	of	of	ADP
elp-5371	144	87	the	the	DET
elp-5371	144	88	risks	risk	NOUN
elp-5371	144	89	involved	involve	VERB
elp-5371	144	90	in	in	ADP
elp-5371	144	91	lending	lending	NOUN
elp-5371	144	92	/	/	SYM
elp-5371	144	93	investing	investing	NOUN
elp-5371	144	94	.	.	PUNCT
elp-5371	145	1	o	o	X
elp-5371	145	2	excessive	excessive	ADJ
elp-5371	145	3	volatility	volatility	NOUN
elp-5371	145	4	:	:	PUNCT
elp-5371	145	5	excess	excess	ADJ
elp-5371	145	6	volatility	volatility	NOUN
elp-5371	145	7	in	in	ADP
elp-5371	145	8	financial	financial	ADJ
elp-5371	145	9	markets	market	NOUN
elp-5371	145	10	is	be	AUX
elp-5371	145	11	a	a	DET
elp-5371	145	12	key	key	ADJ
elp-5371	145	13	source	source	NOUN
elp-5371	145	14	of	of	ADP
elp-5371	145	15	instability	instability	NOUN
elp-5371	145	16	and	and	CCONJ
elp-5371	145	17	can	can	AUX
elp-5371	145	18	manifest	manifest	VERB
elp-5371	145	19	through	through	ADP
elp-5371	145	20	over	over	ADP
elp-5371	145	21	-	-	PUNCT
elp-5371	145	22	reaction	reaction	NOUN
elp-5371	145	23	to	to	ADP
elp-5371	145	24	financial	financial	ADJ
elp-5371	145	25	events	event	NOUN
elp-5371	145	26	,	,	PUNCT
elp-5371	145	27	potentially	potentially	ADV
elp-5371	145	28	creating	create	VERB
elp-5371	145	29	solvency	solvency	NOUN
elp-5371	145	30	or	or	CCONJ
elp-5371	145	31	liquidity	liquidity	NOUN
elp-5371	145	32	problems	problem	NOUN
elp-5371	145	33	that	that	PRON
elp-5371	145	34	can	can	AUX
elp-5371	145	35	spiral	spiral	VERB
elp-5371	145	36	through	through	ADP
elp-5371	145	37	the	the	DET
elp-5371	145	38	financial	financial	ADJ
elp-5371	145	39	system	system	NOUN
elp-5371	145	40	,	,	PUNCT
elp-5371	145	41	impairing	impair	VERB
elp-5371	145	42	the	the	DET
elp-5371	145	43	functioning	functioning	NOUN
elp-5371	145	44	of	of	ADP
elp-5371	145	45	asset	asset	NOUN
elp-5371	145	46	and	and	CCONJ
elp-5371	145	47	credit	credit	NOUN
elp-5371	145	48	markets	market	NOUN
elp-5371	145	49	.	.	PUNCT
elp-5371	146	1	fintech	fintech	NOUN
elp-5371	146	2	can	can	AUX
elp-5371	146	3	contribute	contribute	VERB
elp-5371	146	4	to	to	ADP
elp-5371	146	5	this	this	PRON
elp-5371	146	6	in	in	ADP
elp-5371	146	7	various	various	ADJ
elp-5371	146	8	ways	way	NOUN
elp-5371	146	9	,	,	PUNCT
elp-5371	146	10	including	include	VERB
elp-5371	146	11	(	(	PUNCT
elp-5371	146	12	i	i	NOUN
elp-5371	146	13	)	)	PUNCT
elp-5371	146	14	algorithmic	algorithmic	ADJ
elp-5371	146	15	traders	trader	NOUN
elp-5371	146	16	may	may	AUX
elp-5371	146	17	tend	tend	VERB
elp-5371	146	18	to	to	PART
elp-5371	146	19	be	be	AUX
elp-5371	146	20	more	more	ADV
elp-5371	146	21	active	active	ADJ
elp-5371	146	22	during	during	ADP
elp-5371	146	23	periods	period	NOUN
elp-5371	146	24	of	of	ADP
elp-5371	146	25	low	low	ADJ
elp-5371	146	26	volatility	volatility	NOUN
elp-5371	146	27	but	but	CCONJ
elp-5371	146	28	rapidly	rapidly	ADV
elp-5371	146	29	withdraw	withdraw	VERB
elp-5371	146	30	from	from	ADP
elp-5371	146	31	the	the	DET
elp-5371	146	32	market	market	NOUN
elp-5371	146	33	during	during	ADP
elp-5371	146	34	periods	period	NOUN
elp-5371	146	35	of	of	ADP
elp-5371	146	36	market	market	NOUN
elp-5371	146	37	stress	stress	NOUN
elp-5371	146	38	when	when	SCONJ
elp-5371	146	39	liquidity	liquidity	NOUN
elp-5371	146	40	demands	demand	NOUN
elp-5371	146	41	are	be	AUX
elp-5371	146	42	high	high	ADJ
elp-5371	146	43	,	,	PUNCT
elp-5371	146	44	and	and	CCONJ
elp-5371	146	45	thereby	thereby	ADV
elp-5371	146	46	increase	increase	VERB
elp-5371	146	47	asset	asset	NOUN
elp-5371	146	48	price	price	NOUN
elp-5371	146	49	volatility	volatility	NOUN
elp-5371	146	50	;	;	PUNCT
elp-5371	146	51	(	(	PUNCT
elp-5371	146	52	ii	ii	NOUN
elp-5371	146	53	)	)	PUNCT
elp-5371	146	54	crowdfunding	crowdfunde	VERB
elp-5371	146	55	investors	investor	NOUN
elp-5371	146	56	and	and	CCONJ
elp-5371	146	57	person	person	NOUN
elp-5371	146	58	-	-	PUNCT
elp-5371	146	59	to	to	ADP
elp-5371	146	60	-	-	PUNCT
elp-5371	146	61	person	person	NOUN
elp-5371	146	62	lenders	lender	NOUN
elp-5371	146	63	might	might	AUX
elp-5371	146	64	be	be	AUX
elp-5371	146	65	susceptible	susceptible	ADJ
elp-5371	146	66	to	to	ADP
elp-5371	146	67	exuberant	exuberant	ADJ
elp-5371	146	68	investment	investment	NOUN
elp-5371	146	69	in	in	ADP
elp-5371	146	70	periods	period	NOUN
elp-5371	146	71	of	of	ADP
elp-5371	146	72	buoyancy	buoyancy	NOUN
elp-5371	146	73	,	,	PUNCT
elp-5371	146	74	but	but	CCONJ
elp-5371	146	75	rapidly	rapidly	ADV
elp-5371	146	76	withdraw	withdraw	VERB
elp-5371	146	77	in	in	ADP
elp-5371	146	78	periods	period	NOUN
elp-5371	146	79	of	of	ADP
elp-5371	146	80	emerging	emerge	VERB
elp-5371	146	81	stress	stress	NOUN
elp-5371	146	82	,	,	PUNCT
elp-5371	146	83	with	with	ADP
elp-5371	146	84	adverse	adverse	ADJ
elp-5371	146	85	impacts	impact	NOUN
elp-5371	146	86	on	on	ADP
elp-5371	146	87	asset	asset	NOUN
elp-5371	146	88	prices	price	NOUN
elp-5371	146	89	and	and	CCONJ
elp-5371	146	90	flow	flow	NOUN
elp-5371	146	91	-	-	PUNCT
elp-5371	146	92	on	on	ADP
elp-5371	146	93	effects	effect	NOUN
elp-5371	146	94	to	to	ADP
elp-5371	146	95	solvency	solvency	NOUN
elp-5371	146	96	.	.	PUNCT
elp-5371	147	1	o	o	X
elp-5371	147	2	systemic	systemic	ADJ
elp-5371	147	3	importance	importance	NOUN
elp-5371	147	4	—	—	PUNCT
elp-5371	147	5	e.g.	e.g.	ADV
elp-5371	147	6	,	,	PUNCT
elp-5371	147	7	large	large	ADJ
elp-5371	147	8	market	market	NOUN
elp-5371	147	9	dominance	dominance	NOUN
elp-5371	147	10	:	:	PUNCT
elp-5371	147	11	the	the	DET
elp-5371	147	12	systemic	systemic	ADJ
elp-5371	147	13	importance	importance	NOUN
elp-5371	147	14	of	of	ADP
elp-5371	147	15	financial	financial	ADJ
elp-5371	147	16	institutions	institution	NOUN
elp-5371	147	17	is	be	AUX
elp-5371	147	18	a	a	DET
elp-5371	147	19	key	key	ADJ
elp-5371	147	20	factor	factor	NOUN
elp-5371	147	21	in	in	ADP
elp-5371	147	22	posing	pose	VERB
elp-5371	147	23	a	a	DET
elp-5371	147	24	threat	threat	NOUN
elp-5371	147	25	to	to	ADP
elp-5371	147	26	financial	financial	ADJ
elp-5371	147	27	instability	instability	NOUN
elp-5371	147	28	.	.	PUNCT
elp-5371	148	1	although	although	SCONJ
elp-5371	148	2	fintech	fintech	NOUN
elp-5371	148	3	does	do	AUX
elp-5371	148	4	not	not	PART
elp-5371	148	5	currently	currently	ADV
elp-5371	148	6	pose	pose	VERB
elp-5371	148	7	a	a	DET
elp-5371	148	8	major	major	ADJ
elp-5371	148	9	risk	risk	NOUN
elp-5371	148	10	in	in	ADP
elp-5371	148	11	this	this	DET
elp-5371	148	12	regard	regard	NOUN
elp-5371	148	13	,	,	PUNCT
elp-5371	148	14	it	it	PRON
elp-5371	148	15	does	do	AUX
elp-5371	148	16	increase	increase	VERB
elp-5371	148	17	the	the	DET
elp-5371	148	18	risk	risk	NOUN
elp-5371	148	19	of	of	ADP
elp-5371	148	20	intra	intra	ADJ
elp-5371	148	21	-	-	ADJ
elp-5371	148	22	group	group	NOUN
elp-5371	148	23	contagion	contagion	NOUN
elp-5371	148	24	as	as	ADP
elp-5371	148	25	a	a	DET
elp-5371	148	26	result	result	NOUN
elp-5371	148	27	of	of	ADP
elp-5371	148	28	reputation	reputation	NOUN
elp-5371	148	29	risk	risk	NOUN
elp-5371	148	30	.	.	PUNCT
elp-5371	149	1	moreover	moreover	ADV
elp-5371	149	2	,	,	PUNCT
elp-5371	149	3	the	the	DET
elp-5371	149	4	non	non	ADJ
elp-5371	149	5	-	-	ADJ
elp-5371	149	6	bank	bank	ADJ
elp-5371	149	7	financial	financial	ADJ
elp-5371	149	8	intermediation	intermediation	NOUN
elp-5371	149	9	sector	sector	NOUN
elp-5371	149	10	poses	pose	VERB
elp-5371	149	11	a	a	DET
elp-5371	149	12	potential	potential	ADJ
elp-5371	149	13	risk	risk	NOUN
elp-5371	149	14	to	to	ADP
elp-5371	149	15	instability	instability	NOUN
elp-5371	149	16	to	to	ADP
elp-5371	149	17	the	the	DET
elp-5371	149	18	extent	extent	NOUN
elp-5371	149	19	that	that	SCONJ
elp-5371	149	20	it	it	PRON
elp-5371	149	21	experiences	experience	VERB
elp-5371	149	22	severe	severe	ADJ
elp-5371	149	23	risk	risk	NOUN
elp-5371	149	24	events	event	NOUN
elp-5371	149	25	,	,	PUNCT
elp-5371	149	26	and	and	CCONJ
elp-5371	149	27	these	these	PRON
elp-5371	149	28	are	be	AUX
elp-5371	149	29	not	not	PART
elp-5371	149	30	detected	detect	VERB
elp-5371	149	31	or	or	CCONJ
elp-5371	149	32	responded	respond	VERB
elp-5371	149	33	to	to	PART
elp-5371	149	34	quickly	quickly	ADV
elp-5371	149	35	and	and	CCONJ
elp-5371	149	36	effectively	effectively	ADV
elp-5371	149	37	by	by	ADP
elp-5371	149	38	supervisors	supervisor	NOUN
elp-5371	149	39	.	.	PUNCT
elp-5371	150	1	o	o	X
elp-5371	150	2	financial	financial	ADJ
elp-5371	150	3	risks	risk	NOUN
elp-5371	150	4	being	be	AUX
elp-5371	150	5	inadequately	inadequately	ADV
elp-5371	150	6	managed	manage	VERB
elp-5371	150	7	:	:	PUNCT
elp-5371	150	8	the	the	DET
elp-5371	150	9	inadequate	inadequate	ADJ
elp-5371	150	10	management	management	NOUN
elp-5371	150	11	of	of	ADP
elp-5371	150	12	risks	risk	NOUN
elp-5371	150	13	associated	associate	VERB
elp-5371	150	14	with	with	ADP
elp-5371	150	15	fintech	fintech	NOUN
elp-5371	150	16	pose	pose	VERB
elp-5371	150	17	a	a	DET
elp-5371	150	18	threat	threat	NOUN
elp-5371	150	19	to	to	ADP
elp-5371	150	20	financial	financial	ADJ
elp-5371	150	21	stability	stability	NOUN
elp-5371	150	22	—	—	PUNCT
elp-5371	150	23	especially	especially	ADV
elp-5371	150	24	in	in	ADP
elp-5371	150	25	non	non	ADJ
elp-5371	150	26	-	-	ADJ
elp-5371	150	27	bank	bank	ADJ
elp-5371	150	28	financial	financial	ADJ
elp-5371	150	29	intermediation	intermediation	NOUN
elp-5371	150	30	and	and	CCONJ
elp-5371	150	31	other	other	ADJ
elp-5371	150	32	under	under	ADV
elp-5371	150	33	-	-	PUNCT
elp-5371	150	34	regulated	regulate	VERB
elp-5371	150	35	parts	part	NOUN
elp-5371	150	36	of	of	ADP
elp-5371	150	37	the	the	DET
elp-5371	150	38	financial	financial	ADJ
elp-5371	150	39	system	system	NOUN
elp-5371	150	40	.	.	PUNCT
elp-5371	151	1	it	it	PRON
elp-5371	151	2	is	be	AUX
elp-5371	151	3	worth	worth	ADJ
elp-5371	151	4	highlighting	highlight	VERB
elp-5371	151	5	two	two	NUM
elp-5371	151	6	key	key	ADJ
elp-5371	151	7	risks	risk	NOUN
elp-5371	151	8	to	to	ADP
elp-5371	151	9	financial	financial	ADJ
elp-5371	151	10	stability	stability	NOUN
elp-5371	151	11	arising	arise	VERB
elp-5371	151	12	from	from	ADP
elp-5371	151	13	fintech	fintech	NOUN
elp-5371	151	14	:	:	PUNCT
elp-5371	151	15	the	the	DET
elp-5371	151	16	emergence	emergence	NOUN
elp-5371	151	17	of	of	ADP
elp-5371	151	18	non	non	ADJ
elp-5371	151	19	-	-	ADJ
elp-5371	151	20	bank	bank	ADJ
elp-5371	151	21	financial	financial	ADJ
elp-5371	151	22	intermediation	intermediation	NOUN
elp-5371	151	23	;	;	PUNCT
elp-5371	151	24	and	and	CCONJ
elp-5371	151	25	the	the	DET
elp-5371	151	26	growing	grow	VERB
elp-5371	151	27	threat	threat	NOUN
elp-5371	151	28	of	of	ADP
elp-5371	151	29	cyber	cyber	ADJ
elp-5371	151	30	risk	risk	NOUN
elp-5371	151	31	.	.	PUNCT
elp-5371	152	1	non	non	ADJ
elp-5371	152	2	-	-	ADJ
elp-5371	152	3	bank	bank	ADJ
elp-5371	152	4	financial	financial	ADJ
elp-5371	152	5	intermediation	intermediation	NOUN
elp-5371	152	6	non	non	ADJ
elp-5371	152	7	-	-	ADJ
elp-5371	152	8	bank	bank	ADJ
elp-5371	152	9	financial	financial	ADJ
elp-5371	152	10	intermediation	intermediation	NOUN
elp-5371	152	11	refers	refer	VERB
elp-5371	152	12	to	to	ADP
elp-5371	152	13	the	the	DET
elp-5371	152	14	emergence	emergence	NOUN
elp-5371	152	15	of	of	ADP
elp-5371	152	16	bank	bank	NOUN
elp-5371	152	17	-	-	PUNCT
elp-5371	152	18	like	like	ADJ
elp-5371	152	19	functions	function	NOUN
elp-5371	152	20	,	,	PUNCT
elp-5371	152	21	such	such	ADJ
elp-5371	152	22	as	as	ADP
elp-5371	152	23	payment	payment	NOUN
elp-5371	152	24	services	service	NOUN
elp-5371	152	25	and	and	CCONJ
elp-5371	152	26	intermediation	intermediation	NOUN
elp-5371	152	27	functions	function	NOUN
elp-5371	152	28	,	,	PUNCT
elp-5371	152	29	provided	provide	VERB
elp-5371	152	30	by	by	ADP
elp-5371	152	31	non	non	ADJ
elp-5371	152	32	-	-	ADJ
elp-5371	152	33	bank	bank	ADJ
elp-5371	152	34	entities	entity	NOUN
elp-5371	152	35	.	.	PUNCT
elp-5371	153	1	examples	example	NOUN
elp-5371	153	2	of	of	ADP
elp-5371	153	3	these	these	DET
elp-5371	153	4	services	service	NOUN
elp-5371	153	5	are	be	AUX
elp-5371	153	6	mobile	mobile	ADJ
elp-5371	153	7	banking	banking	NOUN
elp-5371	153	8	,	,	PUNCT
elp-5371	153	9	e	e	NOUN
elp-5371	153	10	-	-	NOUN
elp-5371	153	11	wallets	wallet	NOUN
elp-5371	153	12	and	and	CCONJ
elp-5371	153	13	p2p	p2p	NOUN
elp-5371	153	14	intermediation	intermediation	NOUN
elp-5371	153	15	functions	function	NOUN
elp-5371	153	16	.	.	PUNCT
elp-5371	154	1	these	these	PRON
elp-5371	154	2	are	be	AUX
elp-5371	154	3	increasingly	increasingly	ADV
elp-5371	154	4	providing	provide	VERB
elp-5371	154	5	an	an	DET
elp-5371	154	6	alternative	alternative	NOUN
elp-5371	154	7	to	to	ADP
elp-5371	154	8	mainstream	mainstream	NOUN
elp-5371	154	9	banking	banking	NOUN
elp-5371	154	10	.	.	PUNCT
elp-5371	155	1	although	although	SCONJ
elp-5371	155	2	this	this	PRON
elp-5371	155	3	is	be	AUX
elp-5371	155	4	a	a	DET
elp-5371	155	5	positive	positive	ADJ
elp-5371	155	6	development	development	NOUN
elp-5371	155	7	in	in	ADP
elp-5371	155	8	terms	term	NOUN
elp-5371	155	9	of	of	ADP
elp-5371	155	10	strengthening	strengthen	VERB
elp-5371	155	11	competition	competition	NOUN
elp-5371	155	12	for	for	ADP
elp-5371	155	13	financial	financial	ADJ
elp-5371	155	14	services	service	NOUN
elp-5371	155	15	,	,	PUNCT
elp-5371	155	16	lowering	lower	VERB
elp-5371	155	17	costs	cost	NOUN
elp-5371	155	18	,	,	PUNCT
elp-5371	155	19	and	and	CCONJ
elp-5371	155	20	increasing	increase	VERB
elp-5371	155	21	financial	financial	ADJ
elp-5371	155	22	inclusion	inclusion	NOUN
elp-5371	155	23	,	,	PUNCT
elp-5371	155	24	it	it	PRON
elp-5371	155	25	also	also	ADV
elp-5371	155	26	poses	pose	VERB
elp-5371	155	27	a	a	DET
elp-5371	155	28	risk	risk	NOUN
elp-5371	155	29	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	155	30	economics	economic	NOUN
elp-5371	155	31	,	,	PUNCT
elp-5371	155	32	law	law	NOUN
elp-5371	155	33	and	and	CCONJ
elp-5371	155	34	policy	policy	NOUN
elp-5371	155	35	vol	vol	NOUN
elp-5371	155	36	.	.	PROPN
elp-5371	156	1	5	5	NUM
elp-5371	156	2	,	,	PUNCT
elp-5371	156	3	no	no	INTJ
elp-5371	156	4	.	.	NOUN
elp-5371	156	5	2	2	NUM
elp-5371	156	6	,	,	PUNCT
elp-5371	156	7	2022	2022	NUM
elp-5371	156	8	38	38	NUM
elp-5371	156	9	published	publish	VERB
elp-5371	156	10	by	by	ADP
elp-5371	156	11	scholink	scholink	PROPN
elp-5371	156	12	inc	inc	PROPN
elp-5371	156	13	.	.	PROPN
elp-5371	156	14	to	to	ADP
elp-5371	156	15	financial	financial	ADJ
elp-5371	156	16	stability	stability	NOUN
elp-5371	156	17	.	.	PUNCT
elp-5371	157	1	this	this	PRON
elp-5371	157	2	is	be	AUX
elp-5371	157	3	particularly	particularly	ADV
elp-5371	157	4	the	the	DET
elp-5371	157	5	case	case	NOUN
elp-5371	157	6	if	if	SCONJ
elp-5371	157	7	non	non	ADJ
elp-5371	157	8	-	-	ADJ
elp-5371	157	9	bank	bank	ADJ
elp-5371	157	10	fintech	fintech	NOUN
elp-5371	157	11	providers	provider	NOUN
elp-5371	157	12	of	of	ADP
elp-5371	157	13	financial	financial	ADJ
elp-5371	157	14	services	service	NOUN
elp-5371	157	15	become	become	VERB
elp-5371	157	16	systemically	systemically	ADV
elp-5371	157	17	important	important	ADJ
elp-5371	157	18	and	and	CCONJ
elp-5371	157	19	where	where	SCONJ
elp-5371	157	20	a	a	DET
elp-5371	157	21	failure	failure	NOUN
elp-5371	157	22	could	could	AUX
elp-5371	157	23	cause	cause	VERB
elp-5371	157	24	significant	significant	ADJ
elp-5371	157	25	disruption	disruption	NOUN
elp-5371	157	26	to	to	ADP
elp-5371	157	27	the	the	DET
elp-5371	157	28	financial	financial	ADJ
elp-5371	157	29	system	system	NOUN
elp-5371	157	30	and	and	CCONJ
elp-5371	157	31	economy	economy	NOUN
elp-5371	157	32	.	.	PUNCT
elp-5371	158	1	payment	payment	NOUN
elp-5371	158	2	networks	network	NOUN
elp-5371	158	3	using	use	VERB
elp-5371	158	4	digital	digital	ADJ
elp-5371	158	5	wallets	wallet	NOUN
elp-5371	158	6	provide	provide	VERB
elp-5371	158	7	a	a	DET
elp-5371	158	8	direct	direct	ADJ
elp-5371	158	9	connection	connection	NOUN
elp-5371	158	10	between	between	ADP
elp-5371	158	11	consumers	consumer	NOUN
elp-5371	158	12	and	and	CCONJ
elp-5371	158	13	merchant	merchant	NOUN
elp-5371	158	14	processors	processor	NOUN
elp-5371	158	15	,	,	PUNCT
elp-5371	158	16	operating	operate	VERB
elp-5371	158	17	via	via	ADP
elp-5371	158	18	software	software	NOUN
elp-5371	158	19	-	-	PUNCT
elp-5371	158	20	based	base	VERB
elp-5371	158	21	systems	system	NOUN
elp-5371	158	22	that	that	PRON
elp-5371	158	23	store	store	VERB
elp-5371	158	24	users‟	users‟	PROPN
elp-5371	158	25	payment	payment	NOUN
elp-5371	158	26	information	information	NOUN
elp-5371	158	27	.	.	PUNCT
elp-5371	159	1	solutions	solution	NOUN
elp-5371	159	2	within	within	ADP
elp-5371	159	3	a	a	DET
elp-5371	159	4	consumer	consumer	NOUN
elp-5371	159	5	digital	digital	ADJ
elp-5371	159	6	wallet	wallet	NOUN
elp-5371	159	7	can	can	AUX
elp-5371	159	8	include	include	VERB
elp-5371	159	9	merchant	merchant	NOUN
elp-5371	159	10	payments	payment	NOUN
elp-5371	159	11	,	,	PUNCT
elp-5371	159	12	p2p	p2p	NOUN
elp-5371	159	13	payments	payment	NOUN
elp-5371	159	14	,	,	PUNCT
elp-5371	159	15	international	international	ADJ
elp-5371	159	16	money	money	NOUN
elp-5371	159	17	transfers	transfer	NOUN
elp-5371	159	18	,	,	PUNCT
elp-5371	159	19	bank	bank	NOUN
elp-5371	159	20	accounts	account	NOUN
elp-5371	159	21	,	,	PUNCT
elp-5371	159	22	lending	lending	NOUN
elp-5371	159	23	,	,	PUNCT
elp-5371	159	24	and	and	CCONJ
elp-5371	159	25	cryptocurrency	cryptocurrency	NOUN
elp-5371	159	26	trading	trading	NOUN
elp-5371	159	27	.	.	PUNCT
elp-5371	160	1	digital	digital	ADJ
elp-5371	160	2	wallets	wallet	NOUN
elp-5371	160	3	allow	allow	VERB
elp-5371	160	4	a	a	DET
elp-5371	160	5	party	party	NOUN
elp-5371	160	6	to	to	PART
elp-5371	160	7	make	make	VERB
elp-5371	160	8	electronic	electronic	ADJ
elp-5371	160	9	transactions	transaction	NOUN
elp-5371	160	10	and	and	CCONJ
elp-5371	160	11	bypass	bypass	VERB
elp-5371	160	12	traditional	traditional	ADJ
elp-5371	160	13	banks	bank	NOUN
elp-5371	160	14	.	.	PUNCT
elp-5371	161	1	according	accord	VERB
elp-5371	161	2	to	to	ADP
elp-5371	161	3	market	market	NOUN
elp-5371	161	4	data	datum	NOUN
elp-5371	161	5	provider	provider	NOUN
elp-5371	161	6	statista	statista	NOUN
elp-5371	161	7	,	,	PUNCT
elp-5371	161	8	digital	digital	ADJ
elp-5371	161	9	wallets	wallet	NOUN
elp-5371	161	10	accounted	account	VERB
elp-5371	161	11	for	for	ADP
elp-5371	161	12	44.5	44.5	NUM
elp-5371	161	13	%	%	NOUN
elp-5371	161	14	of	of	ADP
elp-5371	161	15	all	all	DET
elp-5371	161	16	global	global	ADJ
elp-5371	161	17	e	e	PROPN
elp-5371	161	18	-	-	NOUN
elp-5371	161	19	commerce	commerce	NOUN
elp-5371	161	20	transactions	transaction	NOUN
elp-5371	161	21	in	in	ADP
elp-5371	161	22	2020	2020	NUM
elp-5371	161	23	(	(	PUNCT
elp-5371	161	24	note	note	NOUN
elp-5371	161	25	10	10	NUM
elp-5371	161	26	)	)	PUNCT
elp-5371	161	27	.	.	PUNCT
elp-5371	162	1	in	in	ADP
elp-5371	162	2	the	the	DET
elp-5371	162	3	case	case	NOUN
elp-5371	162	4	of	of	ADP
elp-5371	162	5	p2p	p2p	NOUN
elp-5371	162	6	services	service	NOUN
elp-5371	162	7	,	,	PUNCT
elp-5371	162	8	growth	growth	NOUN
elp-5371	162	9	in	in	ADP
elp-5371	162	10	these	these	DET
elp-5371	162	11	financial	financial	ADJ
elp-5371	162	12	services	service	NOUN
elp-5371	162	13	has	have	AUX
elp-5371	162	14	been	be	AUX
elp-5371	162	15	relatively	relatively	ADV
elp-5371	162	16	strong	strong	ADJ
elp-5371	162	17	in	in	ADP
elp-5371	162	18	some	some	DET
elp-5371	162	19	jurisdictions	jurisdiction	NOUN
elp-5371	162	20	but	but	CCONJ
elp-5371	162	21	has	have	AUX
elp-5371	162	22	not	not	PART
elp-5371	162	23	yet	yet	ADV
elp-5371	162	24	reached	reach	VERB
elp-5371	162	25	the	the	DET
elp-5371	162	26	point	point	NOUN
elp-5371	162	27	where	where	SCONJ
elp-5371	162	28	it	it	PRON
elp-5371	162	29	poses	pose	VERB
elp-5371	162	30	a	a	DET
elp-5371	162	31	significant	significant	ADJ
elp-5371	162	32	risk	risk	NOUN
elp-5371	162	33	to	to	ADP
elp-5371	162	34	the	the	DET
elp-5371	162	35	financial	financial	ADJ
elp-5371	162	36	system	system	NOUN
elp-5371	162	37	.	.	PUNCT
elp-5371	163	1	the	the	DET
elp-5371	163	2	challenge	challenge	NOUN
elp-5371	163	3	in	in	ADP
elp-5371	163	4	non	non	ADJ
elp-5371	163	5	-	-	ADJ
elp-5371	163	6	bank	bank	ADJ
elp-5371	163	7	financial	financial	ADJ
elp-5371	163	8	intermediation	intermediation	NOUN
elp-5371	163	9	is	be	AUX
elp-5371	163	10	when	when	SCONJ
elp-5371	163	11	these	these	DET
elp-5371	163	12	non	non	ADJ
elp-5371	163	13	-	-	ADJ
elp-5371	163	14	bank	bank	ADJ
elp-5371	163	15	providers	provider	NOUN
elp-5371	163	16	of	of	ADP
elp-5371	163	17	financial	financial	ADJ
elp-5371	163	18	services	service	NOUN
elp-5371	163	19	grow	grow	VERB
elp-5371	163	20	to	to	ADP
elp-5371	163	21	a	a	DET
elp-5371	163	22	size	size	NOUN
elp-5371	163	23	that	that	PRON
elp-5371	163	24	could	could	AUX
elp-5371	163	25	pose	pose	VERB
elp-5371	163	26	a	a	DET
elp-5371	163	27	threat	threat	NOUN
elp-5371	163	28	to	to	ADP
elp-5371	163	29	financial	financial	ADJ
elp-5371	163	30	stability	stability	NOUN
elp-5371	163	31	in	in	ADP
elp-5371	163	32	the	the	DET
elp-5371	163	33	event	event	NOUN
elp-5371	163	34	of	of	ADP
elp-5371	163	35	a	a	DET
elp-5371	163	36	failure	failure	NOUN
elp-5371	163	37	event	event	NOUN
elp-5371	163	38	.	.	PUNCT
elp-5371	164	1	this	this	PRON
elp-5371	164	2	has	have	VERB
elp-5371	164	3	the	the	DET
elp-5371	164	4	potential	potential	NOUN
elp-5371	164	5	to	to	PART
elp-5371	164	6	cause	cause	VERB
elp-5371	164	7	disruption	disruption	NOUN
elp-5371	164	8	to	to	ADP
elp-5371	164	9	the	the	DET
elp-5371	164	10	financial	financial	ADJ
elp-5371	164	11	system	system	NOUN
elp-5371	164	12	through	through	ADP
elp-5371	164	13	dislocation	dislocation	NOUN
elp-5371	164	14	to	to	ADP
elp-5371	164	15	the	the	DET
elp-5371	164	16	payment	payment	NOUN
elp-5371	164	17	and	and	CCONJ
elp-5371	164	18	settlement	settlement	NOUN
elp-5371	164	19	systems	system	NOUN
elp-5371	164	20	and	and	CCONJ
elp-5371	164	21	through	through	ADP
elp-5371	164	22	impacts	impact	NOUN
elp-5371	164	23	on	on	ADP
elp-5371	164	24	credit	credit	NOUN
elp-5371	164	25	markets	market	NOUN
elp-5371	164	26	and	and	CCONJ
elp-5371	164	27	the	the	DET
elp-5371	164	28	real	real	ADJ
elp-5371	164	29	economy	economy	NOUN
elp-5371	164	30	.	.	PUNCT
elp-5371	165	1	in	in	ADP
elp-5371	165	2	the	the	DET
elp-5371	165	3	p2p	p2p	NOUN
elp-5371	165	4	area	area	NOUN
elp-5371	165	5	,	,	PUNCT
elp-5371	165	6	there	there	PRON
elp-5371	165	7	is	be	VERB
elp-5371	165	8	also	also	ADV
elp-5371	165	9	a	a	DET
elp-5371	165	10	risk	risk	NOUN
elp-5371	165	11	of	of	ADP
elp-5371	165	12	adverse	adverse	ADJ
elp-5371	165	13	confidence	confidence	NOUN
elp-5371	165	14	effects	effect	NOUN
elp-5371	165	15	on	on	ADP
elp-5371	165	16	depositors	depositor	NOUN
elp-5371	165	17	with	with	ADP
elp-5371	165	18	funds	fund	NOUN
elp-5371	165	19	at	at	ADP
elp-5371	165	20	risk	risk	NOUN
elp-5371	165	21	in	in	ADP
elp-5371	165	22	the	the	DET
elp-5371	165	23	event	event	NOUN
elp-5371	165	24	of	of	ADP
elp-5371	165	25	an	an	DET
elp-5371	165	26	upswing	upswing	NOUN
elp-5371	165	27	in	in	ADP
elp-5371	165	28	credit	credit	NOUN
elp-5371	165	29	losses	loss	NOUN
elp-5371	165	30	and	and	CCONJ
elp-5371	165	31	a	a	DET
elp-5371	165	32	risk	risk	NOUN
elp-5371	165	33	of	of	ADP
elp-5371	165	34	a	a	DET
elp-5371	165	35	rapid	rapid	ADJ
elp-5371	165	36	withdrawal	withdrawal	NOUN
elp-5371	165	37	of	of	ADP
elp-5371	165	38	credit	credit	NOUN
elp-5371	165	39	and	and	CCONJ
elp-5371	165	40	associated	associated	ADJ
elp-5371	165	41	asset	asset	NOUN
elp-5371	165	42	price	price	NOUN
elp-5371	165	43	volatility	volatility	NOUN
elp-5371	165	44	.	.	PUNCT
elp-5371	166	1	all	all	PRON
elp-5371	166	2	of	of	ADP
elp-5371	166	3	these	these	DET
elp-5371	166	4	considerations	consideration	NOUN
elp-5371	166	5	suggest	suggest	VERB
elp-5371	166	6	the	the	DET
elp-5371	166	7	need	need	NOUN
elp-5371	166	8	for	for	SCONJ
elp-5371	166	9	the	the	DET
elp-5371	166	10	regulatory	regulatory	ADJ
elp-5371	166	11	authorities	authority	NOUN
elp-5371	166	12	to	to	PART
elp-5371	166	13	monitor	monitor	VERB
elp-5371	166	14	developments	development	NOUN
elp-5371	166	15	in	in	ADP
elp-5371	166	16	non	non	ADJ
elp-5371	166	17	-	-	ADJ
elp-5371	166	18	bank	bank	ADJ
elp-5371	166	19	financial	financial	ADJ
elp-5371	166	20	intermediation	intermediation	NOUN
elp-5371	166	21	by	by	ADP
elp-5371	166	22	obtaining	obtain	VERB
elp-5371	166	23	data	datum	NOUN
elp-5371	166	24	from	from	ADP
elp-5371	166	25	market	market	NOUN
elp-5371	166	26	participants	participant	NOUN
elp-5371	166	27	to	to	PART
elp-5371	166	28	better	well	ADV
elp-5371	166	29	understand	understand	VERB
elp-5371	166	30	the	the	DET
elp-5371	166	31	nature	nature	NOUN
elp-5371	166	32	and	and	CCONJ
elp-5371	166	33	scale	scale	NOUN
elp-5371	166	34	of	of	ADP
elp-5371	166	35	their	their	PRON
elp-5371	166	36	activities	activity	NOUN
elp-5371	166	37	,	,	PUNCT
elp-5371	166	38	the	the	DET
elp-5371	166	39	risks	risk	NOUN
elp-5371	166	40	involved	involve	VERB
elp-5371	166	41	,	,	PUNCT
elp-5371	166	42	and	and	CCONJ
elp-5371	166	43	the	the	DET
elp-5371	166	44	adequacy	adequacy	NOUN
elp-5371	166	45	of	of	ADP
elp-5371	166	46	participants‟	participants‟	ADV
elp-5371	166	47	risk	risk	NOUN
elp-5371	166	48	mitigation	mitigation	NOUN
elp-5371	166	49	capacity	capacity	NOUN
elp-5371	166	50	.	.	PUNCT
elp-5371	167	1	this	this	PRON
elp-5371	167	2	will	will	AUX
elp-5371	167	3	assist	assist	VERB
elp-5371	167	4	the	the	DET
elp-5371	167	5	authorities	authority	NOUN
elp-5371	167	6	to	to	PART
elp-5371	167	7	monitor	monitor	VERB
elp-5371	167	8	the	the	DET
elp-5371	167	9	types	type	NOUN
elp-5371	167	10	of	of	ADP
elp-5371	167	11	business	business	NOUN
elp-5371	167	12	being	be	AUX
elp-5371	167	13	undertaken	undertake	VERB
elp-5371	167	14	and	and	CCONJ
elp-5371	167	15	the	the	DET
elp-5371	167	16	growth	growth	NOUN
elp-5371	167	17	in	in	ADP
elp-5371	167	18	volume	volume	NOUN
elp-5371	167	19	and	and	CCONJ
elp-5371	167	20	in	in	ADP
elp-5371	167	21	market	market	NOUN
elp-5371	167	22	share	share	NOUN
elp-5371	167	23	in	in	ADP
elp-5371	167	24	particular	particular	ADJ
elp-5371	167	25	niches	niche	NOUN
elp-5371	167	26	of	of	ADP
elp-5371	167	27	the	the	DET
elp-5371	167	28	market	market	NOUN
elp-5371	167	29	.	.	PUNCT
elp-5371	168	1	it	it	PRON
elp-5371	168	2	will	will	AUX
elp-5371	168	3	also	also	ADV
elp-5371	168	4	provide	provide	VERB
elp-5371	168	5	a	a	DET
elp-5371	168	6	basis	basis	NOUN
elp-5371	168	7	for	for	SCONJ
elp-5371	168	8	regulators	regulator	NOUN
elp-5371	168	9	to	to	PART
elp-5371	168	10	assess	assess	VERB
elp-5371	168	11	the	the	DET
elp-5371	168	12	nature	nature	NOUN
elp-5371	168	13	of	of	ADP
elp-5371	168	14	the	the	DET
elp-5371	168	15	risks	risk	NOUN
elp-5371	168	16	involved	involve	VERB
elp-5371	168	17	to	to	ADP
elp-5371	168	18	affected	affect	VERB
elp-5371	168	19	users	user	NOUN
elp-5371	168	20	of	of	ADP
elp-5371	168	21	financial	financial	ADJ
elp-5371	168	22	services	service	NOUN
elp-5371	168	23	and	and	CCONJ
elp-5371	168	24	to	to	ADP
elp-5371	168	25	the	the	DET
elp-5371	168	26	providers	provider	NOUN
elp-5371	168	27	of	of	ADP
elp-5371	168	28	the	the	DET
elp-5371	168	29	services	service	NOUN
elp-5371	168	30	and	and	CCONJ
elp-5371	168	31	the	the	DET
elp-5371	168	32	potential	potential	ADJ
elp-5371	168	33	impact	impact	NOUN
elp-5371	168	34	on	on	ADP
elp-5371	168	35	the	the	DET
elp-5371	168	36	financial	financial	ADJ
elp-5371	168	37	system	system	NOUN
elp-5371	168	38	.	.	PUNCT
elp-5371	169	1	ultimately	ultimately	ADV
elp-5371	169	2	,	,	PUNCT
elp-5371	169	3	as	as	SCONJ
elp-5371	169	4	discussed	discuss	VERB
elp-5371	169	5	later	later	ADV
elp-5371	169	6	in	in	ADP
elp-5371	169	7	this	this	DET
elp-5371	169	8	paper	paper	NOUN
elp-5371	169	9	,	,	PUNCT
elp-5371	169	10	regulatory	regulatory	ADJ
elp-5371	169	11	authorities	authority	NOUN
elp-5371	169	12	should	should	AUX
elp-5371	169	13	be	be	AUX
elp-5371	169	14	moving	move	VERB
elp-5371	169	15	to	to	ADP
elp-5371	169	16	a	a	DET
elp-5371	169	17	form	form	NOUN
elp-5371	169	18	of	of	ADP
elp-5371	169	19	regulation	regulation	NOUN
elp-5371	169	20	that	that	PRON
elp-5371	169	21	regulates	regulate	VERB
elp-5371	169	22	financial	financial	ADJ
elp-5371	169	23	services	service	NOUN
elp-5371	169	24	in	in	ADP
elp-5371	169	25	a	a	DET
elp-5371	169	26	competitively	competitively	ADV
elp-5371	169	27	neutral	neutral	ADJ
elp-5371	169	28	and	and	CCONJ
elp-5371	169	29	even	even	ADV
elp-5371	169	30	-	-	PUNCT
elp-5371	169	31	handed	hand	VERB
elp-5371	169	32	manner	manner	NOUN
elp-5371	169	33	,	,	PUNCT
elp-5371	169	34	regardless	regardless	ADV
elp-5371	169	35	of	of	ADP
elp-5371	169	36	the	the	DET
elp-5371	169	37	legal	legal	ADJ
elp-5371	169	38	form	form	NOUN
elp-5371	169	39	or	or	CCONJ
elp-5371	169	40	licensing	licensing	NOUN
elp-5371	169	41	status	status	NOUN
elp-5371	169	42	of	of	ADP
elp-5371	169	43	the	the	DET
elp-5371	169	44	provider	provider	NOUN
elp-5371	169	45	of	of	ADP
elp-5371	169	46	financial	financial	ADJ
elp-5371	169	47	services	service	NOUN
elp-5371	169	48	—	—	PUNCT
elp-5371	169	49	i.e.	i.e.	X
elp-5371	169	50	,	,	PUNCT
elp-5371	169	51	a	a	DET
elp-5371	169	52	“	"	PUNCT
elp-5371	169	53	form	form	NOUN
elp-5371	169	54	over	over	ADP
elp-5371	169	55	substance	substance	NOUN
elp-5371	169	56	”	"	PUNCT
elp-5371	169	57	approach	approach	NOUN
elp-5371	169	58	.	.	PUNCT
elp-5371	170	1	the	the	DET
elp-5371	170	2	objective	objective	NOUN
elp-5371	170	3	should	should	AUX
elp-5371	170	4	be	be	AUX
elp-5371	170	5	to	to	PART
elp-5371	170	6	regulate	regulate	VERB
elp-5371	170	7	financial	financial	ADJ
elp-5371	170	8	services	service	NOUN
elp-5371	170	9	on	on	ADP
elp-5371	170	10	a	a	DET
elp-5371	170	11	risk	risk	NOUN
elp-5371	170	12	-	-	PUNCT
elp-5371	170	13	based	base	VERB
elp-5371	170	14	basis	basis	NOUN
elp-5371	170	15	,	,	PUNCT
elp-5371	170	16	anchored	anchor	VERB
elp-5371	170	17	to	to	ADP
elp-5371	170	18	well	well	ADV
elp-5371	170	19	-	-	PUNCT
elp-5371	170	20	defined	define	VERB
elp-5371	170	21	regulatory	regulatory	ADJ
elp-5371	170	22	objectives	objective	NOUN
elp-5371	170	23	based	base	VERB
elp-5371	170	24	on	on	ADP
elp-5371	170	25	maintaining	maintain	VERB
elp-5371	170	26	financial	financial	ADJ
elp-5371	170	27	system	system	NOUN
elp-5371	170	28	stability	stability	NOUN
elp-5371	170	29	while	while	SCONJ
elp-5371	170	30	also	also	ADV
elp-5371	170	31	seeking	seek	VERB
elp-5371	170	32	to	to	PART
elp-5371	170	33	enable	enable	VERB
elp-5371	170	34	financial	financial	ADJ
elp-5371	170	35	system	system	NOUN
elp-5371	170	36	innovation	innovation	NOUN
elp-5371	170	37	and	and	CCONJ
elp-5371	170	38	fostering	foster	VERB
elp-5371	170	39	competition	competition	NOUN
elp-5371	170	40	.	.	PUNCT
elp-5371	171	1	cyber	cyber	ADJ
elp-5371	171	2	risk	risk	VERB
elp-5371	171	3	another	another	DET
elp-5371	171	4	key	key	ADJ
elp-5371	171	5	risk	risk	NOUN
elp-5371	171	6	that	that	PRON
elp-5371	171	7	is	be	AUX
elp-5371	171	8	of	of	ADP
elp-5371	171	9	increasing	increase	VERB
elp-5371	171	10	relevance	relevance	NOUN
elp-5371	171	11	to	to	ADP
elp-5371	171	12	financial	financial	ADJ
elp-5371	171	13	stability	stability	NOUN
elp-5371	171	14	is	be	AUX
elp-5371	171	15	cyber	cyber	ADJ
elp-5371	171	16	risk	risk	NOUN
elp-5371	171	17	.	.	PUNCT
elp-5371	172	1	this	this	PRON
elp-5371	172	2	is	be	AUX
elp-5371	172	3	already	already	ADV
elp-5371	172	4	a	a	DET
elp-5371	172	5	very	very	ADV
elp-5371	172	6	significant	significant	ADJ
elp-5371	172	7	risk	risk	NOUN
elp-5371	172	8	and	and	CCONJ
elp-5371	172	9	is	be	AUX
elp-5371	172	10	likely	likely	ADJ
elp-5371	172	11	to	to	PART
elp-5371	172	12	grow	grow	VERB
elp-5371	172	13	considerably	considerably	ADV
elp-5371	172	14	as	as	ADP
elp-5371	172	15	online	online	ADJ
elp-5371	172	16	banking	banking	NOUN
elp-5371	172	17	,	,	PUNCT
elp-5371	172	18	and	and	CCONJ
elp-5371	172	19	other	other	ADJ
elp-5371	172	20	forms	form	NOUN
elp-5371	172	21	of	of	ADP
elp-5371	172	22	digital	digital	ADJ
elp-5371	172	23	financial	financial	ADJ
elp-5371	172	24	services	service	NOUN
elp-5371	172	25	become	become	VERB
elp-5371	172	26	more	more	ADV
elp-5371	172	27	prevalent	prevalent	ADJ
elp-5371	172	28	.	.	PUNCT
elp-5371	173	1	cyber	cyber	ADJ
elp-5371	173	2	risks	risk	NOUN
elp-5371	173	3	of	of	ADP
elp-5371	173	4	various	various	ADJ
elp-5371	173	5	forms	form	NOUN
elp-5371	173	6	arise	arise	VERB
elp-5371	173	7	in	in	ADP
elp-5371	173	8	online	online	ADJ
elp-5371	173	9	banking	banking	NOUN
elp-5371	173	10	and	and	CCONJ
elp-5371	173	11	payment	payment	NOUN
elp-5371	173	12	services	service	NOUN
elp-5371	173	13	across	across	ADP
elp-5371	173	14	the	the	DET
elp-5371	173	15	mainstream	mainstream	NOUN
elp-5371	173	16	banks	bank	NOUN
elp-5371	173	17	and	and	CCONJ
elp-5371	173	18	in	in	ADP
elp-5371	173	19	the	the	DET
elp-5371	173	20	new	new	ADJ
elp-5371	173	21	digital	digital	ADJ
elp-5371	173	22	non	non	ADJ
elp-5371	173	23	-	-	ADJ
elp-5371	173	24	bank	bank	ADJ
elp-5371	173	25	financial	financial	ADJ
elp-5371	173	26	service	service	NOUN
elp-5371	173	27	providers	provider	NOUN
elp-5371	173	28	,	,	PUNCT
elp-5371	173	29	as	as	ADV
elp-5371	173	30	well	well	ADV
elp-5371	173	31	as	as	ADP
elp-5371	173	32	for	for	ADP
elp-5371	173	33	networks	network	NOUN
elp-5371	173	34	of	of	ADP
elp-5371	173	35	small	small	ADJ
elp-5371	173	36	banks	bank	NOUN
elp-5371	173	37	using	use	VERB
elp-5371	173	38	common	common	ADJ
elp-5371	173	39	platforms	platform	NOUN
elp-5371	173	40	.	.	PUNCT
elp-5371	174	1	major	major	ADJ
elp-5371	174	2	cyber	cyber	ADJ
elp-5371	174	3	risk	risk	NOUN
elp-5371	174	4	events	event	NOUN
elp-5371	174	5	in	in	ADP
elp-5371	174	6	banks	bank	NOUN
elp-5371	174	7	and	and	CCONJ
elp-5371	174	8	other	other	ADJ
elp-5371	174	9	financial	financial	ADJ
elp-5371	174	10	institutions	institution	NOUN
elp-5371	174	11	have	have	VERB
elp-5371	174	12	the	the	DET
elp-5371	174	13	potential	potential	NOUN
elp-5371	174	14	for	for	ADP
elp-5371	174	15	system	system	NOUN
elp-5371	174	16	-	-	PUNCT
elp-5371	174	17	wide	wide	ADJ
elp-5371	174	18	disruption	disruption	NOUN
elp-5371	174	19	,	,	PUNCT
elp-5371	174	20	data	data	NOUN
elp-5371	174	21	theft	theft	NOUN
elp-5371	174	22	,	,	PUNCT
elp-5371	174	23	privacy	privacy	NOUN
elp-5371	174	24	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	174	25	economics	economic	NOUN
elp-5371	174	26	,	,	PUNCT
elp-5371	174	27	law	law	NOUN
elp-5371	174	28	and	and	CCONJ
elp-5371	174	29	policy	policy	NOUN
elp-5371	174	30	vol	vol	NOUN
elp-5371	174	31	.	.	PROPN
elp-5371	175	1	5	5	NUM
elp-5371	175	2	,	,	PUNCT
elp-5371	175	3	no	no	INTJ
elp-5371	175	4	.	.	NOUN
elp-5371	175	5	2	2	NUM
elp-5371	175	6	,	,	PUNCT
elp-5371	175	7	2022	2022	NUM
elp-5371	175	8	39	39	NUM
elp-5371	175	9	published	publish	VERB
elp-5371	175	10	by	by	ADP
elp-5371	175	11	scholink	scholink	PROPN
elp-5371	175	12	inc	inc	PROPN
elp-5371	175	13	.	.	PROPN
elp-5371	175	14	breaches	breach	NOUN
elp-5371	175	15	,	,	PUNCT
elp-5371	175	16	financial	financial	ADJ
elp-5371	175	17	crimes	crime	NOUN
elp-5371	175	18	and	and	CCONJ
elp-5371	175	19	financial	financial	ADJ
elp-5371	175	20	losses	loss	NOUN
elp-5371	175	21	for	for	ADP
elp-5371	175	22	financial	financial	ADJ
elp-5371	175	23	firms	firm	NOUN
elp-5371	175	24	.	.	PUNCT
elp-5371	176	1	all	all	PRON
elp-5371	176	2	of	of	ADP
elp-5371	176	3	these	these	DET
elp-5371	176	4	risk	risk	NOUN
elp-5371	176	5	channels	channel	NOUN
elp-5371	176	6	have	have	VERB
elp-5371	176	7	the	the	DET
elp-5371	176	8	potential	potential	NOUN
elp-5371	176	9	to	to	PART
elp-5371	176	10	threaten	threaten	VERB
elp-5371	176	11	financial	financial	ADJ
elp-5371	176	12	stability	stability	NOUN
elp-5371	176	13	,	,	PUNCT
elp-5371	176	14	either	either	CCONJ
elp-5371	176	15	through	through	ADP
elp-5371	176	16	disruption	disruption	NOUN
elp-5371	176	17	to	to	ADP
elp-5371	176	18	payment	payment	NOUN
elp-5371	176	19	and	and	CCONJ
elp-5371	176	20	settlement	settlement	NOUN
elp-5371	176	21	processes	process	NOUN
elp-5371	176	22	or	or	CCONJ
elp-5371	176	23	through	through	ADP
elp-5371	176	24	adverse	adverse	ADJ
elp-5371	176	25	impacts	impact	NOUN
elp-5371	176	26	on	on	ADP
elp-5371	176	27	market	market	NOUN
elp-5371	176	28	confidence	confidence	NOUN
elp-5371	176	29	.	.	PUNCT
elp-5371	177	1	in	in	ADP
elp-5371	177	2	the	the	DET
elp-5371	177	3	securities	security	NOUN
elp-5371	177	4	trading	trading	NOUN
elp-5371	177	5	area	area	NOUN
elp-5371	177	6	,	,	PUNCT
elp-5371	177	7	greater	great	ADJ
elp-5371	177	8	reliance	reliance	NOUN
elp-5371	177	9	on	on	ADP
elp-5371	177	10	automated	automate	VERB
elp-5371	177	11	transactions	transaction	NOUN
elp-5371	177	12	could	could	AUX
elp-5371	177	13	potentially	potentially	ADV
elp-5371	177	14	increase	increase	VERB
elp-5371	177	15	market	market	NOUN
elp-5371	177	16	volatility	volatility	NOUN
elp-5371	177	17	due	due	ADP
elp-5371	177	18	to	to	ADP
elp-5371	177	19	higher	high	ADJ
elp-5371	177	20	asset	asset	NOUN
elp-5371	177	21	price	price	NOUN
elp-5371	177	22	correlations	correlation	NOUN
elp-5371	177	23	.	.	PUNCT
elp-5371	178	1	the	the	DET
elp-5371	178	2	wider	wide	ADJ
elp-5371	178	3	adoption	adoption	NOUN
elp-5371	178	4	of	of	ADP
elp-5371	178	5	certain	certain	ADJ
elp-5371	178	6	algorithms	algorithm	NOUN
elp-5371	178	7	and	and	CCONJ
elp-5371	178	8	technological	technological	ADJ
elp-5371	178	9	solutions	solution	NOUN
elp-5371	178	10	may	may	AUX
elp-5371	178	11	increase	increase	VERB
elp-5371	178	12	vulnerabilities	vulnerability	NOUN
elp-5371	178	13	to	to	ADP
elp-5371	178	14	cyberattacks	cyberattack	NOUN
elp-5371	178	15	.	.	PUNCT
elp-5371	179	1	it	it	PRON
elp-5371	179	2	may	may	AUX
elp-5371	179	3	also	also	ADV
elp-5371	179	4	increase	increase	VERB
elp-5371	179	5	concentration	concentration	NOUN
elp-5371	179	6	risk	risk	NOUN
elp-5371	179	7	on	on	ADP
elp-5371	179	8	key	key	ADJ
elp-5371	179	9	nodes	node	NOUN
elp-5371	179	10	within	within	ADP
elp-5371	179	11	the	the	DET
elp-5371	179	12	global	global	ADJ
elp-5371	179	13	system	system	NOUN
elp-5371	179	14	as	as	SCONJ
elp-5371	179	15	market	market	NOUN
elp-5371	179	16	structures	structure	NOUN
elp-5371	179	17	adjust	adjust	VERB
elp-5371	179	18	and	and	CCONJ
elp-5371	179	19	network	network	NOUN
elp-5371	179	20	interconnections	interconnection	NOUN
elp-5371	179	21	strengthen	strengthen	VERB
elp-5371	179	22	.	.	PUNCT
elp-5371	180	1	the	the	DET
elp-5371	180	2	increase	increase	NOUN
elp-5371	180	3	in	in	ADP
elp-5371	180	4	cyber	cyber	ADJ
elp-5371	180	5	risk	risk	NOUN
elp-5371	180	6	has	have	AUX
elp-5371	180	7	been	be	AUX
elp-5371	180	8	a	a	DET
elp-5371	180	9	clear	clear	ADJ
elp-5371	180	10	trend	trend	NOUN
elp-5371	180	11	over	over	ADP
elp-5371	180	12	the	the	DET
elp-5371	180	13	past	past	ADJ
elp-5371	180	14	decade	decade	NOUN
elp-5371	180	15	,	,	PUNCT
elp-5371	180	16	and	and	CCONJ
elp-5371	180	17	regulators	regulator	NOUN
elp-5371	180	18	and	and	CCONJ
elp-5371	180	19	supervisors	supervisor	NOUN
elp-5371	180	20	,	,	PUNCT
elp-5371	180	21	as	as	ADV
elp-5371	180	22	well	well	ADV
elp-5371	180	23	as	as	ADP
elp-5371	180	24	the	the	DET
elp-5371	180	25	industry	industry	NOUN
elp-5371	180	26	,	,	PUNCT
elp-5371	180	27	face	face	VERB
elp-5371	180	28	major	major	ADJ
elp-5371	180	29	challenges	challenge	NOUN
elp-5371	180	30	in	in	ADP
elp-5371	180	31	effectively	effectively	ADV
elp-5371	180	32	managing	manage	VERB
elp-5371	180	33	these	these	DET
elp-5371	180	34	risks	risk	NOUN
elp-5371	180	35	.	.	PUNCT
elp-5371	181	1	numbers	number	NOUN
elp-5371	181	2	can	can	AUX
elp-5371	181	3	be	be	AUX
elp-5371	181	4	misleading	misleading	ADJ
elp-5371	181	5	,	,	PUNCT
elp-5371	181	6	and	and	CCONJ
elp-5371	181	7	even	even	ADV
elp-5371	181	8	though	though	SCONJ
elp-5371	181	9	many	many	ADJ
elp-5371	181	10	financial	financial	ADJ
elp-5371	181	11	firms	firm	NOUN
elp-5371	181	12	see	see	VERB
elp-5371	181	13	an	an	DET
elp-5371	181	14	increase	increase	NOUN
elp-5371	181	15	in	in	ADP
elp-5371	181	16	attempts	attempt	NOUN
elp-5371	181	17	,	,	PUNCT
elp-5371	181	18	it	it	PRON
elp-5371	181	19	is	be	AUX
elp-5371	181	20	the	the	DET
elp-5371	181	21	more	more	ADV
elp-5371	181	22	advanced	advanced	ADJ
elp-5371	181	23	attacks	attack	NOUN
elp-5371	181	24	that	that	PRON
elp-5371	181	25	matter	matter	VERB
elp-5371	181	26	most	most	ADV
elp-5371	181	27	.	.	PUNCT
elp-5371	182	1	good	good	ADJ
elp-5371	182	2	data	datum	NOUN
elp-5371	182	3	on	on	ADP
elp-5371	182	4	cyber	cyber	ADJ
elp-5371	182	5	incidents	incident	NOUN
elp-5371	182	6	are	be	AUX
elp-5371	182	7	scarce	scarce	ADJ
elp-5371	182	8	,	,	PUNCT
elp-5371	182	9	and	and	CCONJ
elp-5371	182	10	this	this	PRON
elp-5371	182	11	is	be	AUX
elp-5371	182	12	partly	partly	ADV
elp-5371	182	13	due	due	ADJ
elp-5371	182	14	to	to	ADP
elp-5371	182	15	a	a	DET
elp-5371	182	16	lack	lack	NOUN
elp-5371	182	17	of	of	ADP
elp-5371	182	18	incentives	incentive	NOUN
elp-5371	182	19	for	for	SCONJ
elp-5371	182	20	firms	firm	NOUN
elp-5371	182	21	to	to	PART
elp-5371	182	22	report	report	VERB
elp-5371	182	23	incidents	incident	NOUN
elp-5371	182	24	.	.	PUNCT
elp-5371	183	1	one	one	NUM
elp-5371	183	2	lesson	lesson	NOUN
elp-5371	183	3	from	from	ADP
elp-5371	183	4	two	two	NUM
elp-5371	183	5	recent	recent	ADJ
elp-5371	183	6	cyberattacks	cyberattack	NOUN
elp-5371	183	7	—	—	PUNCT
elp-5371	183	8	on	on	ADP
elp-5371	183	9	solarwind‟s	solarwind‟s	NOUN
elp-5371	183	10	orion	orion	NOUN
elp-5371	183	11	software	software	NOUN
elp-5371	183	12	and	and	CCONJ
elp-5371	183	13	on	on	ADP
elp-5371	183	14	microsoft	microsoft	PROPN
elp-5371	183	15	exchange	exchange	PROPN
elp-5371	183	16	servers	server	NOUN
elp-5371	183	17	—	—	PUNCT
elp-5371	183	18	is	be	AUX
elp-5371	183	19	the	the	DET
elp-5371	183	20	need	need	NOUN
elp-5371	183	21	for	for	ADP
elp-5371	183	22	a	a	DET
elp-5371	183	23	more	more	ADV
elp-5371	183	24	integrated	integrate	VERB
elp-5371	183	25	approach	approach	NOUN
elp-5371	183	26	to	to	AUX
elp-5371	183	27	risk	risk	VERB
elp-5371	183	28	management	management	NOUN
elp-5371	183	29	to	to	PART
elp-5371	183	30	combat	combat	VERB
elp-5371	183	31	the	the	DET
elp-5371	183	32	threats	threat	NOUN
elp-5371	183	33	of	of	ADP
elp-5371	183	34	cyberattacks	cyberattack	NOUN
elp-5371	183	35	.	.	PUNCT
elp-5371	184	1	this	this	PRON
elp-5371	184	2	includes	include	VERB
elp-5371	184	3	the	the	DET
elp-5371	184	4	need	need	NOUN
elp-5371	184	5	for	for	SCONJ
elp-5371	184	6	strengthened	strengthen	VERB
elp-5371	184	7	it	it	PRON
elp-5371	184	8	protection	protection	NOUN
elp-5371	184	9	software	software	NOUN
elp-5371	184	10	and	and	CCONJ
elp-5371	184	11	associated	associated	ADJ
elp-5371	184	12	processes	process	NOUN
elp-5371	184	13	;	;	PUNCT
elp-5371	184	14	regular	regular	ADP
elp-5371	184	15	it	it	AUX
elp-5371	184	16	security	security	NOUN
elp-5371	184	17	audits	audits	NOUN
elp-5371	184	18	;	;	PUNCT
elp-5371	184	19	strengthened	strengthen	VERB
elp-5371	184	20	focus	focus	NOUN
elp-5371	184	21	by	by	ADP
elp-5371	184	22	financial	financial	ADJ
elp-5371	184	23	institutions‟	institutions‟	PROPN
elp-5371	184	24	cros	cros	PROPN
elp-5371	184	25	,	,	PUNCT
elp-5371	184	26	senior	senior	ADJ
elp-5371	184	27	management	management	NOUN
elp-5371	184	28	teams	team	NOUN
elp-5371	184	29	and	and	CCONJ
elp-5371	184	30	boards	board	NOUN
elp-5371	184	31	;	;	PUNCT
elp-5371	184	32	regular	regular	ADJ
elp-5371	184	33	stress	stress	NOUN
elp-5371	184	34	testing	testing	NOUN
elp-5371	184	35	of	of	ADP
elp-5371	184	36	cyber	cyber	NOUN
elp-5371	184	37	protection	protection	NOUN
elp-5371	184	38	arrangements	arrangement	NOUN
elp-5371	184	39	;	;	PUNCT
elp-5371	184	40	and	and	CCONJ
elp-5371	184	41	developing	develop	VERB
elp-5371	184	42	and	and	CCONJ
elp-5371	184	43	testing	test	VERB
elp-5371	184	44	the	the	DET
elp-5371	184	45	capacity	capacity	NOUN
elp-5371	184	46	to	to	PART
elp-5371	184	47	respond	respond	VERB
elp-5371	184	48	to	to	ADP
elp-5371	184	49	and	and	CCONJ
elp-5371	184	50	recover	recover	VERB
elp-5371	184	51	from	from	ADP
elp-5371	184	52	an	an	DET
elp-5371	184	53	attack	attack	NOUN
elp-5371	184	54	.	.	PUNCT
elp-5371	185	1	the	the	DET
elp-5371	185	2	challenges	challenge	NOUN
elp-5371	185	3	in	in	ADP
elp-5371	185	4	identifying	identify	VERB
elp-5371	185	5	and	and	CCONJ
elp-5371	185	6	managing	manage	VERB
elp-5371	185	7	risks	risk	NOUN
elp-5371	185	8	are	be	AUX
elp-5371	185	9	considerable	considerable	ADJ
elp-5371	185	10	across	across	ADP
elp-5371	185	11	areas	area	NOUN
elp-5371	185	12	such	such	ADJ
elp-5371	185	13	as	as	ADP
elp-5371	185	14	cybersecurity	cybersecurity	NOUN
elp-5371	185	15	,	,	PUNCT
elp-5371	185	16	fraud	fraud	NOUN
elp-5371	185	17	,	,	PUNCT
elp-5371	185	18	anti	anti	ADJ
elp-5371	185	19	-	-	ADJ
elp-5371	185	20	money	money	ADJ
elp-5371	185	21	laundering	laundering	NOUN
elp-5371	185	22	,	,	PUNCT
elp-5371	185	23	consumer	consumer	NOUN
elp-5371	185	24	protection	protection	NOUN
elp-5371	185	25	,	,	PUNCT
elp-5371	185	26	and	and	CCONJ
elp-5371	185	27	cryptoassets	cryptoasset	NOUN
elp-5371	185	28	.	.	PUNCT
elp-5371	186	1	addressing	address	VERB
elp-5371	186	2	these	these	DET
elp-5371	186	3	risks	risk	NOUN
elp-5371	186	4	require	require	VERB
elp-5371	186	5	coordination	coordination	NOUN
elp-5371	186	6	among	among	ADP
elp-5371	186	7	many	many	ADJ
elp-5371	186	8	authorities	authority	NOUN
elp-5371	186	9	,	,	PUNCT
elp-5371	186	10	nationally	nationally	ADV
elp-5371	186	11	and	and	CCONJ
elp-5371	186	12	internationally	internationally	ADV
elp-5371	186	13	,	,	PUNCT
elp-5371	186	14	not	not	PART
elp-5371	186	15	only	only	ADV
elp-5371	186	16	to	to	PART
elp-5371	186	17	share	share	VERB
elp-5371	186	18	information	information	NOUN
elp-5371	186	19	but	but	CCONJ
elp-5371	186	20	also	also	ADV
elp-5371	186	21	to	to	PART
elp-5371	186	22	identify	identify	VERB
elp-5371	186	23	events	event	NOUN
elp-5371	186	24	that	that	PRON
elp-5371	186	25	may	may	AUX
elp-5371	186	26	not	not	PART
elp-5371	186	27	cause	cause	VERB
elp-5371	186	28	losses	loss	NOUN
elp-5371	186	29	to	to	ADP
elp-5371	186	30	financial	financial	ADJ
elp-5371	186	31	institutions	institution	NOUN
elp-5371	186	32	but	but	CCONJ
elp-5371	186	33	do	do	AUX
elp-5371	186	34	harm	harm	VERB
elp-5371	186	35	consumers	consumer	NOUN
elp-5371	186	36	and	and	CCONJ
elp-5371	186	37	investors	investor	NOUN
elp-5371	186	38	.	.	PUNCT
elp-5371	187	1	4	4	X
elp-5371	187	2	.	.	NOUN
elp-5371	187	3	effective	effective	ADJ
elp-5371	187	4	regulation	regulation	NOUN
elp-5371	187	5	and	and	CCONJ
elp-5371	187	6	supervision	supervision	NOUN
elp-5371	187	7	of	of	ADP
elp-5371	187	8	fintech	fintech	NOUN
elp-5371	187	9	given	give	VERB
elp-5371	187	10	the	the	DET
elp-5371	187	11	fast	fast	ADV
elp-5371	187	12	-	-	PUNCT
elp-5371	187	13	evolving	evolve	VERB
elp-5371	187	14	nature	nature	NOUN
elp-5371	187	15	of	of	ADP
elp-5371	187	16	fintech	fintech	NOUN
elp-5371	187	17	,	,	PUNCT
elp-5371	187	18	it	it	PRON
elp-5371	187	19	is	be	AUX
elp-5371	187	20	essential	essential	ADJ
elp-5371	187	21	that	that	SCONJ
elp-5371	187	22	there	there	PRON
elp-5371	187	23	is	be	VERB
elp-5371	187	24	an	an	DET
elp-5371	187	25	effective	effective	ADJ
elp-5371	187	26	regulatory	regulatory	ADJ
elp-5371	187	27	response	response	NOUN
elp-5371	187	28	to	to	ADP
elp-5371	187	29	fintech	fintech	NOUN
elp-5371	187	30	developments	development	NOUN
elp-5371	187	31	,	,	PUNCT
elp-5371	187	32	particularly	particularly	ADV
elp-5371	187	33	as	as	SCONJ
elp-5371	187	34	it	it	PRON
elp-5371	187	35	relates	relate	VERB
elp-5371	187	36	to	to	ADP
elp-5371	187	37	areas	area	NOUN
elp-5371	187	38	that	that	PRON
elp-5371	187	39	pose	pose	VERB
elp-5371	187	40	a	a	DET
elp-5371	187	41	potential	potential	ADJ
elp-5371	187	42	threat	threat	NOUN
elp-5371	187	43	to	to	ADP
elp-5371	187	44	financial	financial	ADJ
elp-5371	187	45	stability	stability	NOUN
elp-5371	187	46	,	,	PUNCT
elp-5371	187	47	such	such	ADJ
elp-5371	187	48	as	as	ADP
elp-5371	187	49	banking	banking	NOUN
elp-5371	187	50	,	,	PUNCT
elp-5371	187	51	non	non	ADJ
elp-5371	187	52	-	-	ADJ
elp-5371	187	53	bank	bank	ADJ
elp-5371	187	54	financial	financial	ADJ
elp-5371	187	55	intermediation	intermediation	NOUN
elp-5371	187	56	and	and	CCONJ
elp-5371	187	57	payment	payment	NOUN
elp-5371	187	58	systems	system	NOUN
elp-5371	187	59	.	.	PUNCT
elp-5371	188	1	in	in	ADP
elp-5371	188	2	most	most	ADJ
elp-5371	188	3	respects	respect	NOUN
elp-5371	188	4	,	,	PUNCT
elp-5371	188	5	existing	exist	VERB
elp-5371	188	6	regulatory	regulatory	ADJ
elp-5371	188	7	and	and	CCONJ
elp-5371	188	8	supervisory	supervisory	ADJ
elp-5371	188	9	frameworks	framework	NOUN
elp-5371	188	10	can	can	AUX
elp-5371	188	11	be	be	AUX
elp-5371	188	12	applied	apply	VERB
elp-5371	188	13	to	to	ADP
elp-5371	188	14	fintech	fintech	NOUN
elp-5371	188	15	financial	financial	ADJ
elp-5371	188	16	services	service	NOUN
elp-5371	188	17	and	and	CCONJ
elp-5371	188	18	products	product	NOUN
elp-5371	188	19	,	,	PUNCT
elp-5371	188	20	given	give	VERB
elp-5371	188	21	that	that	SCONJ
elp-5371	188	22	fintech	fintech	NOUN
elp-5371	188	23	risks	risk	NOUN
elp-5371	188	24	are	be	AUX
elp-5371	188	25	generally	generally	ADV
elp-5371	188	26	an	an	DET
elp-5371	188	27	extension	extension	NOUN
elp-5371	188	28	or	or	CCONJ
elp-5371	188	29	variant	variant	NOUN
elp-5371	188	30	of	of	ADP
elp-5371	188	31	existing	exist	VERB
elp-5371	188	32	financial	financial	ADJ
elp-5371	188	33	risks	risk	NOUN
elp-5371	188	34	rather	rather	ADV
elp-5371	188	35	than	than	ADP
elp-5371	188	36	being	be	AUX
elp-5371	188	37	completely	completely	ADV
elp-5371	188	38	new	new	ADJ
elp-5371	188	39	.	.	PUNCT
elp-5371	189	1	however	however	ADV
elp-5371	189	2	,	,	PUNCT
elp-5371	189	3	some	some	DET
elp-5371	189	4	modifications	modification	NOUN
elp-5371	189	5	to	to	ADP
elp-5371	189	6	regulatory	regulatory	ADJ
elp-5371	189	7	and	and	CCONJ
elp-5371	189	8	supervisory	supervisory	ADJ
elp-5371	189	9	frameworks	framework	NOUN
elp-5371	189	10	are	be	AUX
elp-5371	189	11	likely	likely	ADJ
elp-5371	189	12	to	to	PART
elp-5371	189	13	be	be	AUX
elp-5371	189	14	needed	need	VERB
elp-5371	189	15	in	in	ADP
elp-5371	189	16	the	the	DET
elp-5371	189	17	case	case	NOUN
elp-5371	189	18	of	of	ADP
elp-5371	189	19	currently	currently	ADV
elp-5371	189	20	unregulated	unregulated	ADJ
elp-5371	189	21	or	or	CCONJ
elp-5371	189	22	under	under	ADV
elp-5371	189	23	-	-	PUNCT
elp-5371	189	24	regulated	regulate	VERB
elp-5371	189	25	parts	part	NOUN
elp-5371	189	26	of	of	ADP
elp-5371	189	27	the	the	DET
elp-5371	189	28	financial	financial	ADJ
elp-5371	189	29	system	system	NOUN
elp-5371	189	30	and	and	CCONJ
elp-5371	189	31	in	in	ADP
elp-5371	189	32	respect	respect	NOUN
elp-5371	189	33	of	of	ADP
elp-5371	189	34	those	those	DET
elp-5371	189	35	risk	risk	NOUN
elp-5371	189	36	factors	factor	NOUN
elp-5371	189	37	which	which	PRON
elp-5371	189	38	represent	represent	VERB
elp-5371	189	39	a	a	DET
elp-5371	189	40	significant	significant	ADJ
elp-5371	189	41	shift	shift	NOUN
elp-5371	189	42	from	from	ADP
elp-5371	189	43	mainstream	mainstream	ADJ
elp-5371	189	44	banking	banking	NOUN
elp-5371	189	45	risks	risk	NOUN
elp-5371	189	46	.	.	PUNCT
elp-5371	190	1	in	in	ADP
elp-5371	190	2	this	this	DET
elp-5371	190	3	section	section	NOUN
elp-5371	190	4	of	of	ADP
elp-5371	190	5	the	the	DET
elp-5371	190	6	paper	paper	NOUN
elp-5371	190	7	,	,	PUNCT
elp-5371	190	8	we	we	PRON
elp-5371	190	9	briefly	briefly	ADV
elp-5371	190	10	identify	identify	VERB
elp-5371	190	11	the	the	DET
elp-5371	190	12	key	key	ADJ
elp-5371	190	13	areas	area	NOUN
elp-5371	190	14	in	in	ADP
elp-5371	190	15	which	which	PRON
elp-5371	190	16	enhanced	enhance	VERB
elp-5371	190	17	monitoring	monitoring	NOUN
elp-5371	190	18	and	and	CCONJ
elp-5371	190	19	regulation	regulation	NOUN
elp-5371	190	20	might	might	AUX
elp-5371	190	21	be	be	AUX
elp-5371	190	22	needed	need	VERB
elp-5371	190	23	and	and	CCONJ
elp-5371	190	24	the	the	DET
elp-5371	190	25	types	type	NOUN
elp-5371	190	26	of	of	ADP
elp-5371	190	27	regulatory	regulatory	ADJ
elp-5371	190	28	responses	response	NOUN
elp-5371	190	29	that	that	PRON
elp-5371	190	30	could	could	AUX
elp-5371	190	31	be	be	AUX
elp-5371	190	32	appropriate	appropriate	ADJ
elp-5371	190	33	.	.	PUNCT
elp-5371	191	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	191	2	economics	economic	NOUN
elp-5371	191	3	,	,	PUNCT
elp-5371	191	4	law	law	NOUN
elp-5371	191	5	and	and	CCONJ
elp-5371	191	6	policy	policy	NOUN
elp-5371	191	7	vol	vol	NOUN
elp-5371	191	8	.	.	PROPN
elp-5371	192	1	5	5	NUM
elp-5371	192	2	,	,	PUNCT
elp-5371	192	3	no	no	INTJ
elp-5371	192	4	.	.	NOUN
elp-5371	192	5	2	2	NUM
elp-5371	192	6	,	,	PUNCT
elp-5371	192	7	2022	2022	NUM
elp-5371	192	8	40	40	NUM
elp-5371	192	9	published	publish	VERB
elp-5371	192	10	by	by	ADP
elp-5371	192	11	scholink	scholink	PROPN
elp-5371	192	12	inc	inc	PROPN
elp-5371	192	13	.	.	PUNCT
elp-5371	193	1	the	the	DET
elp-5371	193	2	need	need	NOUN
elp-5371	193	3	for	for	ADP
elp-5371	193	4	greater	great	ADJ
elp-5371	193	5	monitoring	monitoring	NOUN
elp-5371	193	6	of	of	ADP
elp-5371	193	7	fintech	fintech	NOUN
elp-5371	193	8	and	and	CCONJ
elp-5371	193	9	an	an	DET
elp-5371	193	10	assessment	assessment	NOUN
elp-5371	193	11	of	of	ADP
elp-5371	193	12	appropriate	appropriate	ADJ
elp-5371	193	13	regulatory	regulatory	ADJ
elp-5371	193	14	measures	measure	NOUN
elp-5371	193	15	to	to	PART
elp-5371	193	16	ensure	ensure	VERB
elp-5371	193	17	that	that	SCONJ
elp-5371	193	18	fintech	fintech	NOUN
elp-5371	193	19	-	-	PUNCT
elp-5371	193	20	related	relate	VERB
elp-5371	193	21	risks	risk	NOUN
elp-5371	193	22	are	be	AUX
elp-5371	193	23	managed	manage	VERB
elp-5371	193	24	in	in	ADP
elp-5371	193	25	ways	way	NOUN
elp-5371	193	26	that	that	PRON
elp-5371	193	27	maintain	maintain	VERB
elp-5371	193	28	financial	financial	ADJ
elp-5371	193	29	stability	stability	NOUN
elp-5371	193	30	has	have	AUX
elp-5371	193	31	been	be	AUX
elp-5371	193	32	recognised	recognise	VERB
elp-5371	193	33	by	by	ADP
elp-5371	193	34	a	a	DET
elp-5371	193	35	number	number	NOUN
elp-5371	193	36	of	of	ADP
elp-5371	193	37	international	international	ADJ
elp-5371	193	38	bodies	body	NOUN
elp-5371	193	39	.	.	PUNCT
elp-5371	194	1	these	these	PRON
elp-5371	194	2	include	include	VERB
elp-5371	194	3	the	the	DET
elp-5371	194	4	financial	financial	ADJ
elp-5371	194	5	stability	stability	NOUN
elp-5371	194	6	board	board	NOUN
elp-5371	194	7	(	(	PUNCT
elp-5371	194	8	fsb	fsb	NOUN
elp-5371	194	9	)	)	PUNCT
elp-5371	194	10	(	(	PUNCT
elp-5371	194	11	note	note	NOUN
elp-5371	194	12	11	11	NUM
elp-5371	194	13	)	)	PUNCT
elp-5371	194	14	,	,	PUNCT
elp-5371	194	15	basel	basel	PROPN
elp-5371	194	16	committee	committee	PROPN
elp-5371	194	17	on	on	ADP
elp-5371	194	18	banking	banking	NOUN
elp-5371	194	19	supervision	supervision	NOUN
elp-5371	194	20	(	(	PUNCT
elp-5371	194	21	bcbs	bcbs	PROPN
elp-5371	194	22	)	)	PUNCT
elp-5371	194	23	,	,	PUNCT
elp-5371	194	24	international	international	ADJ
elp-5371	194	25	monetary	monetary	ADJ
elp-5371	194	26	fund	fund	NOUN
elp-5371	194	27	and	and	CCONJ
elp-5371	194	28	world	world	PROPN
elp-5371	194	29	bank	bank	PROPN
elp-5371	194	30	.	.	PUNCT
elp-5371	195	1	all	all	PRON
elp-5371	195	2	of	of	ADP
elp-5371	195	3	these	these	DET
elp-5371	195	4	bodies	body	NOUN
elp-5371	195	5	have	have	AUX
elp-5371	195	6	undertaken	undertake	VERB
elp-5371	195	7	considerable	considerable	ADJ
elp-5371	195	8	work	work	NOUN
elp-5371	195	9	on	on	ADP
elp-5371	195	10	fintech	fintech	NOUN
elp-5371	195	11	-	-	PUNCT
elp-5371	195	12	related	relate	VERB
elp-5371	195	13	matters	matter	NOUN
elp-5371	195	14	and	and	CCONJ
elp-5371	195	15	have	have	AUX
elp-5371	195	16	published	publish	VERB
elp-5371	195	17	a	a	DET
elp-5371	195	18	range	range	NOUN
elp-5371	195	19	of	of	ADP
elp-5371	195	20	papers	paper	NOUN
elp-5371	195	21	on	on	ADP
elp-5371	195	22	the	the	DET
elp-5371	195	23	issues	issue	NOUN
elp-5371	195	24	.	.	PUNCT
elp-5371	196	1	bali	bali	PROPN
elp-5371	196	2	fintech	fintech	NOUN
elp-5371	196	3	agenda	agenda	NOUN
elp-5371	196	4	in	in	ADP
elp-5371	196	5	this	this	DET
elp-5371	196	6	context	context	NOUN
elp-5371	196	7	,	,	PUNCT
elp-5371	196	8	in	in	ADP
elp-5371	196	9	october	october	PROPN
elp-5371	196	10	2018	2018	NUM
elp-5371	196	11	,	,	PUNCT
elp-5371	196	12	the	the	DET
elp-5371	196	13	imf	imf	PROPN
elp-5371	196	14	and	and	CCONJ
elp-5371	196	15	world	world	PROPN
elp-5371	196	16	bank	bank	PROPN
elp-5371	196	17	held	hold	VERB
elp-5371	196	18	a	a	DET
elp-5371	196	19	conference	conference	NOUN
elp-5371	196	20	to	to	PART
elp-5371	196	21	promote	promote	VERB
elp-5371	196	22	a	a	DET
elp-5371	196	23	wider	wide	ADJ
elp-5371	196	24	understanding	understanding	NOUN
elp-5371	196	25	of	of	ADP
elp-5371	196	26	fintech	fintech	NOUN
elp-5371	196	27	and	and	CCONJ
elp-5371	196	28	the	the	DET
elp-5371	196	29	implications	implication	NOUN
elp-5371	196	30	for	for	ADP
elp-5371	196	31	regulation	regulation	NOUN
elp-5371	196	32	.	.	PUNCT
elp-5371	197	1	this	this	PRON
elp-5371	197	2	was	be	AUX
elp-5371	197	3	held	hold	VERB
elp-5371	197	4	in	in	ADP
elp-5371	197	5	recognition	recognition	NOUN
elp-5371	197	6	that	that	SCONJ
elp-5371	197	7	countries	country	NOUN
elp-5371	197	8	want	want	VERB
elp-5371	197	9	to	to	PART
elp-5371	197	10	harness	harness	VERB
elp-5371	197	11	the	the	DET
elp-5371	197	12	benefits	benefit	NOUN
elp-5371	197	13	that	that	PRON
elp-5371	197	14	fintech	fintech	NOUN
elp-5371	197	15	can	can	AUX
elp-5371	197	16	offer	offer	VERB
elp-5371	197	17	to	to	ADP
elp-5371	197	18	financial	financial	ADJ
elp-5371	197	19	systems	system	NOUN
elp-5371	197	20	,	,	PUNCT
elp-5371	197	21	economies	economy	NOUN
elp-5371	197	22	,	,	PUNCT
elp-5371	197	23	consumers	consumer	NOUN
elp-5371	197	24	,	,	PUNCT
elp-5371	197	25	depositors	depositor	NOUN
elp-5371	197	26	and	and	CCONJ
elp-5371	197	27	investors	investor	NOUN
elp-5371	197	28	,	,	PUNCT
elp-5371	197	29	but	but	CCONJ
elp-5371	197	30	also	also	ADV
elp-5371	197	31	want	want	VERB
elp-5371	197	32	to	to	PART
elp-5371	197	33	ensure	ensure	VERB
elp-5371	197	34	that	that	SCONJ
elp-5371	197	35	the	the	DET
elp-5371	197	36	risks	risk	NOUN
elp-5371	197	37	associated	associate	VERB
elp-5371	197	38	with	with	ADP
elp-5371	197	39	fintech	fintech	NOUN
elp-5371	197	40	are	be	AUX
elp-5371	197	41	well	well	ADV
elp-5371	197	42	understood	understand	VERB
elp-5371	197	43	and	and	CCONJ
elp-5371	197	44	managed	manage	VERB
elp-5371	197	45	.	.	PUNCT
elp-5371	198	1	the	the	DET
elp-5371	198	2	“	"	PUNCT
elp-5371	198	3	bali	bali	ADJ
elp-5371	198	4	fintech	fintech	NOUN
elp-5371	198	5	agenda	agenda	NOUN
elp-5371	198	6	”	"	PUNCT
elp-5371	198	7	(	(	PUNCT
elp-5371	198	8	note	note	NOUN
elp-5371	198	9	12	12	NUM
elp-5371	198	10	)	)	PUNCT
elp-5371	198	11	resulted	result	VERB
elp-5371	198	12	from	from	ADP
elp-5371	198	13	the	the	DET
elp-5371	198	14	imf	imf	PROPN
elp-5371	198	15	-	-	PUNCT
elp-5371	198	16	world	world	PROPN
elp-5371	198	17	bank	bank	NOUN
elp-5371	198	18	conference	conference	NOUN
elp-5371	198	19	and	and	CCONJ
elp-5371	198	20	outlined	outline	VERB
elp-5371	198	21	high	high	ADJ
elp-5371	198	22	-	-	PUNCT
elp-5371	198	23	level	level	NOUN
elp-5371	198	24	issues	issue	NOUN
elp-5371	198	25	for	for	ADP
elp-5371	198	26	consideration	consideration	NOUN
elp-5371	198	27	by	by	ADP
elp-5371	198	28	members	member	NOUN
elp-5371	198	29	of	of	ADP
elp-5371	198	30	the	the	DET
elp-5371	198	31	imf	imf	PROPN
elp-5371	198	32	and	and	CCONJ
elp-5371	198	33	world	world	PROPN
elp-5371	198	34	bank	bank	PROPN
elp-5371	198	35	as	as	SCONJ
elp-5371	198	36	they	they	PRON
elp-5371	198	37	seek	seek	VERB
elp-5371	198	38	to	to	PART
elp-5371	198	39	develop	develop	VERB
elp-5371	198	40	their	their	PRON
elp-5371	198	41	policy	policy	NOUN
elp-5371	198	42	responses	response	NOUN
elp-5371	198	43	to	to	ADP
elp-5371	198	44	fintech	fintech	NOUN
elp-5371	198	45	.	.	PUNCT
elp-5371	199	1	the	the	DET
elp-5371	199	2	agenda	agenda	NOUN
elp-5371	199	3	is	be	AUX
elp-5371	199	4	focused	focus	VERB
elp-5371	199	5	on	on	ADP
elp-5371	199	6	the	the	DET
elp-5371	199	7	implications	implication	NOUN
elp-5371	199	8	of	of	ADP
elp-5371	199	9	fintech	fintech	NOUN
elp-5371	199	10	for	for	ADP
elp-5371	199	11	the	the	DET
elp-5371	199	12	financial	financial	ADJ
elp-5371	199	13	sector	sector	NOUN
elp-5371	199	14	and	and	CCONJ
elp-5371	199	15	provides	provide	VERB
elp-5371	199	16	a	a	DET
elp-5371	199	17	high	high	ADJ
elp-5371	199	18	-	-	PUNCT
elp-5371	199	19	level	level	NOUN
elp-5371	199	20	set	set	NOUN
elp-5371	199	21	of	of	ADP
elp-5371	199	22	principles	principle	NOUN
elp-5371	199	23	to	to	PART
elp-5371	199	24	guide	guide	VERB
elp-5371	199	25	regulatory	regulatory	ADJ
elp-5371	199	26	oversight	oversight	NOUN
elp-5371	199	27	of	of	ADP
elp-5371	199	28	fintech	fintech	NOUN
elp-5371	199	29	.	.	PUNCT
elp-5371	200	1	the	the	DET
elp-5371	200	2	bali	bali	PROPN
elp-5371	200	3	fintech	fintech	PROPN
elp-5371	200	4	agenda	agenda	NOUN
elp-5371	200	5	brings	bring	VERB
elp-5371	200	6	together	together	ADV
elp-5371	200	7	key	key	ADJ
elp-5371	200	8	considerations	consideration	NOUN
elp-5371	200	9	for	for	ADP
elp-5371	200	10	policymakers	policymaker	NOUN
elp-5371	200	11	and	and	CCONJ
elp-5371	200	12	the	the	DET
elp-5371	200	13	international	international	ADJ
elp-5371	200	14	community	community	NOUN
elp-5371	200	15	into	into	ADP
elp-5371	200	16	twelve	twelve	NUM
elp-5371	200	17	(	(	PUNCT
elp-5371	200	18	12	12	NUM
elp-5371	200	19	)	)	PUNCT
elp-5371	200	20	elements	element	NOUN
elp-5371	200	21	arising	arise	VERB
elp-5371	200	22	from	from	ADP
elp-5371	200	23	the	the	DET
elp-5371	200	24	experience	experience	NOUN
elp-5371	200	25	of	of	ADP
elp-5371	200	26	member	member	NOUN
elp-5371	200	27	countries	country	NOUN
elp-5371	200	28	.	.	PUNCT
elp-5371	201	1	it	it	PRON
elp-5371	201	2	is	be	AUX
elp-5371	201	3	useful	useful	ADJ
elp-5371	201	4	to	to	PART
elp-5371	201	5	briefly	briefly	VERB
elp-5371	201	6	recap	recap	VERB
elp-5371	201	7	these	these	DET
elp-5371	201	8	elements	element	NOUN
elp-5371	201	9	:	:	PUNCT
elp-5371	201	10			PRON
elp-5371	201	11	element	element	NOUN
elp-5371	201	12	1	1	NUM
elp-5371	201	13	:	:	PUNCT
elp-5371	201	14	embrace	embrace	VERB
elp-5371	201	15	the	the	DET
elp-5371	201	16	promise	promise	NOUN
elp-5371	201	17	of	of	ADP
elp-5371	201	18	fintech	fintech	NOUN
elp-5371	201	19	.	.	PUNCT
elp-5371	202	1			PROPN
elp-5371	202	2	element	element	NOUN
elp-5371	202	3	2	2	NUM
elp-5371	202	4	:	:	PUNCT
elp-5371	202	5	enable	enable	VERB
elp-5371	202	6	new	new	ADJ
elp-5371	202	7	technologies	technology	NOUN
elp-5371	202	8	to	to	PART
elp-5371	202	9	enhance	enhance	VERB
elp-5371	202	10	financial	financial	ADJ
elp-5371	202	11	service	service	NOUN
elp-5371	202	12	provision	provision	NOUN
elp-5371	202	13	.	.	PUNCT
elp-5371	203	1			X
elp-5371	203	2	element	element	NOUN
elp-5371	203	3	3	3	NUM
elp-5371	203	4	:	:	PUNCT
elp-5371	203	5	reinforce	reinforce	VERB
elp-5371	203	6	competition	competition	NOUN
elp-5371	203	7	and	and	CCONJ
elp-5371	203	8	commitment	commitment	NOUN
elp-5371	203	9	to	to	PART
elp-5371	203	10	open	open	VERB
elp-5371	203	11	,	,	PUNCT
elp-5371	203	12	free	free	ADJ
elp-5371	203	13	,	,	PUNCT
elp-5371	203	14	and	and	CCONJ
elp-5371	203	15	contestable	contestable	ADJ
elp-5371	203	16	markets	market	NOUN
elp-5371	203	17	.	.	PUNCT
elp-5371	204	1			X
elp-5371	204	2	element	element	NOUN
elp-5371	204	3	4	4	NUM
elp-5371	204	4	:	:	PUNCT
elp-5371	204	5	foster	foster	ADJ
elp-5371	204	6	fintech	fintech	NOUN
elp-5371	204	7	to	to	PART
elp-5371	204	8	promote	promote	VERB
elp-5371	204	9	financial	financial	ADJ
elp-5371	204	10	inclusion	inclusion	NOUN
elp-5371	204	11	and	and	CCONJ
elp-5371	204	12	develop	develop	VERB
elp-5371	204	13	financial	financial	ADJ
elp-5371	204	14	markets	market	NOUN
elp-5371	204	15	.	.	PUNCT
elp-5371	205	1			PRON
elp-5371	205	2	element	element	NOUN
elp-5371	205	3	5	5	NUM
elp-5371	205	4	:	:	PUNCT
elp-5371	205	5	monitor	monitor	VERB
elp-5371	205	6	developments	development	NOUN
elp-5371	205	7	closely	closely	ADV
elp-5371	205	8	to	to	PART
elp-5371	205	9	deepen	deepen	VERB
elp-5371	205	10	understanding	understanding	NOUN
elp-5371	205	11	of	of	ADP
elp-5371	205	12	evolving	evolve	VERB
elp-5371	205	13	financial	financial	ADJ
elp-5371	205	14	systems	system	NOUN
elp-5371	205	15	.	.	PUNCT
elp-5371	206	1			X
elp-5371	206	2	element	element	NOUN
elp-5371	206	3	6	6	NUM
elp-5371	206	4	:	:	PUNCT
elp-5371	206	5	adapt	adapt	VERB
elp-5371	206	6	regulatory	regulatory	ADJ
elp-5371	206	7	framework	framework	NOUN
elp-5371	206	8	and	and	CCONJ
elp-5371	206	9	supervisory	supervisory	ADJ
elp-5371	206	10	practices	practice	NOUN
elp-5371	206	11	for	for	ADP
elp-5371	206	12	orderly	orderly	ADJ
elp-5371	206	13	development	development	NOUN
elp-5371	206	14	and	and	CCONJ
elp-5371	206	15	stability	stability	NOUN
elp-5371	206	16	of	of	ADP
elp-5371	206	17	the	the	DET
elp-5371	206	18	financial	financial	ADJ
elp-5371	206	19	system	system	NOUN
elp-5371	206	20	.	.	PUNCT
elp-5371	207	1			X
elp-5371	207	2	element	element	NOUN
elp-5371	207	3	7	7	NUM
elp-5371	207	4	:	:	PUNCT
elp-5371	207	5	safeguard	safeguard	VERB
elp-5371	207	6	the	the	DET
elp-5371	207	7	integrity	integrity	NOUN
elp-5371	207	8	of	of	ADP
elp-5371	207	9	financial	financial	ADJ
elp-5371	207	10	systems	system	NOUN
elp-5371	207	11	.	.	PUNCT
elp-5371	208	1			X
elp-5371	208	2	element	element	NOUN
elp-5371	208	3	8	8	NUM
elp-5371	208	4	:	:	PUNCT
elp-5371	208	5	modernise	modernise	VERB
elp-5371	208	6	legal	legal	ADJ
elp-5371	208	7	frameworks	framework	NOUN
elp-5371	208	8	to	to	PART
elp-5371	208	9	provide	provide	VERB
elp-5371	208	10	an	an	DET
elp-5371	208	11	enabling	enable	VERB
elp-5371	208	12	legal	legal	ADJ
elp-5371	208	13	landscape	landscape	NOUN
elp-5371	208	14	.	.	PUNCT
elp-5371	209	1			PRON
elp-5371	209	2	element	element	NOUN
elp-5371	209	3	9	9	NUM
elp-5371	209	4	:	:	PUNCT
elp-5371	209	5	ensure	ensure	VERB
elp-5371	209	6	the	the	DET
elp-5371	209	7	stability	stability	NOUN
elp-5371	209	8	of	of	ADP
elp-5371	209	9	domestic	domestic	ADJ
elp-5371	209	10	monetary	monetary	ADJ
elp-5371	209	11	and	and	CCONJ
elp-5371	209	12	financial	financial	ADJ
elp-5371	209	13	systems	system	NOUN
elp-5371	209	14	.	.	PUNCT
elp-5371	210	1			X
elp-5371	210	2	element	element	NOUN
elp-5371	210	3	10	10	NUM
elp-5371	210	4	:	:	PUNCT
elp-5371	210	5	develop	develop	VERB
elp-5371	210	6	robust	robust	ADJ
elp-5371	210	7	financial	financial	ADJ
elp-5371	210	8	and	and	CCONJ
elp-5371	210	9	data	datum	NOUN
elp-5371	210	10	infrastructure	infrastructure	NOUN
elp-5371	210	11	to	to	PART
elp-5371	210	12	sustain	sustain	VERB
elp-5371	210	13	fintech	fintech	NOUN
elp-5371	210	14	benefits	benefit	NOUN
elp-5371	210	15	.	.	PUNCT
elp-5371	211	1			X
elp-5371	211	2	element	element	NOUN
elp-5371	211	3	11	11	NUM
elp-5371	211	4	:	:	PUNCT
elp-5371	211	5	encourage	encourage	VERB
elp-5371	211	6	international	international	ADJ
elp-5371	211	7	cooperation	cooperation	NOUN
elp-5371	211	8	and	and	CCONJ
elp-5371	211	9	information	information	NOUN
elp-5371	211	10	-	-	PUNCT
elp-5371	211	11	sharing	sharing	NOUN
elp-5371	211	12	.	.	PUNCT
elp-5371	212	1			PRON
elp-5371	212	2	element	element	NOUN
elp-5371	212	3	12	12	NUM
elp-5371	212	4	:	:	PUNCT
elp-5371	212	5	enhance	enhance	VERB
elp-5371	212	6	collective	collective	ADJ
elp-5371	212	7	surveillance	surveillance	NOUN
elp-5371	212	8	of	of	ADP
elp-5371	212	9	the	the	DET
elp-5371	212	10	international	international	ADJ
elp-5371	212	11	monetary	monetary	ADJ
elp-5371	212	12	and	and	CCONJ
elp-5371	212	13	financial	financial	ADJ
elp-5371	212	14	system	system	NOUN
elp-5371	212	15	.	.	PUNCT
elp-5371	213	1	these	these	DET
elp-5371	213	2	elements	element	NOUN
elp-5371	213	3	provide	provide	VERB
elp-5371	213	4	a	a	DET
elp-5371	213	5	broad	broad	ADJ
elp-5371	213	6	context	context	NOUN
elp-5371	213	7	for	for	ADP
elp-5371	213	8	assessing	assess	VERB
elp-5371	213	9	the	the	DET
elp-5371	213	10	appropriate	appropriate	ADJ
elp-5371	213	11	regulatory	regulatory	ADJ
elp-5371	213	12	and	and	CCONJ
elp-5371	213	13	supervisory	supervisory	ADJ
elp-5371	213	14	responses	response	NOUN
elp-5371	213	15	to	to	ADP
elp-5371	213	16	fintech	fintech	NOUN
elp-5371	213	17	developments	development	NOUN
elp-5371	213	18	.	.	PUNCT
elp-5371	214	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	214	2	economics	economic	NOUN
elp-5371	214	3	,	,	PUNCT
elp-5371	214	4	law	law	NOUN
elp-5371	214	5	and	and	CCONJ
elp-5371	214	6	policy	policy	NOUN
elp-5371	214	7	vol	vol	NOUN
elp-5371	214	8	.	.	PROPN
elp-5371	215	1	5	5	NUM
elp-5371	215	2	,	,	PUNCT
elp-5371	215	3	no	no	INTJ
elp-5371	215	4	.	.	NOUN
elp-5371	215	5	2	2	NUM
elp-5371	215	6	,	,	PUNCT
elp-5371	215	7	2022	2022	NUM
elp-5371	215	8	41	41	NUM
elp-5371	215	9	published	publish	VERB
elp-5371	215	10	by	by	ADP
elp-5371	215	11	scholink	scholink	PROPN
elp-5371	215	12	inc	inc	PROPN
elp-5371	215	13	.	.	PROPN
elp-5371	215	14	regulatory	regulatory	ADJ
elp-5371	215	15	objectives	objective	NOUN
elp-5371	215	16	it	it	PRON
elp-5371	215	17	is	be	AUX
elp-5371	215	18	clearly	clearly	ADV
elp-5371	215	19	important	important	ADJ
elp-5371	215	20	that	that	SCONJ
elp-5371	215	21	the	the	DET
elp-5371	215	22	authorities	authority	NOUN
elp-5371	215	23	understand	understand	VERB
elp-5371	215	24	the	the	DET
elp-5371	215	25	risks	risk	NOUN
elp-5371	215	26	associated	associate	VERB
elp-5371	215	27	with	with	ADP
elp-5371	215	28	fintech	fintech	NOUN
elp-5371	215	29	and	and	CCONJ
elp-5371	215	30	design	design	NOUN
elp-5371	215	31	regulatory	regulatory	ADJ
elp-5371	215	32	responses	response	NOUN
elp-5371	215	33	to	to	PART
elp-5371	215	34	seek	seek	VERB
elp-5371	215	35	to	to	PART
elp-5371	215	36	ensure	ensure	VERB
elp-5371	215	37	that	that	SCONJ
elp-5371	215	38	the	the	DET
elp-5371	215	39	risks	risk	NOUN
elp-5371	215	40	are	be	AUX
elp-5371	215	41	appropriately	appropriately	ADV
elp-5371	215	42	managed	manage	VERB
elp-5371	215	43	.	.	PUNCT
elp-5371	216	1	it	it	PRON
elp-5371	216	2	is	be	AUX
elp-5371	216	3	not	not	PART
elp-5371	216	4	about	about	ADP
elp-5371	216	5	achieving	achieve	VERB
elp-5371	216	6	“	"	PUNCT
elp-5371	216	7	zero	zero	NUM
elp-5371	216	8	risk	risk	NOUN
elp-5371	216	9	”	"	PUNCT
elp-5371	216	10	outcomes	outcome	NOUN
elp-5371	216	11	.	.	PUNCT
elp-5371	217	1	innovations	innovation	NOUN
elp-5371	217	2	and	and	CCONJ
elp-5371	217	3	economic	economic	ADJ
elp-5371	217	4	activity	activity	NOUN
elp-5371	217	5	of	of	ADP
elp-5371	217	6	all	all	DET
elp-5371	217	7	kinds	kind	NOUN
elp-5371	217	8	necessarily	necessarily	ADV
elp-5371	217	9	entail	entail	VERB
elp-5371	217	10	risks	risk	NOUN
elp-5371	217	11	.	.	PUNCT
elp-5371	218	1	rather	rather	ADV
elp-5371	218	2	,	,	PUNCT
elp-5371	218	3	it	it	PRON
elp-5371	218	4	is	be	AUX
elp-5371	218	5	about	about	ADP
elp-5371	218	6	seeking	seek	VERB
elp-5371	218	7	to	to	PART
elp-5371	218	8	ensure	ensure	VERB
elp-5371	218	9	that	that	SCONJ
elp-5371	218	10	risks	risk	NOUN
elp-5371	218	11	are	be	AUX
elp-5371	218	12	identified	identify	VERB
elp-5371	218	13	,	,	PUNCT
elp-5371	218	14	monitored	monitor	VERB
elp-5371	218	15	and	and	CCONJ
elp-5371	218	16	managed	manage	VERB
elp-5371	218	17	so	so	SCONJ
elp-5371	218	18	as	as	SCONJ
elp-5371	218	19	to	to	PART
elp-5371	218	20	maintain	maintain	VERB
elp-5371	218	21	a	a	DET
elp-5371	218	22	stable	stable	ADJ
elp-5371	218	23	but	but	CCONJ
elp-5371	218	24	efficient	efficient	ADJ
elp-5371	218	25	financial	financial	ADJ
elp-5371	218	26	system	system	NOUN
elp-5371	218	27	and	and	CCONJ
elp-5371	218	28	to	to	PART
elp-5371	218	29	protect	protect	VERB
elp-5371	218	30	those	those	PRON
elp-5371	218	31	least	least	ADV
elp-5371	218	32	able	able	ADJ
elp-5371	218	33	to	to	PART
elp-5371	218	34	protect	protect	VERB
elp-5371	218	35	themselves	themselves	PRON
elp-5371	218	36	—	—	PUNCT
elp-5371	218	37	small	small	ADJ
elp-5371	218	38	depositors	depositor	NOUN
elp-5371	218	39	,	,	PUNCT
elp-5371	218	40	policyholders	policyholder	NOUN
elp-5371	218	41	and	and	CCONJ
elp-5371	218	42	some	some	DET
elp-5371	218	43	categories	category	NOUN
elp-5371	218	44	of	of	ADP
elp-5371	218	45	investors	investor	NOUN
elp-5371	218	46	.	.	PUNCT
elp-5371	219	1	national	national	ADJ
elp-5371	219	2	authorities	authority	NOUN
elp-5371	219	3	have	have	VERB
elp-5371	219	4	a	a	DET
elp-5371	219	5	delicate	delicate	ADJ
elp-5371	219	6	balancing	balancing	NOUN
elp-5371	219	7	act	act	NOUN
elp-5371	219	8	here	here	ADV
elp-5371	219	9	.	.	PUNCT
elp-5371	220	1	on	on	ADP
elp-5371	220	2	the	the	DET
elp-5371	220	3	one	one	NUM
elp-5371	220	4	hand	hand	NOUN
elp-5371	220	5	,	,	PUNCT
elp-5371	220	6	they	they	PRON
elp-5371	220	7	need	need	VERB
elp-5371	220	8	to	to	PART
elp-5371	220	9	ensure	ensure	VERB
elp-5371	220	10	that	that	SCONJ
elp-5371	220	11	fintech	fintech	NOUN
elp-5371	220	12	risks	risk	NOUN
elp-5371	220	13	are	be	AUX
elp-5371	220	14	appropriately	appropriately	ADV
elp-5371	220	15	managed	manage	VERB
elp-5371	220	16	.	.	PUNCT
elp-5371	221	1	but	but	CCONJ
elp-5371	221	2	on	on	ADP
elp-5371	221	3	the	the	DET
elp-5371	221	4	other	other	ADJ
elp-5371	221	5	hand	hand	NOUN
elp-5371	221	6	,	,	PUNCT
elp-5371	221	7	they	they	PRON
elp-5371	221	8	need	need	VERB
elp-5371	221	9	to	to	PART
elp-5371	221	10	maintain	maintain	VERB
elp-5371	221	11	their	their	PRON
elp-5371	221	12	country‟s	country‟s	NOUN
elp-5371	221	13	competitiveness	competitiveness	NOUN
elp-5371	221	14	in	in	ADP
elp-5371	221	15	the	the	DET
elp-5371	221	16	global	global	ADJ
elp-5371	221	17	financial	financial	ADJ
elp-5371	221	18	system	system	NOUN
elp-5371	221	19	and	and	CCONJ
elp-5371	221	20	harness	harness	NOUN
elp-5371	221	21	the	the	DET
elp-5371	221	22	consumer	consumer	NOUN
elp-5371	221	23	,	,	PUNCT
elp-5371	221	24	investor	investor	NOUN
elp-5371	221	25	and	and	CCONJ
elp-5371	221	26	systemic	systemic	ADJ
elp-5371	221	27	benefits	benefit	NOUN
elp-5371	221	28	that	that	PRON
elp-5371	221	29	fintech	fintech	NOUN
elp-5371	221	30	can	can	AUX
elp-5371	221	31	provide	provide	VERB
elp-5371	221	32	.	.	PUNCT
elp-5371	222	1	it	it	PRON
elp-5371	222	2	involves	involve	VERB
elp-5371	222	3	seeking	seek	VERB
elp-5371	222	4	an	an	DET
elp-5371	222	5	appropriate	appropriate	ADJ
elp-5371	222	6	balance	balance	NOUN
elp-5371	222	7	between	between	ADP
elp-5371	222	8	the	the	DET
elp-5371	222	9	promotion	promotion	NOUN
elp-5371	222	10	of	of	ADP
elp-5371	222	11	a	a	DET
elp-5371	222	12	stable	stable	ADJ
elp-5371	222	13	and	and	CCONJ
elp-5371	222	14	resilient	resilient	ADJ
elp-5371	222	15	financial	financial	ADJ
elp-5371	222	16	system	system	NOUN
elp-5371	222	17	,	,	PUNCT
elp-5371	222	18	and	and	CCONJ
elp-5371	222	19	the	the	DET
elp-5371	222	20	promotion	promotion	NOUN
elp-5371	222	21	of	of	ADP
elp-5371	222	22	a	a	DET
elp-5371	222	23	contestable	contestable	ADJ
elp-5371	222	24	,	,	PUNCT
elp-5371	222	25	competitive	competitive	ADJ
elp-5371	222	26	,	,	PUNCT
elp-5371	222	27	innovative	innovative	ADJ
elp-5371	222	28	and	and	CCONJ
elp-5371	222	29	efficient	efficient	ADJ
elp-5371	222	30	financial	financial	ADJ
elp-5371	222	31	system	system	NOUN
elp-5371	222	32	.	.	PUNCT
elp-5371	223	1	there	there	PRON
elp-5371	223	2	is	be	VERB
elp-5371	223	3	a	a	DET
elp-5371	223	4	need	need	NOUN
elp-5371	223	5	for	for	ADP
elp-5371	223	6	well	well	ADV
elp-5371	223	7	-	-	PUNCT
elp-5371	223	8	defined	define	VERB
elp-5371	223	9	regulatory	regulatory	ADJ
elp-5371	223	10	objectives	objective	NOUN
elp-5371	223	11	in	in	ADP
elp-5371	223	12	designing	design	VERB
elp-5371	223	13	a	a	DET
elp-5371	223	14	regulatory	regulatory	ADJ
elp-5371	223	15	approach	approach	NOUN
elp-5371	223	16	to	to	ADP
elp-5371	223	17	fintech	fintech	NOUN
elp-5371	223	18	.	.	PUNCT
elp-5371	224	1	in	in	ADP
elp-5371	224	2	most	most	ADJ
elp-5371	224	3	respects	respect	NOUN
elp-5371	224	4	,	,	PUNCT
elp-5371	224	5	the	the	DET
elp-5371	224	6	main	main	ADJ
elp-5371	224	7	regulatory	regulatory	ADJ
elp-5371	224	8	objectives	objective	NOUN
elp-5371	224	9	for	for	ADP
elp-5371	224	10	fintech	fintech	NOUN
elp-5371	224	11	are	be	AUX
elp-5371	224	12	the	the	DET
elp-5371	224	13	same	same	ADJ
elp-5371	224	14	,	,	PUNCT
elp-5371	224	15	in	in	ADP
elp-5371	224	16	substance	substance	NOUN
elp-5371	224	17	,	,	PUNCT
elp-5371	224	18	as	as	ADP
elp-5371	224	19	those	those	PRON
elp-5371	224	20	that	that	PRON
elp-5371	224	21	currently	currently	ADV
elp-5371	224	22	apply	apply	VERB
elp-5371	224	23	to	to	ADP
elp-5371	224	24	conventional	conventional	ADJ
elp-5371	224	25	financial	financial	ADJ
elp-5371	224	26	activities	activity	NOUN
elp-5371	224	27	.	.	PUNCT
elp-5371	225	1	in	in	ADP
elp-5371	225	2	that	that	DET
elp-5371	225	3	regard	regard	NOUN
elp-5371	225	4	,	,	PUNCT
elp-5371	225	5	the	the	DET
elp-5371	225	6	main	main	ADJ
elp-5371	225	7	financial	financial	ADJ
elp-5371	225	8	sector	sector	NOUN
elp-5371	225	9	regulatory	regulatory	ADJ
elp-5371	225	10	objectives	objective	NOUN
elp-5371	225	11	are	be	AUX
elp-5371	225	12	:	:	PUNCT
elp-5371	225	13			NOUN
elp-5371	225	14	to	to	PART
elp-5371	225	15	promote	promote	VERB
elp-5371	225	16	and	and	CCONJ
elp-5371	225	17	maintain	maintain	VERB
elp-5371	225	18	a	a	DET
elp-5371	225	19	stable	stable	ADJ
elp-5371	225	20	,	,	PUNCT
elp-5371	225	21	resilient	resilient	ADJ
elp-5371	225	22	financial	financial	ADJ
elp-5371	225	23	system	system	NOUN
elp-5371	225	24	(	(	PUNCT
elp-5371	225	25	i.e.	i.e.	X
elp-5371	225	26	,	,	PUNCT
elp-5371	225	27	a	a	DET
elp-5371	225	28	financial	financial	ADJ
elp-5371	225	29	system	system	NOUN
elp-5371	225	30	that	that	PRON
elp-5371	225	31	is	be	AUX
elp-5371	225	32	capable	capable	ADJ
elp-5371	225	33	of	of	ADP
elp-5371	225	34	performing	perform	VERB
elp-5371	225	35	all	all	DET
elp-5371	225	36	critical	critical	ADJ
elp-5371	225	37	functions	function	NOUN
elp-5371	225	38	in	in	ADP
elp-5371	225	39	the	the	DET
elp-5371	225	40	face	face	NOUN
elp-5371	225	41	of	of	ADP
elp-5371	225	42	severe	severe	ADJ
elp-5371	225	43	shocks	shock	NOUN
elp-5371	225	44	)	)	PUNCT
elp-5371	225	45	.	.	PUNCT
elp-5371	226	1			PUNCT
elp-5371	226	2	to	to	PART
elp-5371	226	3	promote	promote	VERB
elp-5371	226	4	and	and	CCONJ
elp-5371	226	5	maintain	maintain	VERB
elp-5371	226	6	an	an	DET
elp-5371	226	7	efficient	efficient	ADJ
elp-5371	226	8	financial	financial	ADJ
elp-5371	226	9	system	system	NOUN
elp-5371	226	10	(	(	PUNCT
elp-5371	226	11	i.e.	i.e.	X
elp-5371	226	12	,	,	PUNCT
elp-5371	226	13	a	a	DET
elp-5371	226	14	financial	financial	ADJ
elp-5371	226	15	system	system	NOUN
elp-5371	226	16	that	that	PRON
elp-5371	226	17	is	be	AUX
elp-5371	226	18	dynamically	dynamically	ADV
elp-5371	226	19	efficient	efficient	ADJ
elp-5371	226	20	,	,	PUNCT
elp-5371	226	21	allocatively	allocatively	ADV
elp-5371	226	22	efficient	efficient	ADJ
elp-5371	226	23	and	and	CCONJ
elp-5371	226	24	productively	productively	ADV
elp-5371	226	25	efficient	efficient	ADJ
elp-5371	226	26	)	)	PUNCT
elp-5371	226	27	.	.	PUNCT
elp-5371	227	1			PUNCT
elp-5371	227	2	to	to	PART
elp-5371	227	3	facilitate	facilitate	VERB
elp-5371	227	4	competitiveness	competitiveness	NOUN
elp-5371	227	5	and	and	CCONJ
elp-5371	227	6	contestability	contestability	NOUN
elp-5371	227	7	in	in	ADP
elp-5371	227	8	the	the	DET
elp-5371	227	9	financial	financial	ADJ
elp-5371	227	10	sector	sector	NOUN
elp-5371	227	11	.	.	PUNCT
elp-5371	228	1			PUNCT
elp-5371	228	2	to	to	PART
elp-5371	228	3	protect	protect	VERB
elp-5371	228	4	retail	retail	ADJ
elp-5371	228	5	depositors	depositor	NOUN
elp-5371	228	6	and	and	CCONJ
elp-5371	228	7	insurance	insurance	NOUN
elp-5371	228	8	policyholders	policyholder	NOUN
elp-5371	228	9	within	within	ADP
elp-5371	228	10	the	the	DET
elp-5371	228	11	scope	scope	NOUN
elp-5371	228	12	of	of	ADP
elp-5371	228	13	established	establish	VERB
elp-5371	228	14	protection	protection	NOUN
elp-5371	228	15	schemes	scheme	NOUN
elp-5371	228	16	.	.	PUNCT
elp-5371	229	1			NOUN
elp-5371	229	2	to	to	PART
elp-5371	229	3	promote	promote	VERB
elp-5371	229	4	and	and	CCONJ
elp-5371	229	5	maintain	maintain	VERB
elp-5371	229	6	the	the	DET
elp-5371	229	7	integrity	integrity	NOUN
elp-5371	229	8	of	of	ADP
elp-5371	229	9	financial	financial	ADJ
elp-5371	229	10	markets	market	NOUN
elp-5371	229	11	.	.	PUNCT
elp-5371	230	1			PRON
elp-5371	230	2	to	to	PART
elp-5371	230	3	seek	seek	VERB
elp-5371	230	4	to	to	PART
elp-5371	230	5	prevent	prevent	VERB
elp-5371	230	6	financial	financial	ADJ
elp-5371	230	7	crimes	crime	NOUN
elp-5371	230	8	.	.	PUNCT
elp-5371	231	1	these	these	DET
elp-5371	231	2	financial	financial	ADJ
elp-5371	231	3	sector	sector	NOUN
elp-5371	231	4	regulatory	regulatory	ADJ
elp-5371	231	5	objectives	objective	NOUN
elp-5371	231	6	are	be	AUX
elp-5371	231	7	just	just	ADV
elp-5371	231	8	as	as	ADV
elp-5371	231	9	relevant	relevant	ADJ
elp-5371	231	10	to	to	ADP
elp-5371	231	11	fintech	fintech	NOUN
elp-5371	231	12	activities	activity	NOUN
elp-5371	231	13	as	as	SCONJ
elp-5371	231	14	they	they	PRON
elp-5371	231	15	are	be	AUX
elp-5371	231	16	to	to	ADP
elp-5371	231	17	conventional	conventional	ADJ
elp-5371	231	18	financial	financial	ADJ
elp-5371	231	19	activities	activity	NOUN
elp-5371	231	20	.	.	PUNCT
elp-5371	232	1	fintech	fintech	NOUN
elp-5371	232	2	presents	present	VERB
elp-5371	232	3	similar	similar	ADJ
elp-5371	232	4	risks	risk	NOUN
elp-5371	232	5	and	and	CCONJ
elp-5371	232	6	externalities	externality	NOUN
elp-5371	232	7	as	as	SCONJ
elp-5371	232	8	do	do	VERB
elp-5371	232	9	conventional	conventional	ADJ
elp-5371	232	10	financial	financial	ADJ
elp-5371	232	11	activities	activity	NOUN
elp-5371	232	12	—	—	PUNCT
elp-5371	232	13	i.e.	i.e.	X
elp-5371	232	14	,	,	PUNCT
elp-5371	232	15	risks	risk	NOUN
elp-5371	232	16	relating	relate	VERB
elp-5371	232	17	to	to	ADP
elp-5371	232	18	information	information	NOUN
elp-5371	232	19	asymmetries	asymmetry	NOUN
elp-5371	232	20	,	,	PUNCT
elp-5371	232	21	disruption	disruption	NOUN
elp-5371	232	22	to	to	PART
elp-5371	232	23	systemically	systemically	ADV
elp-5371	232	24	important	important	ADJ
elp-5371	232	25	functions	function	NOUN
elp-5371	232	26	,	,	PUNCT
elp-5371	232	27	contagion	contagion	NOUN
elp-5371	232	28	risks	risk	NOUN
elp-5371	232	29	,	,	PUNCT
elp-5371	232	30	risk	risk	NOUN
elp-5371	232	31	of	of	ADP
elp-5371	232	32	excessive	excessive	ADJ
elp-5371	232	33	market	market	NOUN
elp-5371	232	34	volatility	volatility	NOUN
elp-5371	232	35	,	,	PUNCT
elp-5371	232	36	market	market	NOUN
elp-5371	232	37	conduct	conduct	NOUN
elp-5371	232	38	risks	risk	NOUN
elp-5371	232	39	,	,	PUNCT
elp-5371	232	40	and	and	CCONJ
elp-5371	232	41	risks	risk	NOUN
elp-5371	232	42	of	of	ADP
elp-5371	232	43	financial	financial	ADJ
elp-5371	232	44	crimes	crime	NOUN
elp-5371	232	45	.	.	PUNCT
elp-5371	233	1	regulation	regulation	NOUN
elp-5371	233	2	of	of	ADP
elp-5371	233	3	fintech	fintech	NOUN
elp-5371	233	4	should	should	AUX
elp-5371	233	5	therefore	therefore	ADV
elp-5371	233	6	seek	seek	VERB
elp-5371	233	7	to	to	PART
elp-5371	233	8	ensure	ensure	VERB
elp-5371	233	9	that	that	SCONJ
elp-5371	233	10	these	these	DET
elp-5371	233	11	risks	risk	NOUN
elp-5371	233	12	and	and	CCONJ
elp-5371	233	13	externalities	externality	NOUN
elp-5371	233	14	are	be	AUX
elp-5371	233	15	properly	properly	ADV
elp-5371	233	16	identified	identify	VERB
elp-5371	233	17	,	,	PUNCT
elp-5371	233	18	monitored	monitor	VERB
elp-5371	233	19	and	and	CCONJ
elp-5371	233	20	managed	manage	VERB
elp-5371	233	21	.	.	PUNCT
elp-5371	234	1	however	however	ADV
elp-5371	234	2	,	,	PUNCT
elp-5371	234	3	there	there	PRON
elp-5371	234	4	is	be	VERB
elp-5371	234	5	a	a	DET
elp-5371	234	6	need	need	NOUN
elp-5371	234	7	to	to	PART
elp-5371	234	8	make	make	VERB
elp-5371	234	9	sure	sure	ADJ
elp-5371	234	10	that	that	SCONJ
elp-5371	234	11	the	the	DET
elp-5371	234	12	risks	risk	NOUN
elp-5371	234	13	presented	present	VERB
elp-5371	234	14	by	by	ADP
elp-5371	234	15	fintech	fintech	NOUN
elp-5371	234	16	are	be	AUX
elp-5371	234	17	well	well	ADV
elp-5371	234	18	understood	understand	VERB
elp-5371	234	19	before	before	ADP
elp-5371	234	20	developing	develop	VERB
elp-5371	234	21	new	new	ADJ
elp-5371	234	22	regulatory	regulatory	ADJ
elp-5371	234	23	responses	response	NOUN
elp-5371	234	24	and	and	CCONJ
elp-5371	234	25	to	to	PART
elp-5371	234	26	ensure	ensure	VERB
elp-5371	234	27	that	that	SCONJ
elp-5371	234	28	regulation	regulation	NOUN
elp-5371	234	29	appropriately	appropriately	ADV
elp-5371	234	30	addresses	address	VERB
elp-5371	234	31	those	those	DET
elp-5371	234	32	risks	risk	NOUN
elp-5371	234	33	in	in	ADP
elp-5371	234	34	a	a	DET
elp-5371	234	35	proportionate	proportionate	ADJ
elp-5371	234	36	manner	manner	NOUN
elp-5371	234	37	.	.	PUNCT
elp-5371	235	1	these	these	DET
elp-5371	235	2	new	new	ADJ
elp-5371	235	3	risks	risk	NOUN
elp-5371	235	4	(	(	PUNCT
elp-5371	235	5	or	or	CCONJ
elp-5371	235	6	existing	exist	VERB
elp-5371	235	7	risks	risk	NOUN
elp-5371	235	8	made	make	VERB
elp-5371	235	9	more	more	ADV
elp-5371	235	10	complex	complex	ADJ
elp-5371	235	11	and	and	CCONJ
elp-5371	235	12	more	more	ADV
elp-5371	235	13	damaging	damaging	ADJ
elp-5371	235	14	in	in	ADP
elp-5371	235	15	impact	impact	NOUN
elp-5371	235	16	)	)	PUNCT
elp-5371	235	17	will	will	AUX
elp-5371	235	18	require	require	VERB
elp-5371	235	19	particular	particular	ADJ
elp-5371	235	20	regulatory	regulatory	ADJ
elp-5371	235	21	attention	attention	NOUN
elp-5371	235	22	—	—	PUNCT
elp-5371	235	23	either	either	CCONJ
elp-5371	235	24	using	use	VERB
elp-5371	235	25	existing	exist	VERB
elp-5371	235	26	regulatory	regulatory	ADJ
elp-5371	235	27	tools	tool	NOUN
elp-5371	235	28	or	or	CCONJ
elp-5371	235	29	,	,	PUNCT
elp-5371	235	30	in	in	ADP
elp-5371	235	31	some	some	DET
elp-5371	235	32	cases	case	NOUN
elp-5371	235	33	,	,	PUNCT
elp-5371	235	34	new	new	ADJ
elp-5371	235	35	ones	one	NOUN
elp-5371	235	36	.	.	PUNCT
elp-5371	236	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	236	2	economics	economic	NOUN
elp-5371	236	3	,	,	PUNCT
elp-5371	236	4	law	law	NOUN
elp-5371	236	5	and	and	CCONJ
elp-5371	236	6	policy	policy	NOUN
elp-5371	236	7	vol	vol	NOUN
elp-5371	236	8	.	.	PROPN
elp-5371	237	1	5	5	NUM
elp-5371	237	2	,	,	PUNCT
elp-5371	237	3	no	no	INTJ
elp-5371	237	4	.	.	NOUN
elp-5371	237	5	2	2	NUM
elp-5371	237	6	,	,	PUNCT
elp-5371	237	7	2022	2022	NUM
elp-5371	237	8	42	42	NUM
elp-5371	237	9	published	publish	VERB
elp-5371	237	10	by	by	ADP
elp-5371	237	11	scholink	scholink	PROPN
elp-5371	237	12	inc	inc	PROPN
elp-5371	237	13	.	.	PUNCT
elp-5371	238	1	the	the	DET
elp-5371	238	2	main	main	ADJ
elp-5371	238	3	regulatory	regulatory	ADJ
elp-5371	238	4	tools	tool	NOUN
elp-5371	238	5	relevant	relevant	ADJ
elp-5371	238	6	to	to	ADP
elp-5371	238	7	fintech	fintech	NOUN
elp-5371	238	8	are	be	AUX
elp-5371	238	9	largely	largely	ADV
elp-5371	238	10	those	those	PRON
elp-5371	238	11	that	that	PRON
elp-5371	238	12	are	be	AUX
elp-5371	238	13	already	already	ADV
elp-5371	238	14	applied	apply	VERB
elp-5371	238	15	to	to	ADP
elp-5371	238	16	providers	provider	NOUN
elp-5371	238	17	of	of	ADP
elp-5371	238	18	conventional	conventional	ADJ
elp-5371	238	19	financial	financial	ADJ
elp-5371	238	20	services	service	NOUN
elp-5371	238	21	and	and	CCONJ
elp-5371	238	22	products	product	NOUN
elp-5371	238	23	.	.	PUNCT
elp-5371	239	1	the	the	DET
elp-5371	239	2	tools	tool	NOUN
elp-5371	239	3	might	might	AUX
elp-5371	239	4	need	need	VERB
elp-5371	239	5	to	to	PART
elp-5371	239	6	be	be	AUX
elp-5371	239	7	modified	modify	VERB
elp-5371	239	8	in	in	ADP
elp-5371	239	9	some	some	DET
elp-5371	239	10	respect	respect	NOUN
elp-5371	239	11	to	to	PART
elp-5371	239	12	suit	suit	VERB
elp-5371	239	13	the	the	DET
elp-5371	239	14	particular	particular	ADJ
elp-5371	239	15	characteristics	characteristic	NOUN
elp-5371	239	16	of	of	ADP
elp-5371	239	17	fintech	fintech	NOUN
elp-5371	239	18	providers	provider	NOUN
elp-5371	239	19	and	and	CCONJ
elp-5371	239	20	products	product	NOUN
elp-5371	239	21	/	/	SYM
elp-5371	239	22	services	service	NOUN
elp-5371	239	23	,	,	PUNCT
elp-5371	239	24	and	and	CCONJ
elp-5371	239	25	to	to	PART
elp-5371	239	26	ensure	ensure	VERB
elp-5371	239	27	a	a	DET
elp-5371	239	28	proportionate	proportionate	ADJ
elp-5371	239	29	regulatory	regulatory	ADJ
elp-5371	239	30	response	response	NOUN
elp-5371	239	31	to	to	ADP
elp-5371	239	32	the	the	DET
elp-5371	239	33	risks	risk	NOUN
elp-5371	239	34	involved	involve	VERB
elp-5371	239	35	,	,	PUNCT
elp-5371	239	36	but	but	CCONJ
elp-5371	239	37	by	by	ADP
elp-5371	239	38	and	and	CCONJ
elp-5371	239	39	large	large	ADJ
elp-5371	239	40	,	,	PUNCT
elp-5371	239	41	existing	exist	VERB
elp-5371	239	42	regulatory	regulatory	ADJ
elp-5371	239	43	frameworks	framework	NOUN
elp-5371	239	44	are	be	AUX
elp-5371	239	45	likely	likely	ADJ
elp-5371	239	46	to	to	PART
elp-5371	239	47	be	be	AUX
elp-5371	239	48	applicable	applicable	ADJ
elp-5371	239	49	to	to	ADP
elp-5371	239	50	most	most	ADJ
elp-5371	239	51	types	type	NOUN
elp-5371	239	52	of	of	ADP
elp-5371	239	53	fintech	fintech	NOUN
elp-5371	239	54	providers	provider	NOUN
elp-5371	239	55	.	.	PUNCT
elp-5371	240	1	in	in	ADP
elp-5371	240	2	this	this	DET
elp-5371	240	3	regard	regard	NOUN
elp-5371	240	4	,	,	PUNCT
elp-5371	240	5	the	the	DET
elp-5371	240	6	key	key	ADJ
elp-5371	240	7	elements	element	NOUN
elp-5371	240	8	are	be	AUX
elp-5371	240	9	likely	likely	ADJ
elp-5371	240	10	to	to	PART
elp-5371	240	11	include	include	VERB
elp-5371	240	12	the	the	DET
elp-5371	240	13	following	following	NOUN
elp-5371	240	14	.	.	PUNCT
elp-5371	241	1	licensing	licensing	NOUN
elp-5371	241	2	of	of	ADP
elp-5371	241	3	financial	financial	ADJ
elp-5371	241	4	service	service	NOUN
elp-5371	241	5	providers	provider	NOUN
elp-5371	241	6	a	a	DET
elp-5371	241	7	key	key	ADJ
elp-5371	241	8	element	element	NOUN
elp-5371	241	9	of	of	ADP
elp-5371	241	10	financial	financial	ADJ
elp-5371	241	11	sector	sector	NOUN
elp-5371	241	12	regulation	regulation	NOUN
elp-5371	241	13	is	be	AUX
elp-5371	241	14	a	a	DET
elp-5371	241	15	framework	framework	NOUN
elp-5371	241	16	to	to	PART
elp-5371	241	17	ensure	ensure	VERB
elp-5371	241	18	that	that	SCONJ
elp-5371	241	19	providers	provider	NOUN
elp-5371	241	20	of	of	ADP
elp-5371	241	21	defined	define	VERB
elp-5371	241	22	categories	category	NOUN
elp-5371	241	23	of	of	ADP
elp-5371	241	24	financial	financial	ADJ
elp-5371	241	25	products	product	NOUN
elp-5371	241	26	and	and	CCONJ
elp-5371	241	27	services	service	NOUN
elp-5371	241	28	are	be	AUX
elp-5371	241	29	subject	subject	ADJ
elp-5371	241	30	to	to	ADP
elp-5371	241	31	a	a	DET
elp-5371	241	32	licensing	licensing	NOUN
elp-5371	241	33	process	process	NOUN
elp-5371	241	34	so	so	SCONJ
elp-5371	241	35	that	that	SCONJ
elp-5371	241	36	they	they	PRON
elp-5371	241	37	meet	meet	VERB
elp-5371	241	38	minimum	minimum	NOUN
elp-5371	241	39	standards	standard	NOUN
elp-5371	241	40	relevant	relevant	ADJ
elp-5371	241	41	to	to	ADP
elp-5371	241	42	the	the	DET
elp-5371	241	43	risks	risk	NOUN
elp-5371	241	44	involved	involve	VERB
elp-5371	241	45	.	.	PUNCT
elp-5371	242	1	licensing	licensing	NOUN
elp-5371	242	2	requirements	requirement	NOUN
elp-5371	242	3	will	will	AUX
elp-5371	242	4	vary	vary	VERB
elp-5371	242	5	greatly	greatly	ADV
elp-5371	242	6	depending	depend	VERB
elp-5371	242	7	on	on	ADP
elp-5371	242	8	the	the	DET
elp-5371	242	9	type	type	NOUN
elp-5371	242	10	of	of	ADP
elp-5371	242	11	entity	entity	NOUN
elp-5371	242	12	and	and	CCONJ
elp-5371	242	13	the	the	DET
elp-5371	242	14	financial	financial	ADJ
elp-5371	242	15	products	product	NOUN
elp-5371	242	16	and	and	CCONJ
elp-5371	242	17	services	service	NOUN
elp-5371	242	18	it	it	PRON
elp-5371	242	19	provides	provide	VERB
elp-5371	242	20	.	.	PUNCT
elp-5371	243	1	a	a	DET
elp-5371	243	2	consistent	consistent	ADJ
elp-5371	243	3	approach	approach	NOUN
elp-5371	243	4	based	base	VERB
elp-5371	243	5	on	on	ADP
elp-5371	243	6	types	type	NOUN
elp-5371	243	7	of	of	ADP
elp-5371	243	8	products	product	NOUN
elp-5371	243	9	and	and	CCONJ
elp-5371	243	10	services	service	NOUN
elp-5371	243	11	,	,	PUNCT
elp-5371	243	12	rather	rather	ADV
elp-5371	243	13	than	than	ADP
elp-5371	243	14	legal	legal	ADJ
elp-5371	243	15	form	form	NOUN
elp-5371	243	16	,	,	PUNCT
elp-5371	243	17	is	be	AUX
elp-5371	243	18	generally	generally	ADV
elp-5371	243	19	desirable	desirable	ADJ
elp-5371	243	20	,	,	PUNCT
elp-5371	243	21	with	with	ADP
elp-5371	243	22	a	a	DET
elp-5371	243	23	view	view	NOUN
elp-5371	243	24	to	to	ADP
elp-5371	243	25	achieving	achieve	VERB
elp-5371	243	26	a	a	DET
elp-5371	243	27	competitively	competitively	ADV
elp-5371	243	28	neutral	neutral	ADJ
elp-5371	243	29	regulatory	regulatory	ADJ
elp-5371	243	30	framework	framework	NOUN
elp-5371	243	31	that	that	PRON
elp-5371	243	32	treats	treat	VERB
elp-5371	243	33	similar	similar	ADJ
elp-5371	243	34	products	product	NOUN
elp-5371	243	35	and	and	CCONJ
elp-5371	243	36	services	service	NOUN
elp-5371	243	37	in	in	ADP
elp-5371	243	38	much	much	ADV
elp-5371	243	39	the	the	DET
elp-5371	243	40	same	same	ADJ
elp-5371	243	41	way	way	NOUN
elp-5371	243	42	.	.	PUNCT
elp-5371	244	1	a	a	DET
elp-5371	244	2	licensing	licensing	NOUN
elp-5371	244	3	framework	framework	NOUN
elp-5371	244	4	typically	typically	ADV
elp-5371	244	5	includes	include	VERB
elp-5371	244	6	a	a	DET
elp-5371	244	7	focus	focus	NOUN
elp-5371	244	8	on	on	ADP
elp-5371	244	9	:	:	PUNCT
elp-5371	244	10			NOUN
elp-5371	244	11	minimum	minimum	ADJ
elp-5371	244	12	standards	standard	NOUN
elp-5371	244	13	of	of	ADP
elp-5371	244	14	fit	fit	ADJ
elp-5371	244	15	and	and	CCONJ
elp-5371	244	16	proper	proper	ADJ
elp-5371	244	17	for	for	ADP
elp-5371	244	18	key	key	ADJ
elp-5371	244	19	officers	officer	NOUN
elp-5371	244	20	of	of	ADP
elp-5371	244	21	the	the	DET
elp-5371	244	22	entity	entity	NOUN
elp-5371	244	23	;	;	PUNCT
elp-5371	244	24			NOUN
elp-5371	244	25	the	the	DET
elp-5371	244	26	need	need	NOUN
elp-5371	244	27	for	for	ADP
elp-5371	244	28	the	the	DET
elp-5371	244	29	entity	entity	NOUN
elp-5371	244	30	in	in	ADP
elp-5371	244	31	question	question	NOUN
elp-5371	244	32	to	to	PART
elp-5371	244	33	have	have	AUX
elp-5371	244	34	a	a	DET
elp-5371	244	35	robust	robust	ADJ
elp-5371	244	36	framework	framework	NOUN
elp-5371	244	37	for	for	ADP
elp-5371	244	38	the	the	DET
elp-5371	244	39	identification	identification	NOUN
elp-5371	244	40	,	,	PUNCT
elp-5371	244	41	measurement	measurement	NOUN
elp-5371	244	42	,	,	PUNCT
elp-5371	244	43	monitoring	monitoring	NOUN
elp-5371	244	44	and	and	CCONJ
elp-5371	244	45	management	management	NOUN
elp-5371	244	46	of	of	ADP
elp-5371	244	47	risks	risk	NOUN
elp-5371	244	48	,	,	PUNCT
elp-5371	244	49	including	include	VERB
elp-5371	244	50	a	a	DET
elp-5371	244	51	well	well	ADV
elp-5371	244	52	-	-	PUNCT
elp-5371	244	53	articulated	articulate	VERB
elp-5371	244	54	risk	risk	NOUN
elp-5371	244	55	appetite	appetite	NOUN
elp-5371	244	56	statement	statement	NOUN
elp-5371	244	57	,	,	PUNCT
elp-5371	244	58	risk	risk	NOUN
elp-5371	244	59	management	management	NOUN
elp-5371	244	60	systems	system	NOUN
elp-5371	244	61	and	and	CCONJ
elp-5371	244	62	controls	control	NOUN
elp-5371	244	63	,	,	PUNCT
elp-5371	244	64	and	and	CCONJ
elp-5371	244	65	risk	risk	NOUN
elp-5371	244	66	culture	culture	NOUN
elp-5371	244	67	;	;	PUNCT
elp-5371	244	68			NOUN
elp-5371	244	69	robust	robust	ADJ
elp-5371	244	70	governance	governance	NOUN
elp-5371	244	71	arrangements	arrangement	NOUN
elp-5371	244	72	,	,	PUNCT
elp-5371	244	73	including	include	VERB
elp-5371	244	74	a	a	DET
elp-5371	244	75	board	board	NOUN
elp-5371	244	76	(	(	PUNCT
elp-5371	244	77	with	with	ADP
elp-5371	244	78	suitably	suitably	ADV
elp-5371	244	79	qualified	qualified	ADJ
elp-5371	244	80	directors	director	NOUN
elp-5371	244	81	,	,	PUNCT
elp-5371	244	82	including	include	VERB
elp-5371	244	83	non	non	ADJ
elp-5371	244	84	-	-	ADJ
elp-5371	244	85	executive	executive	ADJ
elp-5371	244	86	and	and	CCONJ
elp-5371	244	87	independent	independent	ADJ
elp-5371	244	88	directors	director	NOUN
elp-5371	244	89	)	)	PUNCT
elp-5371	244	90	to	to	PART
elp-5371	244	91	oversee	oversee	VERB
elp-5371	244	92	the	the	DET
elp-5371	244	93	strategic	strategic	ADJ
elp-5371	244	94	direction	direction	NOUN
elp-5371	244	95	of	of	ADP
elp-5371	244	96	the	the	DET
elp-5371	244	97	entity	entity	NOUN
elp-5371	244	98	and	and	CCONJ
elp-5371	244	99	its	its	PRON
elp-5371	244	100	senior	senior	ADJ
elp-5371	244	101	management	management	NOUN
elp-5371	244	102	team	team	NOUN
elp-5371	244	103	,	,	PUNCT
elp-5371	244	104	and	and	CCONJ
elp-5371	244	105	board	board	NOUN
elp-5371	244	106	committees	committee	NOUN
elp-5371	244	107	dedicated	dedicate	VERB
elp-5371	244	108	to	to	ADP
elp-5371	244	109	overseeing	oversee	VERB
elp-5371	244	110	risk	risk	NOUN
elp-5371	244	111	management	management	NOUN
elp-5371	244	112	,	,	PUNCT
elp-5371	244	113	audit	audit	NOUN
elp-5371	244	114	and	and	CCONJ
elp-5371	244	115	remuneration	remuneration	NOUN
elp-5371	244	116	;	;	PUNCT
elp-5371	244	117			PRON
elp-5371	244	118	policies	policy	NOUN
elp-5371	244	119	for	for	ADP
elp-5371	244	120	ensuring	ensure	VERB
elp-5371	244	121	that	that	SCONJ
elp-5371	244	122	conflicts	conflict	NOUN
elp-5371	244	123	of	of	ADP
elp-5371	244	124	interest	interest	NOUN
elp-5371	244	125	are	be	AUX
elp-5371	244	126	appropriately	appropriately	ADV
elp-5371	244	127	managed	manage	VERB
elp-5371	244	128	;	;	PUNCT
elp-5371	244	129			PRON
elp-5371	244	130	minimum	minimum	ADJ
elp-5371	244	131	capital	capital	NOUN
elp-5371	244	132	and	and	CCONJ
elp-5371	244	133	liquidity	liquidity	NOUN
elp-5371	244	134	requirements	requirement	NOUN
elp-5371	244	135	,	,	PUNCT
elp-5371	244	136	depending	depend	VERB
elp-5371	244	137	on	on	ADP
elp-5371	244	138	the	the	DET
elp-5371	244	139	nature	nature	NOUN
elp-5371	244	140	of	of	ADP
elp-5371	244	141	the	the	DET
elp-5371	244	142	risks	risk	NOUN
elp-5371	244	143	involved	involve	VERB
elp-5371	244	144	and	and	CCONJ
elp-5371	244	145	the	the	DET
elp-5371	244	146	parties	party	NOUN
elp-5371	244	147	affected	affect	VERB
elp-5371	244	148	by	by	ADP
elp-5371	244	149	those	those	DET
elp-5371	244	150	risks	risk	NOUN
elp-5371	244	151	;	;	PUNCT
elp-5371	244	152	and	and	CCONJ
elp-5371	244	153			NOUN
elp-5371	244	154	the	the	DET
elp-5371	244	155	capacity	capacity	NOUN
elp-5371	244	156	to	to	PART
elp-5371	244	157	comply	comply	VERB
elp-5371	244	158	with	with	ADP
elp-5371	244	159	regulatory	regulatory	ADJ
elp-5371	244	160	requirements	requirement	NOUN
elp-5371	244	161	.	.	PUNCT
elp-5371	245	1	in	in	ADP
elp-5371	245	2	the	the	DET
elp-5371	245	3	case	case	NOUN
elp-5371	245	4	of	of	ADP
elp-5371	245	5	financial	financial	ADJ
elp-5371	245	6	institutions	institution	NOUN
elp-5371	245	7	that	that	PRON
elp-5371	245	8	are	be	AUX
elp-5371	245	9	already	already	ADV
elp-5371	245	10	licensed	license	VERB
elp-5371	245	11	but	but	CCONJ
elp-5371	245	12	whose	whose	DET
elp-5371	245	13	business	business	NOUN
elp-5371	245	14	and	and	CCONJ
elp-5371	245	15	risk	risk	NOUN
elp-5371	245	16	profile	profile	NOUN
elp-5371	245	17	are	be	AUX
elp-5371	245	18	changing	change	VERB
elp-5371	245	19	significantly	significantly	ADV
elp-5371	245	20	due	due	ADJ
elp-5371	245	21	to	to	ADP
elp-5371	245	22	fintech	fintech	NOUN
elp-5371	245	23	adoption	adoption	NOUN
elp-5371	245	24	,	,	PUNCT
elp-5371	245	25	there	there	PRON
elp-5371	245	26	is	be	VERB
elp-5371	245	27	a	a	DET
elp-5371	245	28	need	need	NOUN
elp-5371	245	29	for	for	SCONJ
elp-5371	245	30	the	the	DET
elp-5371	245	31	regulators	regulator	NOUN
elp-5371	245	32	to	to	PART
elp-5371	245	33	ensure	ensure	VERB
elp-5371	245	34	that	that	SCONJ
elp-5371	245	35	new	new	ADJ
elp-5371	245	36	financial	financial	ADJ
elp-5371	245	37	services	service	NOUN
elp-5371	245	38	and	and	CCONJ
elp-5371	245	39	products	product	NOUN
elp-5371	245	40	,	,	PUNCT
elp-5371	245	41	and	and	CCONJ
elp-5371	245	42	the	the	DET
elp-5371	245	43	associated	associated	ADJ
elp-5371	245	44	risks	risk	NOUN
elp-5371	245	45	,	,	PUNCT
elp-5371	245	46	are	be	AUX
elp-5371	245	47	appropriately	appropriately	ADV
elp-5371	245	48	integrated	integrate	VERB
elp-5371	245	49	into	into	ADP
elp-5371	245	50	the	the	DET
elp-5371	245	51	entity‟s	entity‟s	ADJ
elp-5371	245	52	business	business	NOUN
elp-5371	245	53	strategy	strategy	NOUN
elp-5371	245	54	and	and	CCONJ
elp-5371	245	55	risk	risk	NOUN
elp-5371	245	56	management	management	NOUN
elp-5371	245	57	framework	framework	NOUN
elp-5371	245	58	.	.	PUNCT
elp-5371	246	1	for	for	ADP
elp-5371	246	2	new	new	ADJ
elp-5371	246	3	entities	entity	NOUN
elp-5371	246	4	that	that	PRON
elp-5371	246	5	fall	fall	VERB
elp-5371	246	6	outside	outside	ADP
elp-5371	246	7	the	the	DET
elp-5371	246	8	existing	exist	VERB
elp-5371	246	9	regulatory	regulatory	ADJ
elp-5371	246	10	net	net	NOUN
elp-5371	246	11	,	,	PUNCT
elp-5371	246	12	such	such	ADJ
elp-5371	246	13	as	as	ADP
elp-5371	246	14	non	non	ADJ
elp-5371	246	15	-	-	ADJ
elp-5371	246	16	bank	bank	ADJ
elp-5371	246	17	financial	financial	ADJ
elp-5371	246	18	intermediaries	intermediary	NOUN
elp-5371	246	19	,	,	PUNCT
elp-5371	246	20	there	there	PRON
elp-5371	246	21	is	be	VERB
elp-5371	246	22	a	a	DET
elp-5371	246	23	need	need	NOUN
elp-5371	246	24	for	for	SCONJ
elp-5371	246	25	the	the	DET
elp-5371	246	26	authorities	authority	NOUN
elp-5371	246	27	to	to	PART
elp-5371	246	28	design	design	VERB
elp-5371	246	29	a	a	DET
elp-5371	246	30	licensing	licensing	NOUN
elp-5371	246	31	framework	framework	NOUN
elp-5371	246	32	that	that	PRON
elp-5371	246	33	requires	require	VERB
elp-5371	246	34	entities	entity	NOUN
elp-5371	246	35	to	to	PART
elp-5371	246	36	meet	meet	VERB
elp-5371	246	37	defined	define	VERB
elp-5371	246	38	licensing	licensing	NOUN
elp-5371	246	39	requirements	requirement	NOUN
elp-5371	246	40	relevant	relevant	ADJ
elp-5371	246	41	to	to	ADP
elp-5371	246	42	the	the	DET
elp-5371	246	43	types	type	NOUN
elp-5371	246	44	of	of	ADP
elp-5371	246	45	financial	financial	ADJ
elp-5371	246	46	service	service	NOUN
elp-5371	246	47	they	they	PRON
elp-5371	246	48	propose	propose	VERB
elp-5371	246	49	to	to	PART
elp-5371	246	50	perform	perform	VERB
elp-5371	246	51	on	on	ADP
elp-5371	246	52	the	the	DET
elp-5371	246	53	basis	basis	NOUN
elp-5371	246	54	of	of	ADP
elp-5371	246	55	achieving	achieve	VERB
elp-5371	246	56	a	a	DET
elp-5371	246	57	„	„	PUNCT
elp-5371	246	58	level	level	NOUN
elp-5371	246	59	playing	playing	NOUN
elp-5371	246	60	field‟	field‟	NOUN
elp-5371	246	61	in	in	ADP
elp-5371	246	62	the	the	DET
elp-5371	246	63	financial	financial	ADJ
elp-5371	246	64	sector	sector	NOUN
elp-5371	246	65	and	and	CCONJ
elp-5371	246	66	ensuring	ensure	VERB
elp-5371	246	67	that	that	SCONJ
elp-5371	246	68	similar	similar	ADJ
elp-5371	246	69	products	product	NOUN
elp-5371	246	70	and	and	CCONJ
elp-5371	246	71	services	service	NOUN
elp-5371	246	72	are	be	AUX
elp-5371	246	73	regulated	regulate	VERB
elp-5371	246	74	on	on	ADP
elp-5371	246	75	a	a	DET
elp-5371	246	76	consistent	consistent	ADJ
elp-5371	246	77	basis	basis	NOUN
elp-5371	246	78	,	,	PUNCT
elp-5371	246	79	regardless	regardless	ADV
elp-5371	246	80	of	of	ADP
elp-5371	246	81	the	the	DET
elp-5371	246	82	legal	legal	ADJ
elp-5371	246	83	form	form	NOUN
elp-5371	246	84	of	of	ADP
elp-5371	246	85	the	the	DET
elp-5371	246	86	entity	entity	NOUN
elp-5371	246	87	which	which	PRON
elp-5371	246	88	provides	provide	VERB
elp-5371	246	89	them	they	PRON
elp-5371	246	90	.	.	PUNCT
elp-5371	247	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	247	2	economics	economic	NOUN
elp-5371	247	3	,	,	PUNCT
elp-5371	247	4	law	law	NOUN
elp-5371	247	5	and	and	CCONJ
elp-5371	247	6	policy	policy	NOUN
elp-5371	247	7	vol	vol	NOUN
elp-5371	247	8	.	.	PROPN
elp-5371	248	1	5	5	NUM
elp-5371	248	2	,	,	PUNCT
elp-5371	248	3	no	no	INTJ
elp-5371	248	4	.	.	NOUN
elp-5371	248	5	2	2	NUM
elp-5371	248	6	,	,	PUNCT
elp-5371	248	7	2022	2022	NUM
elp-5371	248	8	43	43	NUM
elp-5371	248	9	published	publish	VERB
elp-5371	248	10	by	by	ADP
elp-5371	248	11	scholink	scholink	PROPN
elp-5371	248	12	inc	inc	PROPN
elp-5371	248	13	.	.	PROPN
elp-5371	248	14	regulatory	regulatory	ADJ
elp-5371	248	15	requirements	requirement	NOUN
elp-5371	248	16	the	the	DET
elp-5371	248	17	nature	nature	NOUN
elp-5371	248	18	of	of	ADP
elp-5371	248	19	the	the	DET
elp-5371	248	20	regulatory	regulatory	ADJ
elp-5371	248	21	requirements	requirement	NOUN
elp-5371	248	22	will	will	AUX
elp-5371	248	23	vary	vary	VERB
elp-5371	248	24	greatly	greatly	ADV
elp-5371	248	25	depending	depend	VERB
elp-5371	248	26	on	on	ADP
elp-5371	248	27	the	the	DET
elp-5371	248	28	particular	particular	ADJ
elp-5371	248	29	characteristics	characteristic	NOUN
elp-5371	248	30	of	of	ADP
elp-5371	248	31	the	the	DET
elp-5371	248	32	fintech	fintech	NOUN
elp-5371	248	33	provider	provider	NOUN
elp-5371	248	34	and	and	CCONJ
elp-5371	248	35	the	the	DET
elp-5371	248	36	services	service	NOUN
elp-5371	248	37	and	and	CCONJ
elp-5371	248	38	products	product	NOUN
elp-5371	248	39	in	in	ADP
elp-5371	248	40	question	question	NOUN
elp-5371	248	41	.	.	PUNCT
elp-5371	249	1	as	as	ADP
elp-5371	249	2	a	a	DET
elp-5371	249	3	general	general	ADJ
elp-5371	249	4	principle	principle	NOUN
elp-5371	249	5	,	,	PUNCT
elp-5371	249	6	regulations	regulation	NOUN
elp-5371	249	7	are	be	AUX
elp-5371	249	8	designed	design	VERB
elp-5371	249	9	to	to	PART
elp-5371	249	10	ensure	ensure	VERB
elp-5371	249	11	that	that	SCONJ
elp-5371	249	12	financial	financial	ADJ
elp-5371	249	13	services	service	NOUN
elp-5371	249	14	are	be	AUX
elp-5371	249	15	provided	provide	VERB
elp-5371	249	16	in	in	ADP
elp-5371	249	17	a	a	DET
elp-5371	249	18	secure	secure	ADJ
elp-5371	249	19	and	and	CCONJ
elp-5371	249	20	reliable	reliable	ADJ
elp-5371	249	21	manner	manner	NOUN
elp-5371	249	22	and	and	CCONJ
elp-5371	249	23	in	in	ADP
elp-5371	249	24	accordance	accordance	NOUN
elp-5371	249	25	with	with	ADP
elp-5371	249	26	the	the	DET
elp-5371	249	27	prudent	prudent	ADJ
elp-5371	249	28	management	management	NOUN
elp-5371	249	29	of	of	ADP
elp-5371	249	30	the	the	DET
elp-5371	249	31	risks	risk	NOUN
elp-5371	249	32	involved	involve	VERB
elp-5371	249	33	to	to	PART
elp-5371	249	34	meet	meet	VERB
elp-5371	249	35	the	the	DET
elp-5371	249	36	defined	define	VERB
elp-5371	249	37	objectives	objective	NOUN
elp-5371	249	38	of	of	ADP
elp-5371	249	39	the	the	DET
elp-5371	249	40	regulatory	regulatory	ADJ
elp-5371	249	41	regime	regime	NOUN
elp-5371	249	42	.	.	PUNCT
elp-5371	250	1	depending	depend	VERB
elp-5371	250	2	on	on	ADP
elp-5371	250	3	the	the	DET
elp-5371	250	4	type	type	NOUN
elp-5371	250	5	of	of	ADP
elp-5371	250	6	financial	financial	ADJ
elp-5371	250	7	service	service	NOUN
elp-5371	250	8	/	/	SYM
elp-5371	250	9	product	product	NOUN
elp-5371	250	10	,	,	PUNCT
elp-5371	250	11	regulations	regulation	NOUN
elp-5371	250	12	might	might	AUX
elp-5371	250	13	cover	cover	VERB
elp-5371	250	14	such	such	ADJ
elp-5371	250	15	matters	matter	NOUN
elp-5371	250	16	as	as	ADP
elp-5371	250	17	:	:	PUNCT
elp-5371	250	18			NOUN
elp-5371	250	19	market	market	NOUN
elp-5371	250	20	conduct	conduct	NOUN
elp-5371	250	21	requirements	requirement	NOUN
elp-5371	250	22	(	(	PUNCT
elp-5371	250	23	including	include	VERB
elp-5371	250	24	product	product	NOUN
elp-5371	250	25	disclosure	disclosure	NOUN
elp-5371	250	26	,	,	PUNCT
elp-5371	250	27	provider	provider	NOUN
elp-5371	250	28	disclosure	disclosure	NOUN
elp-5371	250	29	,	,	PUNCT
elp-5371	250	30	and	and	CCONJ
elp-5371	250	31	requirements	requirement	NOUN
elp-5371	250	32	in	in	ADP
elp-5371	250	33	relation	relation	NOUN
elp-5371	250	34	to	to	ADP
elp-5371	250	35	advising	advise	VERB
elp-5371	250	36	and	and	CCONJ
elp-5371	250	37	selling	selling	NOUN
elp-5371	250	38	procedures	procedure	NOUN
elp-5371	250	39	)	)	PUNCT
elp-5371	250	40	;	;	PUNCT
elp-5371	250	41			NOUN
elp-5371	250	42	capital	capital	NOUN
elp-5371	250	43	requirements	requirement	NOUN
elp-5371	250	44	,	,	PUNCT
elp-5371	250	45	based	base	VERB
elp-5371	250	46	on	on	ADP
elp-5371	250	47	the	the	DET
elp-5371	250	48	risks	risk	NOUN
elp-5371	250	49	borne	bear	VERB
elp-5371	250	50	by	by	ADP
elp-5371	250	51	the	the	DET
elp-5371	250	52	financial	financial	ADJ
elp-5371	250	53	institution	institution	NOUN
elp-5371	250	54	and	and	CCONJ
elp-5371	250	55	its	its	PRON
elp-5371	250	56	risk	risk	NOUN
elp-5371	250	57	mitigation	mitigation	NOUN
elp-5371	250	58	capacity	capacity	NOUN
elp-5371	250	59	;	;	PUNCT
elp-5371	250	60			NOUN
elp-5371	250	61	liquidity	liquidity	NOUN
elp-5371	250	62	requirements	requirement	NOUN
elp-5371	250	63	,	,	PUNCT
elp-5371	250	64	based	base	VERB
elp-5371	250	65	on	on	ADP
elp-5371	250	66	the	the	DET
elp-5371	250	67	funding	funding	NOUN
elp-5371	250	68	and	and	CCONJ
elp-5371	250	69	liquidity	liquidity	NOUN
elp-5371	250	70	risk	risk	NOUN
elp-5371	250	71	profile	profile	NOUN
elp-5371	250	72	of	of	ADP
elp-5371	250	73	the	the	DET
elp-5371	250	74	financial	financial	ADJ
elp-5371	250	75	institution	institution	NOUN
elp-5371	250	76	;	;	PUNCT
elp-5371	250	77			NOUN
elp-5371	250	78	governance	governance	NOUN
elp-5371	250	79	requirements	requirement	NOUN
elp-5371	250	80	,	,	PUNCT
elp-5371	250	81	such	such	ADJ
elp-5371	250	82	as	as	ADP
elp-5371	250	83	minimum	minimum	ADJ
elp-5371	250	84	number	number	NOUN
elp-5371	250	85	of	of	ADP
elp-5371	250	86	directors	director	NOUN
elp-5371	250	87	on	on	ADP
elp-5371	250	88	the	the	DET
elp-5371	250	89	board	board	NOUN
elp-5371	250	90	,	,	PUNCT
elp-5371	250	91	composition	composition	NOUN
elp-5371	250	92	of	of	ADP
elp-5371	250	93	the	the	DET
elp-5371	250	94	board	board	NOUN
elp-5371	250	95	,	,	PUNCT
elp-5371	250	96	board	board	NOUN
elp-5371	250	97	committees	committee	NOUN
elp-5371	250	98	for	for	ADP
elp-5371	250	99	risk	risk	NOUN
elp-5371	250	100	management	management	NOUN
elp-5371	250	101	,	,	PUNCT
elp-5371	250	102	audit	audit	NOUN
elp-5371	250	103	and	and	CCONJ
elp-5371	250	104	remuneration	remuneration	NOUN
elp-5371	250	105	,	,	PUNCT
elp-5371	250	106	and	and	CCONJ
elp-5371	250	107	responsibilities	responsibility	NOUN
elp-5371	250	108	of	of	ADP
elp-5371	250	109	the	the	DET
elp-5371	250	110	board	board	NOUN
elp-5371	250	111	;	;	PUNCT
elp-5371	250	112			PRON
elp-5371	250	113	requirements	requirement	NOUN
elp-5371	250	114	in	in	ADP
elp-5371	250	115	relation	relation	NOUN
elp-5371	250	116	to	to	PART
elp-5371	250	117	risk	risk	VERB
elp-5371	250	118	appetite	appetite	NOUN
elp-5371	250	119	and	and	CCONJ
elp-5371	250	120	the	the	DET
elp-5371	250	121	risk	risk	NOUN
elp-5371	250	122	management	management	NOUN
elp-5371	250	123	framework	framework	NOUN
elp-5371	250	124	applicable	applicable	ADJ
elp-5371	250	125	to	to	ADP
elp-5371	250	126	all	all	DET
elp-5371	250	127	material	material	NOUN
elp-5371	250	128	risks	risk	NOUN
elp-5371	250	129	;	;	PUNCT
elp-5371	250	130			NOUN
elp-5371	250	131	limits	limit	NOUN
elp-5371	250	132	on	on	ADP
elp-5371	250	133	credit	credit	NOUN
elp-5371	250	134	and	and	CCONJ
elp-5371	250	135	funding	funding	NOUN
elp-5371	250	136	exposure	exposure	NOUN
elp-5371	250	137	concentration	concentration	NOUN
elp-5371	250	138	;	;	PUNCT
elp-5371	250	139			PRON
elp-5371	250	140	requirements	requirement	NOUN
elp-5371	250	141	for	for	ADP
elp-5371	250	142	contingency	contingency	NOUN
elp-5371	250	143	plans	plan	NOUN
elp-5371	250	144	in	in	ADP
elp-5371	250	145	relation	relation	NOUN
elp-5371	250	146	to	to	ADP
elp-5371	250	147	business	business	NOUN
elp-5371	250	148	continuity	continuity	NOUN
elp-5371	250	149	,	,	PUNCT
elp-5371	250	150	capital	capital	NOUN
elp-5371	250	151	and	and	CCONJ
elp-5371	250	152	liquidity	liquidity	NOUN
elp-5371	250	153	—	—	PUNCT
elp-5371	250	154	and	and	CCONJ
elp-5371	250	155	,	,	PUNCT
elp-5371	250	156	increasingly	increasingly	ADV
elp-5371	250	157	,	,	PUNCT
elp-5371	250	158	a	a	DET
elp-5371	250	159	requirement	requirement	NOUN
elp-5371	250	160	for	for	ADP
elp-5371	250	161	a	a	DET
elp-5371	250	162	comprehensive	comprehensive	ADJ
elp-5371	250	163	recovery	recovery	NOUN
elp-5371	250	164	plan	plan	NOUN
elp-5371	250	165	to	to	PART
elp-5371	250	166	address	address	VERB
elp-5371	250	167	severe	severe	ADJ
elp-5371	250	168	financial	financial	ADJ
elp-5371	250	169	and	and	CCONJ
elp-5371	250	170	operational	operational	ADJ
elp-5371	250	171	stress	stress	NOUN
elp-5371	250	172	events	event	NOUN
elp-5371	250	173	;	;	PUNCT
elp-5371	250	174			PRON
elp-5371	250	175	and	and	CCONJ
elp-5371	250	176	fit	fit	ADJ
elp-5371	250	177	and	and	CCONJ
elp-5371	250	178	proper	proper	ADJ
elp-5371	250	179	requirements	requirement	NOUN
elp-5371	250	180	applicable	applicable	ADJ
elp-5371	250	181	to	to	ADP
elp-5371	250	182	key	key	ADJ
elp-5371	250	183	officers	officer	NOUN
elp-5371	250	184	.	.	PUNCT
elp-5371	251	1	in	in	ADP
elp-5371	251	2	the	the	DET
elp-5371	251	3	case	case	NOUN
elp-5371	251	4	of	of	ADP
elp-5371	251	5	existing	exist	VERB
elp-5371	251	6	financial	financial	ADJ
elp-5371	251	7	institutions	institution	NOUN
elp-5371	251	8	that	that	PRON
elp-5371	251	9	have	have	AUX
elp-5371	251	10	adopted	adopt	VERB
elp-5371	251	11	or	or	CCONJ
elp-5371	251	12	plan	plan	VERB
elp-5371	251	13	to	to	PART
elp-5371	251	14	adopt	adopt	VERB
elp-5371	251	15	fintech	fintech	NOUN
elp-5371	251	16	,	,	PUNCT
elp-5371	251	17	regulatory	regulatory	ADJ
elp-5371	251	18	authorities	authority	NOUN
elp-5371	251	19	will	will	AUX
elp-5371	251	20	need	need	VERB
elp-5371	251	21	to	to	PART
elp-5371	251	22	ensure	ensure	VERB
elp-5371	251	23	that	that	SCONJ
elp-5371	251	24	the	the	DET
elp-5371	251	25	regulations	regulation	NOUN
elp-5371	251	26	in	in	ADP
elp-5371	251	27	place	place	NOUN
elp-5371	251	28	adequately	adequately	ADV
elp-5371	251	29	address	address	VERB
elp-5371	251	30	fintech	fintech	NOUN
elp-5371	251	31	-	-	PUNCT
elp-5371	251	32	related	relate	VERB
elp-5371	251	33	risks	risk	NOUN
elp-5371	251	34	.	.	PUNCT
elp-5371	252	1	this	this	PRON
elp-5371	252	2	will	will	AUX
elp-5371	252	3	be	be	AUX
elp-5371	252	4	especially	especially	ADV
elp-5371	252	5	important	important	ADJ
elp-5371	252	6	for	for	ADP
elp-5371	252	7	operational	operational	ADJ
elp-5371	252	8	risks	risk	NOUN
elp-5371	252	9	,	,	PUNCT
elp-5371	252	10	such	such	ADJ
elp-5371	252	11	as	as	ADP
elp-5371	252	12	cyber	cyber	NOUN
elp-5371	252	13	risks	risk	NOUN
elp-5371	252	14	,	,	PUNCT
elp-5371	252	15	it	it	PRON
elp-5371	252	16	security	security	NOUN
elp-5371	252	17	,	,	PUNCT
elp-5371	252	18	financial	financial	ADJ
elp-5371	252	19	integrity	integrity	NOUN
elp-5371	252	20	and	and	CCONJ
elp-5371	252	21	business	business	NOUN
elp-5371	252	22	continuity	continuity	NOUN
elp-5371	252	23	.	.	PUNCT
elp-5371	253	1	it	it	PRON
elp-5371	253	2	will	will	AUX
elp-5371	253	3	also	also	ADV
elp-5371	253	4	be	be	AUX
elp-5371	253	5	important	important	ADJ
elp-5371	253	6	to	to	PART
elp-5371	253	7	ensure	ensure	VERB
elp-5371	253	8	that	that	SCONJ
elp-5371	253	9	risks	risk	NOUN
elp-5371	253	10	associated	associate	VERB
elp-5371	253	11	with	with	ADP
elp-5371	253	12	market	market	NOUN
elp-5371	253	13	conduct	conduct	NOUN
elp-5371	253	14	are	be	AUX
elp-5371	253	15	appropriately	appropriately	ADV
elp-5371	253	16	regulated	regulate	VERB
elp-5371	253	17	through	through	ADP
elp-5371	253	18	targeted	target	VERB
elp-5371	253	19	disclosure	disclosure	NOUN
elp-5371	253	20	requirements	requirement	NOUN
elp-5371	253	21	and	and	CCONJ
elp-5371	253	22	measures	measure	NOUN
elp-5371	253	23	to	to	PART
elp-5371	253	24	combat	combat	VERB
elp-5371	253	25	mi	mi	NOUN
elp-5371	253	26	-	-	ADJ
elp-5371	253	27	selling	selling	NOUN
elp-5371	253	28	.	.	PUNCT
elp-5371	254	1	regulations	regulation	NOUN
elp-5371	254	2	relating	relate	VERB
elp-5371	254	3	to	to	ADP
elp-5371	254	4	information	information	NOUN
elp-5371	254	5	privacy	privacy	NOUN
elp-5371	254	6	will	will	AUX
elp-5371	254	7	also	also	ADV
elp-5371	254	8	be	be	AUX
elp-5371	254	9	particularly	particularly	ADV
elp-5371	254	10	important	important	ADJ
elp-5371	254	11	in	in	ADP
elp-5371	254	12	the	the	DET
elp-5371	254	13	case	case	NOUN
elp-5371	254	14	of	of	ADP
elp-5371	254	15	fintech	fintech	NOUN
elp-5371	254	16	services	service	NOUN
elp-5371	254	17	,	,	PUNCT
elp-5371	254	18	as	as	SCONJ
elp-5371	254	19	will	will	AUX
elp-5371	254	20	regulations	regulation	NOUN
elp-5371	254	21	for	for	ADP
elp-5371	254	22	financial	financial	ADJ
elp-5371	254	23	integrity	integrity	NOUN
elp-5371	254	24	.	.	PUNCT
elp-5371	255	1	regulators	regulator	NOUN
elp-5371	255	2	will	will	AUX
elp-5371	255	3	also	also	ADV
elp-5371	255	4	need	need	VERB
elp-5371	255	5	to	to	PART
elp-5371	255	6	ensure	ensure	VERB
elp-5371	255	7	that	that	SCONJ
elp-5371	255	8	regulatory	regulatory	ADJ
elp-5371	255	9	arrangements	arrangement	NOUN
elp-5371	255	10	for	for	ADP
elp-5371	255	11	fintech	fintech	NOUN
elp-5371	255	12	providers	provider	NOUN
elp-5371	255	13	include	include	VERB
elp-5371	255	14	robust	robust	ADJ
elp-5371	255	15	contingency	contingency	NOUN
elp-5371	255	16	planning	planning	NOUN
elp-5371	255	17	,	,	PUNCT
elp-5371	255	18	stress	stress	NOUN
elp-5371	255	19	testing	testing	NOUN
elp-5371	255	20	and	and	CCONJ
elp-5371	255	21	crisis	crisis	NOUN
elp-5371	255	22	simulation	simulation	NOUN
elp-5371	255	23	requirements	requirement	NOUN
elp-5371	255	24	tailored	tailor	VERB
elp-5371	255	25	to	to	ADP
elp-5371	255	26	the	the	DET
elp-5371	255	27	types	type	NOUN
elp-5371	255	28	of	of	ADP
elp-5371	255	29	financial	financial	ADJ
elp-5371	255	30	technology	technology	NOUN
elp-5371	255	31	and	and	CCONJ
elp-5371	255	32	associated	associated	ADJ
elp-5371	255	33	risks	risk	NOUN
elp-5371	255	34	they	they	PRON
elp-5371	255	35	have	have	VERB
elp-5371	255	36	.	.	PUNCT
elp-5371	256	1	for	for	ADP
elp-5371	256	2	new	new	ADJ
elp-5371	256	3	financial	financial	ADJ
elp-5371	256	4	institutions	institution	NOUN
elp-5371	256	5	not	not	PART
elp-5371	256	6	yet	yet	ADV
elp-5371	256	7	covered	cover	VERB
elp-5371	256	8	by	by	ADP
elp-5371	256	9	regulatory	regulatory	ADJ
elp-5371	256	10	nets	net	NOUN
elp-5371	256	11	,	,	PUNCT
elp-5371	256	12	the	the	DET
elp-5371	256	13	authorities	authority	NOUN
elp-5371	256	14	will	will	AUX
elp-5371	256	15	need	need	VERB
elp-5371	256	16	to	to	PART
elp-5371	256	17	consider	consider	VERB
elp-5371	256	18	the	the	DET
elp-5371	256	19	extension	extension	NOUN
elp-5371	256	20	of	of	ADP
elp-5371	256	21	regulatory	regulatory	ADJ
elp-5371	256	22	requirements	requirement	NOUN
elp-5371	256	23	to	to	ADP
elp-5371	256	24	such	such	ADJ
elp-5371	256	25	entities	entity	NOUN
elp-5371	256	26	on	on	ADP
elp-5371	256	27	the	the	DET
elp-5371	256	28	basis	basis	NOUN
elp-5371	256	29	of	of	ADP
elp-5371	256	30	seeking	seek	VERB
elp-5371	256	31	to	to	PART
elp-5371	256	32	ensure	ensure	VERB
elp-5371	256	33	that	that	SCONJ
elp-5371	256	34	these	these	DET
elp-5371	256	35	entities	entity	NOUN
elp-5371	256	36	are	be	AUX
elp-5371	256	37	brought	bring	VERB
elp-5371	256	38	into	into	ADP
elp-5371	256	39	the	the	DET
elp-5371	256	40	regulatory	regulatory	ADJ
elp-5371	256	41	framework	framework	NOUN
elp-5371	256	42	in	in	ADP
elp-5371	256	43	a	a	DET
elp-5371	256	44	competitively	competitively	ADV
elp-5371	256	45	neutral	neutral	ADJ
elp-5371	256	46	manner	manner	NOUN
elp-5371	256	47	,	,	PUNCT
elp-5371	256	48	such	such	ADJ
elp-5371	256	49	that	that	SCONJ
elp-5371	256	50	entities	entity	NOUN
elp-5371	256	51	and	and	CCONJ
elp-5371	256	52	their	their	PRON
elp-5371	256	53	services	service	NOUN
elp-5371	256	54	are	be	AUX
elp-5371	256	55	regulated	regulate	VERB
elp-5371	256	56	on	on	ADP
elp-5371	256	57	the	the	DET
elp-5371	256	58	basis	basis	NOUN
elp-5371	256	59	of	of	ADP
elp-5371	256	60	„	„	PUNCT
elp-5371	256	61	substance	substance	NOUN
elp-5371	256	62	over	over	ADP
elp-5371	256	63	form‟.	form‟.	PROPN
elp-5371	256	64	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	256	65	economics	economic	NOUN
elp-5371	256	66	,	,	PUNCT
elp-5371	256	67	law	law	NOUN
elp-5371	256	68	and	and	CCONJ
elp-5371	256	69	policy	policy	NOUN
elp-5371	256	70	vol	vol	NOUN
elp-5371	256	71	.	.	PROPN
elp-5371	257	1	5	5	NUM
elp-5371	257	2	,	,	PUNCT
elp-5371	257	3	no	no	INTJ
elp-5371	257	4	.	.	NOUN
elp-5371	257	5	2	2	NUM
elp-5371	257	6	,	,	PUNCT
elp-5371	257	7	2022	2022	NUM
elp-5371	257	8	44	44	NUM
elp-5371	257	9	published	publish	VERB
elp-5371	257	10	by	by	ADP
elp-5371	257	11	scholink	scholink	PROPN
elp-5371	257	12	inc	inc	PROPN
elp-5371	257	13	.	.	PROPN
elp-5371	257	14	supervision	supervision	PROPN
elp-5371	257	15	the	the	DET
elp-5371	257	16	supervision	supervision	NOUN
elp-5371	257	17	of	of	ADP
elp-5371	257	18	fintech	fintech	NOUN
elp-5371	257	19	will	will	AUX
elp-5371	257	20	typically	typically	ADV
elp-5371	257	21	draw	draw	VERB
elp-5371	257	22	on	on	ADP
elp-5371	257	23	existing	exist	VERB
elp-5371	257	24	supervisory	supervisory	ADJ
elp-5371	257	25	frameworks	framework	NOUN
elp-5371	257	26	.	.	PUNCT
elp-5371	258	1	for	for	ADP
elp-5371	258	2	a	a	DET
elp-5371	258	3	well	well	ADV
elp-5371	258	4	-	-	PUNCT
elp-5371	258	5	developed	develop	VERB
elp-5371	258	6	regulatory	regulatory	ADJ
elp-5371	258	7	authority	authority	NOUN
elp-5371	258	8	,	,	PUNCT
elp-5371	258	9	supervision	supervision	NOUN
elp-5371	258	10	of	of	ADP
elp-5371	258	11	financial	financial	ADJ
elp-5371	258	12	institutions	institution	NOUN
elp-5371	258	13	will	will	AUX
elp-5371	258	14	generally	generally	ADV
elp-5371	258	15	be	be	AUX
elp-5371	258	16	on	on	ADP
elp-5371	258	17	a	a	DET
elp-5371	258	18	risk	risk	NOUN
elp-5371	258	19	-	-	PUNCT
elp-5371	258	20	based	base	VERB
elp-5371	258	21	basis	basis	NOUN
elp-5371	258	22	,	,	PUNCT
elp-5371	258	23	where	where	SCONJ
elp-5371	258	24	the	the	DET
elp-5371	258	25	supervisory	supervisory	ADJ
elp-5371	258	26	authority	authority	NOUN
elp-5371	258	27	has	have	VERB
elp-5371	258	28	a	a	DET
elp-5371	258	29	framework	framework	NOUN
elp-5371	258	30	for	for	ADP
elp-5371	258	31	assessing	assess	VERB
elp-5371	258	32	the	the	DET
elp-5371	258	33	risk	risk	NOUN
elp-5371	258	34	profile	profile	NOUN
elp-5371	258	35	of	of	ADP
elp-5371	258	36	each	each	DET
elp-5371	258	37	entity	entity	NOUN
elp-5371	258	38	using	use	VERB
elp-5371	258	39	a	a	DET
elp-5371	258	40	scoring	scoring	NOUN
elp-5371	258	41	system	system	NOUN
elp-5371	258	42	that	that	PRON
elp-5371	258	43	evaluates	evaluate	VERB
elp-5371	258	44	the	the	DET
elp-5371	258	45	risks	risk	NOUN
elp-5371	258	46	its	its	PRON
elp-5371	258	47	business	business	NOUN
elp-5371	258	48	involves	involve	VERB
elp-5371	258	49	and	and	CCONJ
elp-5371	258	50	the	the	DET
elp-5371	258	51	effectiveness	effectiveness	NOUN
elp-5371	258	52	of	of	ADP
elp-5371	258	53	its	its	PRON
elp-5371	258	54	risk	risk	NOUN
elp-5371	258	55	mitigation	mitigation	NOUN
elp-5371	258	56	and	and	CCONJ
elp-5371	258	57	loss	loss	NOUN
elp-5371	258	58	-	-	PUNCT
elp-5371	258	59	absorption	absorption	NOUN
elp-5371	258	60	buffers	buffer	NOUN
elp-5371	258	61	,	,	PUNCT
elp-5371	258	62	and	and	CCONJ
elp-5371	258	63	where	where	SCONJ
elp-5371	258	64	it	it	PRON
elp-5371	258	65	also	also	ADV
elp-5371	258	66	assesses	assess	VERB
elp-5371	258	67	the	the	DET
elp-5371	258	68	systemic	systemic	ADJ
elp-5371	258	69	importance	importance	NOUN
elp-5371	258	70	of	of	ADP
elp-5371	258	71	the	the	DET
elp-5371	258	72	entity	entity	NOUN
elp-5371	258	73	.	.	PUNCT
elp-5371	259	1	the	the	DET
elp-5371	259	2	combination	combination	NOUN
elp-5371	259	3	of	of	ADP
elp-5371	259	4	its	its	PRON
elp-5371	259	5	risk	risk	NOUN
elp-5371	259	6	rating	rating	NOUN
elp-5371	259	7	and	and	CCONJ
elp-5371	259	8	systemic	systemic	ADJ
elp-5371	259	9	importance	importance	NOUN
elp-5371	259	10	rating	rating	NOUN
elp-5371	259	11	will	will	AUX
elp-5371	259	12	determine	determine	VERB
elp-5371	259	13	the	the	DET
elp-5371	259	14	level	level	NOUN
elp-5371	259	15	of	of	ADP
elp-5371	259	16	supervision	supervision	NOUN
elp-5371	259	17	to	to	PART
elp-5371	259	18	which	which	PRON
elp-5371	259	19	the	the	DET
elp-5371	259	20	entity	entity	NOUN
elp-5371	259	21	will	will	AUX
elp-5371	259	22	be	be	AUX
elp-5371	259	23	subject	subject	ADJ
elp-5371	259	24	,	,	PUNCT
elp-5371	259	25	as	as	ADV
elp-5371	259	26	well	well	ADV
elp-5371	259	27	as	as	ADP
elp-5371	259	28	informing	inform	VERB
elp-5371	259	29	the	the	DET
elp-5371	259	30	calibration	calibration	NOUN
elp-5371	259	31	of	of	ADP
elp-5371	259	32	some	some	PRON
elp-5371	259	33	of	of	ADP
elp-5371	259	34	the	the	DET
elp-5371	259	35	prudential	prudential	ADJ
elp-5371	259	36	requirements	requirement	NOUN
elp-5371	259	37	to	to	PART
elp-5371	259	38	which	which	PRON
elp-5371	259	39	the	the	DET
elp-5371	259	40	entity	entity	NOUN
elp-5371	259	41	is	be	AUX
elp-5371	259	42	subject	subject	ADJ
elp-5371	259	43	—	—	PUNCT
elp-5371	259	44	e.g.	e.g.	ADJ
elp-5371	259	45	,	,	PUNCT
elp-5371	259	46	capital	capital	NOUN
elp-5371	259	47	and	and	CCONJ
elp-5371	259	48	liquidity	liquidity	NOUN
elp-5371	259	49	.	.	PUNCT
elp-5371	260	1	within	within	ADP
elp-5371	260	2	the	the	DET
elp-5371	260	3	risk	risk	NOUN
elp-5371	260	4	-	-	PUNCT
elp-5371	260	5	based	base	VERB
elp-5371	260	6	supervisory	supervisory	ADJ
elp-5371	260	7	framework	framework	NOUN
elp-5371	260	8	,	,	PUNCT
elp-5371	260	9	a	a	DET
elp-5371	260	10	supervisory	supervisory	ADJ
elp-5371	260	11	authority	authority	NOUN
elp-5371	260	12	would	would	AUX
elp-5371	260	13	generally	generally	ADV
elp-5371	260	14	conduct	conduct	VERB
elp-5371	260	15	supervision	supervision	NOUN
elp-5371	260	16	using	use	VERB
elp-5371	260	17	a	a	DET
elp-5371	260	18	combination	combination	NOUN
elp-5371	260	19	of	of	ADP
elp-5371	260	20	off	off	ADP
elp-5371	260	21	-	-	PUNCT
elp-5371	260	22	site	site	NOUN
elp-5371	260	23	monitoring	monitoring	NOUN
elp-5371	260	24	based	base	VERB
elp-5371	260	25	on	on	ADP
elp-5371	260	26	regular	regular	ADJ
elp-5371	260	27	data	datum	NOUN
elp-5371	260	28	provided	provide	VERB
elp-5371	260	29	by	by	ADP
elp-5371	260	30	the	the	DET
elp-5371	260	31	regulated	regulated	ADJ
elp-5371	260	32	entity	entity	NOUN
elp-5371	260	33	in	in	ADP
elp-5371	260	34	accordance	accordance	NOUN
elp-5371	260	35	with	with	ADP
elp-5371	260	36	regulatory	regulatory	ADJ
elp-5371	260	37	requirements	requirement	NOUN
elp-5371	260	38	and	and	CCONJ
elp-5371	260	39	on	on	ADP
elp-5371	260	40	-	-	PUNCT
elp-5371	260	41	site	site	NOUN
elp-5371	260	42	assessments	assessment	NOUN
elp-5371	260	43	conducted	conduct	VERB
elp-5371	260	44	by	by	ADP
elp-5371	260	45	the	the	DET
elp-5371	260	46	supervision	supervision	NOUN
elp-5371	260	47	authority	authority	NOUN
elp-5371	260	48	.	.	PUNCT
elp-5371	261	1	as	as	ADP
elp-5371	261	2	with	with	ADP
elp-5371	261	3	conventional	conventional	ADJ
elp-5371	261	4	financial	financial	ADJ
elp-5371	261	5	services	service	NOUN
elp-5371	261	6	,	,	PUNCT
elp-5371	261	7	a	a	DET
elp-5371	261	8	regulatory	regulatory	ADJ
elp-5371	261	9	framework	framework	NOUN
elp-5371	261	10	for	for	ADP
elp-5371	261	11	fintech	fintech	NOUN
elp-5371	261	12	providers	provider	NOUN
elp-5371	261	13	will	will	AUX
elp-5371	261	14	likely	likely	ADV
elp-5371	261	15	involve	involve	VERB
elp-5371	261	16	the	the	DET
elp-5371	261	17	need	need	NOUN
elp-5371	261	18	for	for	SCONJ
elp-5371	261	19	the	the	DET
elp-5371	261	20	supervisory	supervisory	ADJ
elp-5371	261	21	authority	authority	NOUN
elp-5371	261	22	to	to	PART
elp-5371	261	23	establish	establish	VERB
elp-5371	261	24	and	and	CCONJ
elp-5371	261	25	maintain	maintain	VERB
elp-5371	261	26	robust	robust	ADJ
elp-5371	261	27	frameworks	framework	NOUN
elp-5371	261	28	to	to	PART
elp-5371	261	29	monitor	monitor	VERB
elp-5371	261	30	key	key	ADJ
elp-5371	261	31	risk	risk	NOUN
elp-5371	261	32	areas	area	NOUN
elp-5371	261	33	,	,	PUNCT
elp-5371	261	34	including	include	VERB
elp-5371	261	35	early	early	ADJ
elp-5371	261	36	warning	warning	NOUN
elp-5371	261	37	indicators	indicator	NOUN
elp-5371	261	38	of	of	ADP
elp-5371	261	39	emerging	emerge	VERB
elp-5371	261	40	risks	risk	NOUN
elp-5371	261	41	and	and	CCONJ
elp-5371	261	42	compliance	compliance	NOUN
elp-5371	261	43	with	with	ADP
elp-5371	261	44	regulatory	regulatory	ADJ
elp-5371	261	45	requirements	requirement	NOUN
elp-5371	261	46	.	.	PUNCT
elp-5371	262	1	particular	particular	ADJ
elp-5371	262	2	focus	focus	NOUN
elp-5371	262	3	will	will	AUX
elp-5371	262	4	be	be	AUX
elp-5371	262	5	needed	need	VERB
elp-5371	262	6	on	on	ADP
elp-5371	262	7	those	those	DET
elp-5371	262	8	risks	risk	NOUN
elp-5371	262	9	that	that	PRON
elp-5371	262	10	are	be	AUX
elp-5371	262	11	associated	associate	VERB
elp-5371	262	12	with	with	ADP
elp-5371	262	13	fintech	fintech	NOUN
elp-5371	262	14	developments	development	NOUN
elp-5371	262	15	,	,	PUNCT
elp-5371	262	16	such	such	ADJ
elp-5371	262	17	as	as	ADP
elp-5371	262	18	cyber	cyber	NOUN
elp-5371	262	19	risks	risk	NOUN
elp-5371	262	20	,	,	PUNCT
elp-5371	262	21	financial	financial	ADJ
elp-5371	262	22	integrity	integrity	NOUN
elp-5371	262	23	risks	risk	NOUN
elp-5371	262	24	,	,	PUNCT
elp-5371	262	25	market	market	NOUN
elp-5371	262	26	conduct	conduct	NOUN
elp-5371	262	27	risks	risk	NOUN
elp-5371	262	28	,	,	PUNCT
elp-5371	262	29	data	datum	NOUN
elp-5371	262	30	integrity	integrity	NOUN
elp-5371	262	31	risks	risk	NOUN
elp-5371	262	32	,	,	PUNCT
elp-5371	262	33	and	and	CCONJ
elp-5371	262	34	contagion	contagion	NOUN
elp-5371	262	35	risks	risk	NOUN
elp-5371	262	36	.	.	PUNCT
elp-5371	263	1	supervisory	supervisory	ADJ
elp-5371	263	2	arrangements	arrangement	NOUN
elp-5371	263	3	for	for	ADP
elp-5371	263	4	fintech	fintech	NOUN
elp-5371	263	5	providers	provider	NOUN
elp-5371	263	6	could	could	AUX
elp-5371	263	7	be	be	AUX
elp-5371	263	8	expected	expect	VERB
elp-5371	263	9	to	to	PART
elp-5371	263	10	involve	involve	VERB
elp-5371	263	11	some	some	DET
elp-5371	263	12	form	form	NOUN
elp-5371	263	13	of	of	ADP
elp-5371	263	14	on	on	ADP
elp-5371	263	15	-	-	PUNCT
elp-5371	263	16	site	site	NOUN
elp-5371	263	17	assessment	assessment	NOUN
elp-5371	263	18	by	by	ADP
elp-5371	263	19	financial	financial	ADJ
elp-5371	263	20	supervisors	supervisor	NOUN
elp-5371	263	21	,	,	PUNCT
elp-5371	263	22	designed	design	VERB
elp-5371	263	23	to	to	PART
elp-5371	263	24	enable	enable	VERB
elp-5371	263	25	the	the	DET
elp-5371	263	26	supervisors	supervisor	NOUN
elp-5371	263	27	to	to	PART
elp-5371	263	28	identify	identify	VERB
elp-5371	263	29	and	and	CCONJ
elp-5371	263	30	evaluate	evaluate	VERB
elp-5371	263	31	the	the	DET
elp-5371	263	32	key	key	ADJ
elp-5371	263	33	risks	risk	NOUN
elp-5371	263	34	of	of	ADP
elp-5371	263	35	the	the	DET
elp-5371	263	36	entity	entity	NOUN
elp-5371	263	37	in	in	ADP
elp-5371	263	38	question	question	NOUN
elp-5371	263	39	and	and	CCONJ
elp-5371	263	40	the	the	DET
elp-5371	263	41	effective	effective	ADJ
elp-5371	263	42	management	management	NOUN
elp-5371	263	43	of	of	ADP
elp-5371	263	44	those	those	DET
elp-5371	263	45	risks	risk	NOUN
elp-5371	263	46	.	.	PUNCT
elp-5371	264	1	a	a	DET
elp-5371	264	2	risk	risk	NOUN
elp-5371	264	3	-	-	PUNCT
elp-5371	264	4	based	base	VERB
elp-5371	264	5	supervision	supervision	NOUN
elp-5371	264	6	framework	framework	NOUN
elp-5371	264	7	is	be	AUX
elp-5371	264	8	generally	generally	ADV
elp-5371	264	9	the	the	DET
elp-5371	264	10	appropriate	appropriate	ADJ
elp-5371	264	11	model	model	NOUN
elp-5371	264	12	,	,	PUNCT
elp-5371	264	13	whereby	whereby	SCONJ
elp-5371	264	14	the	the	DET
elp-5371	264	15	calibration	calibration	NOUN
elp-5371	264	16	of	of	ADP
elp-5371	264	17	on	on	ADP
elp-5371	264	18	-	-	PUNCT
elp-5371	264	19	site	site	NOUN
elp-5371	264	20	assessments	assessment	NOUN
elp-5371	264	21	is	be	AUX
elp-5371	264	22	based	base	VERB
elp-5371	264	23	on	on	ADP
elp-5371	264	24	the	the	DET
elp-5371	264	25	assessed	assess	VERB
elp-5371	264	26	risk	risk	NOUN
elp-5371	264	27	profile	profile	NOUN
elp-5371	264	28	and	and	CCONJ
elp-5371	264	29	risk	risk	NOUN
elp-5371	264	30	mitigation	mitigation	NOUN
elp-5371	264	31	capacity	capacity	NOUN
elp-5371	264	32	of	of	ADP
elp-5371	264	33	the	the	DET
elp-5371	264	34	entity	entity	NOUN
elp-5371	264	35	and	and	CCONJ
elp-5371	264	36	its	its	PRON
elp-5371	264	37	systemic	systemic	ADJ
elp-5371	264	38	importance	importance	NOUN
elp-5371	264	39	.	.	PUNCT
elp-5371	265	1	those	those	DET
elp-5371	265	2	entities	entity	NOUN
elp-5371	265	3	assessed	assess	VERB
elp-5371	265	4	as	as	ADP
elp-5371	265	5	being	be	AUX
elp-5371	265	6	relatively	relatively	ADV
elp-5371	265	7	high	high	ADJ
elp-5371	265	8	risk	risk	NOUN
elp-5371	265	9	and	and	CCONJ
elp-5371	265	10	high	high	ADJ
elp-5371	265	11	systemic	systemic	ADJ
elp-5371	265	12	importance	importance	NOUN
elp-5371	265	13	could	could	AUX
elp-5371	265	14	be	be	AUX
elp-5371	265	15	expected	expect	VERB
elp-5371	265	16	to	to	PART
elp-5371	265	17	receive	receive	VERB
elp-5371	265	18	greater	great	ADJ
elp-5371	265	19	supervisory	supervisory	ADJ
elp-5371	265	20	attention	attention	NOUN
elp-5371	265	21	than	than	ADP
elp-5371	265	22	those	those	PRON
elp-5371	265	23	assessed	assess	VERB
elp-5371	265	24	as	as	ADP
elp-5371	265	25	being	be	AUX
elp-5371	265	26	of	of	ADP
elp-5371	265	27	lower	low	ADJ
elp-5371	265	28	risk	risk	NOUN
elp-5371	265	29	and	and	CCONJ
elp-5371	265	30	lesser	less	ADJ
elp-5371	265	31	systemic	systemic	ADJ
elp-5371	265	32	importance	importance	NOUN
elp-5371	265	33	.	.	PUNCT
elp-5371	266	1	in	in	ADP
elp-5371	266	2	a	a	DET
elp-5371	266	3	fintech	fintech	NOUN
elp-5371	266	4	context	context	NOUN
elp-5371	266	5	,	,	PUNCT
elp-5371	266	6	on	on	ADP
elp-5371	266	7	-	-	PUNCT
elp-5371	266	8	site	site	NOUN
elp-5371	266	9	assessments	assessment	NOUN
elp-5371	266	10	are	be	AUX
elp-5371	266	11	likely	likely	ADJ
elp-5371	266	12	to	to	PART
elp-5371	266	13	focus	focus	VERB
elp-5371	266	14	on	on	ADP
elp-5371	266	15	the	the	DET
elp-5371	266	16	risk	risk	NOUN
elp-5371	266	17	areas	area	NOUN
elp-5371	266	18	of	of	ADP
elp-5371	266	19	greatest	great	ADJ
elp-5371	266	20	relevance	relevance	NOUN
elp-5371	266	21	to	to	ADP
elp-5371	266	22	the	the	DET
elp-5371	266	23	particular	particular	ADJ
elp-5371	266	24	fintech	fintech	NOUN
elp-5371	266	25	product	product	NOUN
elp-5371	266	26	or	or	CCONJ
elp-5371	266	27	service	service	NOUN
elp-5371	266	28	being	be	AUX
elp-5371	266	29	provided	provide	VERB
elp-5371	266	30	.	.	PUNCT
elp-5371	267	1	in	in	ADP
elp-5371	267	2	many	many	ADJ
elp-5371	267	3	examples	example	NOUN
elp-5371	267	4	of	of	ADP
elp-5371	267	5	fintech	fintech	NOUN
elp-5371	267	6	—	—	PUNCT
elp-5371	267	7	such	such	ADJ
elp-5371	267	8	as	as	ADP
elp-5371	267	9	mobile	mobile	ADJ
elp-5371	267	10	payment	payment	NOUN
elp-5371	267	11	system	system	NOUN
elp-5371	267	12	providers	provider	NOUN
elp-5371	267	13	,	,	PUNCT
elp-5371	267	14	e	e	NOUN
elp-5371	267	15	-	-	NOUN
elp-5371	267	16	wallets	wallet	NOUN
elp-5371	267	17	,	,	PUNCT
elp-5371	267	18	online	online	ADJ
elp-5371	267	19	banking	banking	NOUN
elp-5371	267	20	,	,	PUNCT
elp-5371	267	21	and	and	CCONJ
elp-5371	267	22	p2p	p2p	NOUN
elp-5371	267	23	frameworks	framework	NOUN
elp-5371	267	24	—	—	PUNCT
elp-5371	267	25	the	the	DET
elp-5371	267	26	key	key	ADJ
elp-5371	267	27	risk	risk	NOUN
elp-5371	267	28	areas	area	NOUN
elp-5371	267	29	are	be	AUX
elp-5371	267	30	likely	likely	ADJ
elp-5371	267	31	to	to	PART
elp-5371	267	32	be	be	AUX
elp-5371	267	33	operational	operational	ADJ
elp-5371	267	34	in	in	ADP
elp-5371	267	35	nature	nature	NOUN
elp-5371	267	36	,	,	PUNCT
elp-5371	267	37	such	such	ADJ
elp-5371	267	38	as	as	ADP
elp-5371	267	39	cyber	cyber	NOUN
elp-5371	267	40	risks	risk	NOUN
elp-5371	267	41	,	,	PUNCT
elp-5371	267	42	information	information	NOUN
elp-5371	267	43	risks	risk	NOUN
elp-5371	267	44	,	,	PUNCT
elp-5371	267	45	financial	financial	ADJ
elp-5371	267	46	crime	crime	NOUN
elp-5371	267	47	and	and	CCONJ
elp-5371	267	48	market	market	NOUN
elp-5371	267	49	conduct	conduct	NOUN
elp-5371	267	50	.	.	PUNCT
elp-5371	268	1	on	on	ADP
elp-5371	268	2	-	-	PUNCT
elp-5371	268	3	site	site	NOUN
elp-5371	268	4	assessments	assessment	NOUN
elp-5371	268	5	would	would	AUX
elp-5371	268	6	also	also	ADV
elp-5371	268	7	appropriately	appropriately	ADV
elp-5371	268	8	involve	involve	VERB
elp-5371	268	9	supervisory	supervisory	ADJ
elp-5371	268	10	assessment	assessment	NOUN
elp-5371	268	11	of	of	ADP
elp-5371	268	12	a	a	DET
elp-5371	268	13	financial	financial	ADJ
elp-5371	268	14	institution‟s	institution‟s	NOUN
elp-5371	268	15	governance	governance	NOUN
elp-5371	268	16	arrangements	arrangement	NOUN
elp-5371	268	17	in	in	ADP
elp-5371	268	18	relation	relation	NOUN
elp-5371	268	19	to	to	ADP
elp-5371	268	20	fintech	fintech	NOUN
elp-5371	268	21	matters	matter	NOUN
elp-5371	268	22	,	,	PUNCT
elp-5371	268	23	especially	especially	ADV
elp-5371	268	24	the	the	DET
elp-5371	268	25	adequacy	adequacy	NOUN
elp-5371	268	26	of	of	ADP
elp-5371	268	27	the	the	DET
elp-5371	268	28	board‟s	board‟s	NOUN
elp-5371	268	29	understanding	understanding	NOUN
elp-5371	268	30	of	of	ADP
elp-5371	268	31	the	the	DET
elp-5371	268	32	risks	risk	NOUN
elp-5371	268	33	associated	associate	VERB
elp-5371	268	34	with	with	ADP
elp-5371	268	35	fintech	fintech	NOUN
elp-5371	268	36	and	and	CCONJ
elp-5371	268	37	their	their	PRON
elp-5371	268	38	oversight	oversight	NOUN
elp-5371	268	39	of	of	ADP
elp-5371	268	40	the	the	DET
elp-5371	268	41	risk	risk	NOUN
elp-5371	268	42	management	management	NOUN
elp-5371	268	43	framework	framework	NOUN
elp-5371	268	44	applicable	applicable	ADJ
elp-5371	268	45	to	to	ADP
elp-5371	268	46	fintech	fintech	NOUN
elp-5371	268	47	.	.	PUNCT
elp-5371	269	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	269	2	economics	economic	NOUN
elp-5371	269	3	,	,	PUNCT
elp-5371	269	4	law	law	NOUN
elp-5371	269	5	and	and	CCONJ
elp-5371	269	6	policy	policy	NOUN
elp-5371	269	7	vol	vol	NOUN
elp-5371	269	8	.	.	PROPN
elp-5371	270	1	5	5	NUM
elp-5371	270	2	,	,	PUNCT
elp-5371	270	3	no	no	INTJ
elp-5371	270	4	.	.	NOUN
elp-5371	270	5	2	2	NUM
elp-5371	270	6	,	,	PUNCT
elp-5371	270	7	2022	2022	NUM
elp-5371	270	8	45	45	NUM
elp-5371	270	9	published	publish	VERB
elp-5371	270	10	by	by	ADP
elp-5371	270	11	scholink	scholink	PROPN
elp-5371	270	12	inc	inc	PROPN
elp-5371	270	13	.	.	PROPN
elp-5371	270	14	particular	particular	ADJ
elp-5371	270	15	areas	area	NOUN
elp-5371	270	16	of	of	ADP
elp-5371	270	17	focus	focus	NOUN
elp-5371	270	18	for	for	ADP
elp-5371	270	19	supervisors	supervisor	NOUN
elp-5371	270	20	would	would	AUX
elp-5371	270	21	also	also	ADV
elp-5371	270	22	include	include	VERB
elp-5371	270	23	the	the	DET
elp-5371	270	24	need	need	NOUN
elp-5371	270	25	to	to	PART
elp-5371	270	26	assess	assess	VERB
elp-5371	270	27	the	the	DET
elp-5371	270	28	stress	stress	NOUN
elp-5371	270	29	testing	testing	NOUN
elp-5371	270	30	capacity	capacity	NOUN
elp-5371	270	31	of	of	ADP
elp-5371	270	32	financial	financial	ADJ
elp-5371	270	33	institutions	institution	NOUN
elp-5371	270	34	in	in	ADP
elp-5371	270	35	relation	relation	NOUN
elp-5371	270	36	to	to	ADP
elp-5371	270	37	fintech	fintech	NOUN
elp-5371	270	38	risks	risk	NOUN
elp-5371	270	39	,	,	PUNCT
elp-5371	270	40	including	include	VERB
elp-5371	270	41	testing	test	VERB
elp-5371	270	42	the	the	DET
elp-5371	270	43	vulnerability	vulnerability	NOUN
elp-5371	270	44	to	to	ADP
elp-5371	270	45	cyberattacks	cyberattack	NOUN
elp-5371	270	46	and	and	CCONJ
elp-5371	270	47	financial	financial	ADJ
elp-5371	270	48	integrity	integrity	NOUN
elp-5371	270	49	risk	risk	NOUN
elp-5371	270	50	.	.	PUNCT
elp-5371	271	1	similarly	similarly	ADV
elp-5371	271	2	,	,	PUNCT
elp-5371	271	3	supervisors	supervisor	NOUN
elp-5371	271	4	should	should	AUX
elp-5371	271	5	ensure	ensure	VERB
elp-5371	271	6	that	that	SCONJ
elp-5371	271	7	fintech	fintech	NOUN
elp-5371	271	8	developments	development	NOUN
elp-5371	271	9	are	be	AUX
elp-5371	271	10	fully	fully	ADV
elp-5371	271	11	integrated	integrate	VERB
elp-5371	271	12	into	into	ADP
elp-5371	271	13	a	a	DET
elp-5371	271	14	financial	financial	ADJ
elp-5371	271	15	institution‟s	institution‟s	NOUN
elp-5371	271	16	“	"	PUNCT
elp-5371	271	17	three	three	NUM
elp-5371	271	18	lines	line	NOUN
elp-5371	271	19	of	of	ADP
elp-5371	271	20	defence	defence	NOUN
elp-5371	271	21	”	"	PUNCT
elp-5371	271	22	risk	risk	NOUN
elp-5371	271	23	management	management	NOUN
elp-5371	271	24	framework	framework	NOUN
elp-5371	271	25	,	,	PUNCT
elp-5371	271	26	such	such	ADJ
elp-5371	271	27	that	that	DET
elp-5371	271	28	front	front	ADJ
elp-5371	271	29	line	line	NOUN
elp-5371	271	30	staff	staff	NOUN
elp-5371	271	31	are	be	AUX
elp-5371	271	32	charged	charge	VERB
elp-5371	271	33	with	with	ADP
elp-5371	271	34	responsibility	responsibility	NOUN
elp-5371	271	35	for	for	ADP
elp-5371	271	36	adhering	adhere	VERB
elp-5371	271	37	to	to	PART
elp-5371	271	38	risk	risk	VERB
elp-5371	271	39	management	management	NOUN
elp-5371	271	40	requirements	requirement	NOUN
elp-5371	271	41	in	in	ADP
elp-5371	271	42	the	the	DET
elp-5371	271	43	deployment	deployment	NOUN
elp-5371	271	44	of	of	ADP
elp-5371	271	45	fintech	fintech	NOUN
elp-5371	271	46	,	,	PUNCT
elp-5371	271	47	that	that	SCONJ
elp-5371	271	48	a	a	DET
elp-5371	271	49	risk	risk	NOUN
elp-5371	271	50	management	management	NOUN
elp-5371	271	51	unit	unit	NOUN
elp-5371	271	52	(	(	PUNCT
elp-5371	271	53	overseen	oversee	VERB
elp-5371	271	54	by	by	ADP
elp-5371	271	55	a	a	DET
elp-5371	271	56	cro	cro	NOUN
elp-5371	271	57	)	)	PUNCT
elp-5371	271	58	has	have	VERB
elp-5371	271	59	responsibility	responsibility	NOUN
elp-5371	271	60	for	for	ADP
elp-5371	271	61	overseeing	oversee	VERB
elp-5371	271	62	the	the	DET
elp-5371	271	63	risk	risk	NOUN
elp-5371	271	64	management	management	NOUN
elp-5371	271	65	framework	framework	NOUN
elp-5371	271	66	for	for	ADP
elp-5371	271	67	fintech	fintech	NOUN
elp-5371	271	68	(	(	PUNCT
elp-5371	271	69	integrated	integrate	VERB
elp-5371	271	70	into	into	ADP
elp-5371	271	71	wider	wide	ADJ
elp-5371	271	72	risks	risk	NOUN
elp-5371	271	73	)	)	PUNCT
elp-5371	271	74	,	,	PUNCT
elp-5371	271	75	and	and	CCONJ
elp-5371	271	76	that	that	SCONJ
elp-5371	271	77	internal	internal	ADJ
elp-5371	271	78	audit	audit	NOUN
elp-5371	271	79	has	have	VERB
elp-5371	271	80	responsibility	responsibility	NOUN
elp-5371	271	81	for	for	ADP
elp-5371	271	82	regular	regular	ADJ
elp-5371	271	83	assessments	assessment	NOUN
elp-5371	271	84	of	of	ADP
elp-5371	271	85	adherence	adherence	NOUN
elp-5371	271	86	to	to	ADP
elp-5371	271	87	fintech	fintech	NOUN
elp-5371	271	88	-	-	PUNCT
elp-5371	271	89	related	relate	VERB
elp-5371	271	90	risk	risk	NOUN
elp-5371	271	91	management	management	NOUN
elp-5371	271	92	requirements	requirement	NOUN
elp-5371	271	93	.	.	PUNCT
elp-5371	272	1	supervisors	supervisor	NOUN
elp-5371	272	2	should	should	AUX
elp-5371	272	3	also	also	ADV
elp-5371	272	4	ensure	ensure	VERB
elp-5371	272	5	that	that	SCONJ
elp-5371	272	6	financial	financial	ADJ
elp-5371	272	7	institutions	institution	NOUN
elp-5371	272	8	that	that	PRON
elp-5371	272	9	deploy	deploy	VERB
elp-5371	272	10	or	or	CCONJ
elp-5371	272	11	rely	rely	VERB
elp-5371	272	12	on	on	ADP
elp-5371	272	13	fintech	fintech	NOUN
elp-5371	272	14	maintain	maintain	VERB
elp-5371	272	15	robust	robust	ADJ
elp-5371	272	16	contingency	contingency	NOUN
elp-5371	272	17	plans	plan	NOUN
elp-5371	272	18	for	for	ADP
elp-5371	272	19	dealing	deal	VERB
elp-5371	272	20	with	with	ADP
elp-5371	272	21	risk	risk	NOUN
elp-5371	272	22	impacts	impact	NOUN
elp-5371	272	23	.	.	PUNCT
elp-5371	273	1	these	these	DET
elp-5371	273	2	plans	plan	NOUN
elp-5371	273	3	should	should	AUX
elp-5371	273	4	include	include	VERB
elp-5371	273	5	bcp	bcp	NOUN
elp-5371	273	6	arrangements	arrangement	NOUN
elp-5371	273	7	modified	modify	VERB
elp-5371	273	8	to	to	PART
elp-5371	273	9	include	include	VERB
elp-5371	273	10	fintech	fintech	NOUN
elp-5371	273	11	operational	operational	ADJ
elp-5371	273	12	risk	risk	NOUN
elp-5371	273	13	events	event	NOUN
elp-5371	273	14	,	,	PUNCT
elp-5371	273	15	as	as	ADV
elp-5371	273	16	well	well	ADV
elp-5371	273	17	financial	financial	ADJ
elp-5371	273	18	contingency	contingency	NOUN
elp-5371	273	19	plans	plan	NOUN
elp-5371	273	20	designed	design	VERB
elp-5371	273	21	to	to	PART
elp-5371	273	22	ensure	ensure	VERB
elp-5371	273	23	that	that	SCONJ
elp-5371	273	24	capital	capital	NOUN
elp-5371	273	25	and	and	CCONJ
elp-5371	273	26	liquidity	liquidity	NOUN
elp-5371	273	27	impacts	impact	NOUN
elp-5371	273	28	are	be	AUX
elp-5371	273	29	addressed	address	VERB
elp-5371	273	30	effectively	effectively	ADV
elp-5371	273	31	and	and	CCONJ
elp-5371	273	32	in	in	ADP
elp-5371	273	33	a	a	DET
elp-5371	273	34	timely	timely	ADJ
elp-5371	273	35	manner	manner	NOUN
elp-5371	273	36	.	.	PUNCT
elp-5371	274	1	there	there	PRON
elp-5371	274	2	should	should	AUX
elp-5371	274	3	be	be	AUX
elp-5371	274	4	periodic	periodic	ADJ
elp-5371	274	5	testing	testing	NOUN
elp-5371	274	6	of	of	ADP
elp-5371	274	7	contingency	contingency	NOUN
elp-5371	274	8	plans	plan	NOUN
elp-5371	274	9	,	,	PUNCT
elp-5371	274	10	with	with	ADP
elp-5371	274	11	the	the	DET
elp-5371	274	12	results	result	NOUN
elp-5371	274	13	of	of	ADP
elp-5371	274	14	these	these	PRON
elp-5371	274	15	being	be	AUX
elp-5371	274	16	reviewed	review	VERB
elp-5371	274	17	by	by	ADP
elp-5371	274	18	the	the	DET
elp-5371	274	19	supervision	supervision	NOUN
elp-5371	274	20	authority	authority	NOUN
elp-5371	274	21	.	.	PUNCT
elp-5371	275	1	the	the	DET
elp-5371	275	2	table	table	NOUN
elp-5371	275	3	below	below	ADV
elp-5371	275	4	provides	provide	VERB
elp-5371	275	5	an	an	DET
elp-5371	275	6	overview	overview	NOUN
elp-5371	275	7	of	of	ADP
elp-5371	275	8	the	the	DET
elp-5371	275	9	types	type	NOUN
elp-5371	275	10	of	of	ADP
elp-5371	275	11	regulatory	regulatory	ADJ
elp-5371	275	12	responses	response	NOUN
elp-5371	275	13	that	that	PRON
elp-5371	275	14	can	can	AUX
elp-5371	275	15	be	be	AUX
elp-5371	275	16	considered	consider	VERB
elp-5371	275	17	in	in	ADP
elp-5371	275	18	relation	relation	NOUN
elp-5371	275	19	to	to	ADP
elp-5371	275	20	particular	particular	ADJ
elp-5371	275	21	categories	category	NOUN
elp-5371	275	22	of	of	ADP
elp-5371	275	23	fintech	fintech	NOUN
elp-5371	275	24	risks	risk	NOUN
elp-5371	275	25	.	.	PUNCT
elp-5371	276	1	table	table	NOUN
elp-5371	276	2	1	1	NUM
elp-5371	276	3	.	.	PUNCT
elp-5371	276	4	fintech	fintech	NOUN
elp-5371	276	5	risks	risk	NOUN
elp-5371	276	6	and	and	CCONJ
elp-5371	276	7	possible	possible	ADJ
elp-5371	276	8	regulatory	regulatory	ADJ
elp-5371	276	9	responses	response	NOUN
elp-5371	276	10	fintech	fintech	NOUN
elp-5371	276	11	risks	risk	VERB
elp-5371	276	12	possible	possible	ADJ
elp-5371	276	13	regulatory	regulatory	ADJ
elp-5371	276	14	responses	response	NOUN
elp-5371	276	15	market	market	NOUN
elp-5371	276	16	misconduct	misconduct	NOUN
elp-5371	276	17	—	—	PUNCT
elp-5371	276	18	e.g.	e.g.	ADV
elp-5371	276	19	,	,	PUNCT
elp-5371	276	20	misselling	misselle	VERB
elp-5371	276	21	and	and	CCONJ
elp-5371	276	22	inadequate	inadequate	ADJ
elp-5371	276	23	disclosure	disclosure	NOUN
elp-5371	276	24	of	of	ADP
elp-5371	276	25	financial	financial	ADJ
elp-5371	276	26	product	product	NOUN
elp-5371	276	27	risks	risk	VERB
elp-5371	276	28	regulatory	regulatory	ADJ
elp-5371	276	29	responses	response	NOUN
elp-5371	276	30	are	be	AUX
elp-5371	276	31	likely	likely	ADJ
elp-5371	276	32	to	to	PART
elp-5371	276	33	include	include	VERB
elp-5371	276	34	:	:	PUNCT
elp-5371	276	35			PRON
elp-5371	276	36	strengthened	strengthen	VERB
elp-5371	276	37	disclosure	disclosure	NOUN
elp-5371	276	38	requirements	requirement	NOUN
elp-5371	276	39	in	in	ADP
elp-5371	276	40	relation	relation	NOUN
elp-5371	276	41	to	to	ADP
elp-5371	276	42	financial	financial	ADJ
elp-5371	276	43	products	product	NOUN
elp-5371	276	44	and	and	CCONJ
elp-5371	276	45	services	service	NOUN
elp-5371	276	46	,	,	PUNCT
elp-5371	276	47	with	with	ADP
elp-5371	276	48	clear	clear	ADJ
elp-5371	276	49	disclosure	disclosure	NOUN
elp-5371	276	50	of	of	ADP
elp-5371	276	51	the	the	DET
elp-5371	276	52	risk	risk	NOUN
elp-5371	276	53	/	/	SYM
elp-5371	276	54	reward	reward	NOUN
elp-5371	276	55	trade	trade	NOUN
elp-5371	276	56	-	-	PUNCT
elp-5371	276	57	off	off	NOUN
elp-5371	276	58	,	,	PUNCT
elp-5371	276	59	with	with	ADP
elp-5371	276	60	appropriate	appropriate	ADJ
elp-5371	276	61	penalties	penalty	NOUN
elp-5371	276	62	for	for	ADP
elp-5371	276	63	breaches	breach	NOUN
elp-5371	276	64	of	of	ADP
elp-5371	276	65	requirements	requirement	NOUN
elp-5371	276	66	.	.	PUNCT
elp-5371	277	1			X
elp-5371	277	2	a	a	DET
elp-5371	277	3	licensing	licensing	NOUN
elp-5371	277	4	framework	framework	NOUN
elp-5371	277	5	for	for	ADP
elp-5371	277	6	providers	provider	NOUN
elp-5371	277	7	of	of	ADP
elp-5371	277	8	financial	financial	ADJ
elp-5371	277	9	products	product	NOUN
elp-5371	277	10	and	and	CCONJ
elp-5371	277	11	services	service	NOUN
elp-5371	277	12	to	to	PART
elp-5371	277	13	ensure	ensure	VERB
elp-5371	277	14	that	that	SCONJ
elp-5371	277	15	they	they	PRON
elp-5371	277	16	meet	meet	VERB
elp-5371	277	17	minimum	minimum	NOUN
elp-5371	277	18	standards	standard	NOUN
elp-5371	277	19	relevant	relevant	ADJ
elp-5371	277	20	to	to	ADP
elp-5371	277	21	market	market	NOUN
elp-5371	277	22	conduct	conduct	NOUN
elp-5371	277	23	,	,	PUNCT
elp-5371	277	24	including	include	VERB
elp-5371	277	25	fit	fit	ADJ
elp-5371	277	26	and	and	CCONJ
elp-5371	277	27	proper	proper	ADJ
elp-5371	277	28	requirements	requirement	NOUN
elp-5371	277	29	.	.	PUNCT
elp-5371	278	1			X
elp-5371	278	2	supervisory	supervisory	ADJ
elp-5371	278	3	requirements	requirement	NOUN
elp-5371	278	4	to	to	PART
elp-5371	278	5	ensure	ensure	VERB
elp-5371	278	6	that	that	SCONJ
elp-5371	278	7	market	market	NOUN
elp-5371	278	8	conduct	conduct	NOUN
elp-5371	278	9	regulations	regulation	NOUN
elp-5371	278	10	are	be	AUX
elp-5371	278	11	complied	comply	VERB
elp-5371	278	12	with	with	ADP
elp-5371	278	13	,	,	PUNCT
elp-5371	278	14	that	that	PRON
elp-5371	278	15	fit	fit	ADJ
elp-5371	278	16	and	and	CCONJ
elp-5371	278	17	proper	proper	ADJ
elp-5371	278	18	requirements	requirement	NOUN
elp-5371	278	19	are	be	AUX
elp-5371	278	20	applied	apply	VERB
elp-5371	278	21	on	on	ADP
elp-5371	278	22	an	an	DET
elp-5371	278	23	ongoing	ongoing	ADJ
elp-5371	278	24	basis	basis	NOUN
elp-5371	278	25	,	,	PUNCT
elp-5371	278	26	and	and	CCONJ
elp-5371	278	27	that	that	SCONJ
elp-5371	278	28	regulated	regulated	ADJ
elp-5371	278	29	entities	entity	NOUN
elp-5371	278	30	comply	comply	VERB
elp-5371	278	31	with	with	ADP
elp-5371	278	32	disclosure	disclosure	NOUN
elp-5371	278	33	requirements	requirement	NOUN
elp-5371	278	34	.	.	PUNCT
elp-5371	279	1	financial	financial	ADJ
elp-5371	279	2	products	product	NOUN
elp-5371	279	3	and	and	CCONJ
elp-5371	279	4	services	service	NOUN
elp-5371	279	5	evolving	evolve	VERB
elp-5371	279	6	faster	fast	ADV
elp-5371	279	7	than	than	SCONJ
elp-5371	279	8	the	the	DET
elp-5371	279	9	regulatory	regulatory	ADJ
elp-5371	279	10	responses	response	NOUN
elp-5371	279	11	are	be	AUX
elp-5371	279	12	likely	likely	ADJ
elp-5371	279	13	to	to	PART
elp-5371	279	14	include	include	VERB
elp-5371	279	15	:	:	PUNCT
elp-5371	279	16			NOUN
elp-5371	279	17	clear	clear	ADJ
elp-5371	279	18	definition	definition	NOUN
elp-5371	279	19	of	of	ADP
elp-5371	279	20	the	the	DET
elp-5371	279	21	“	"	PUNCT
elp-5371	279	22	problems	problem	NOUN
elp-5371	279	23	”	"	PUNCT
elp-5371	279	24	to	to	PART
elp-5371	279	25	be	be	AUX
elp-5371	279	26	solved	solve	VERB
elp-5371	279	27	and	and	CCONJ
elp-5371	279	28	regulatory	regulatory	ADJ
elp-5371	279	29	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	279	30	economics	economic	NOUN
elp-5371	279	31	,	,	PUNCT
elp-5371	279	32	law	law	NOUN
elp-5371	279	33	and	and	CCONJ
elp-5371	279	34	policy	policy	NOUN
elp-5371	279	35	vol	vol	NOUN
elp-5371	279	36	.	.	PROPN
elp-5371	279	37	5	5	NUM
elp-5371	279	38	,	,	PUNCT
elp-5371	279	39	no	no	INTJ
elp-5371	279	40	.	.	NOUN
elp-5371	279	41	2	2	NUM
elp-5371	279	42	,	,	PUNCT
elp-5371	279	43	2022	2022	NUM
elp-5371	279	44	46	46	NUM
elp-5371	279	45	published	publish	VERB
elp-5371	279	46	by	by	ADP
elp-5371	279	47	scholink	scholink	PROPN
elp-5371	279	48	inc	inc	PROPN
elp-5371	279	49	.	.	PROPN
elp-5371	279	50	law	law	NOUN
elp-5371	279	51	—	—	PUNCT
elp-5371	279	52	leaving	leave	VERB
elp-5371	279	53	legal	legal	ADJ
elp-5371	279	54	uncertainty	uncertainty	NOUN
elp-5371	279	55	over	over	ADP
elp-5371	279	56	the	the	DET
elp-5371	279	57	rules	rule	NOUN
elp-5371	279	58	governing	govern	VERB
elp-5371	279	59	such	such	ADJ
elp-5371	279	60	products	product	NOUN
elp-5371	279	61	and	and	CCONJ
elp-5371	279	62	services	service	NOUN
elp-5371	279	63	.	.	PUNCT
elp-5371	280	1	objectives	objective	NOUN
elp-5371	280	2	.	.	PUNCT
elp-5371	281	1			PRON
elp-5371	281	2	ensuring	ensure	VERB
elp-5371	281	3	that	that	SCONJ
elp-5371	281	4	the	the	DET
elp-5371	281	5	regulatory	regulatory	ADJ
elp-5371	281	6	framework	framework	NOUN
elp-5371	281	7	is	be	AUX
elp-5371	281	8	applied	apply	VERB
elp-5371	281	9	on	on	ADP
elp-5371	281	10	a	a	DET
elp-5371	281	11	consistent	consistent	ADJ
elp-5371	281	12	and	and	CCONJ
elp-5371	281	13	competitively	competitively	ADV
elp-5371	281	14	neutral	neutral	ADJ
elp-5371	281	15	basis	basis	NOUN
elp-5371	281	16	,	,	PUNCT
elp-5371	281	17	such	such	ADJ
elp-5371	281	18	that	that	SCONJ
elp-5371	281	19	similar	similar	ADJ
elp-5371	281	20	financial	financial	ADJ
elp-5371	281	21	products	product	NOUN
elp-5371	281	22	and	and	CCONJ
elp-5371	281	23	services	service	NOUN
elp-5371	281	24	are	be	AUX
elp-5371	281	25	regulated	regulate	VERB
elp-5371	281	26	in	in	ADP
elp-5371	281	27	much	much	ADV
elp-5371	281	28	the	the	DET
elp-5371	281	29	same	same	ADJ
elp-5371	281	30	way	way	NOUN
elp-5371	281	31	.	.	PUNCT
elp-5371	282	1			PROPN
elp-5371	282	2	increased	increase	VERB
elp-5371	282	3	resourcing	resourcing	NOUN
elp-5371	282	4	for	for	SCONJ
elp-5371	282	5	authorities	authority	NOUN
elp-5371	282	6	to	to	PART
elp-5371	282	7	develop	develop	VERB
elp-5371	282	8	laws	law	NOUN
elp-5371	282	9	that	that	PRON
elp-5371	282	10	keep	keep	VERB
elp-5371	282	11	pace	pace	NOUN
elp-5371	282	12	with	with	ADP
elp-5371	282	13	new	new	ADJ
elp-5371	282	14	technological	technological	ADJ
elp-5371	282	15	developments	development	NOUN
elp-5371	282	16	.	.	PUNCT
elp-5371	283	1			NOUN
elp-5371	283	2	robust	robust	ADJ
elp-5371	283	3	frameworks	framework	NOUN
elp-5371	283	4	for	for	ADP
elp-5371	283	5	legal	legal	ADJ
elp-5371	283	6	and	and	CCONJ
elp-5371	283	7	regulatory	regulatory	ADJ
elp-5371	283	8	development	development	NOUN
elp-5371	283	9	,	,	PUNCT
elp-5371	283	10	including	include	VERB
elp-5371	283	11	well	well	ADV
elp-5371	283	12	-	-	PUNCT
elp-5371	283	13	structured	structure	VERB
elp-5371	283	14	cost	cost	NOUN
elp-5371	283	15	/	/	SYM
elp-5371	283	16	benefit	benefit	NOUN
elp-5371	283	17	analysis	analysis	NOUN
elp-5371	283	18	,	,	PUNCT
elp-5371	283	19	consultation	consultation	NOUN
elp-5371	283	20	with	with	ADP
elp-5371	283	21	interested	interested	ADJ
elp-5371	283	22	parties	party	NOUN
elp-5371	283	23	,	,	PUNCT
elp-5371	283	24	and	and	CCONJ
elp-5371	283	25	regulatory	regulatory	ADJ
elp-5371	283	26	accountability	accountability	NOUN
elp-5371	283	27	.	.	PUNCT
elp-5371	284	1	disintermediation	disintermediation	NOUN
elp-5371	284	2	risk	risk	NOUN
elp-5371	284	3	,	,	PUNCT
elp-5371	284	4	resulting	result	VERB
elp-5371	284	5	in	in	ADP
elp-5371	284	6	fintech	fintech	NOUN
elp-5371	284	7	providers	provider	NOUN
elp-5371	284	8	operating	operate	VERB
elp-5371	284	9	outside	outside	ADP
elp-5371	284	10	regulatory	regulatory	ADJ
elp-5371	284	11	nets	net	NOUN
elp-5371	284	12	.	.	PUNCT
elp-5371	285	1	regulatory	regulatory	ADJ
elp-5371	285	2	initiatives	initiative	NOUN
elp-5371	285	3	might	might	AUX
elp-5371	285	4	include	include	VERB
elp-5371	285	5	:	:	PUNCT
elp-5371	285	6			PRON
elp-5371	285	7	ensuring	ensure	VERB
elp-5371	285	8	that	that	SCONJ
elp-5371	285	9	regulatory	regulatory	ADJ
elp-5371	285	10	nets	net	NOUN
elp-5371	285	11	are	be	AUX
elp-5371	285	12	based	base	VERB
elp-5371	285	13	on	on	ADP
elp-5371	285	14	clearly	clearly	ADV
elp-5371	285	15	defined	define	VERB
elp-5371	285	16	financial	financial	ADJ
elp-5371	285	17	product	product	NOUN
elp-5371	285	18	and	and	CCONJ
elp-5371	285	19	service	service	NOUN
elp-5371	285	20	delivery	delivery	NOUN
elp-5371	285	21	to	to	PART
elp-5371	285	22	ensure	ensure	VERB
elp-5371	285	23	a	a	DET
elp-5371	285	24	competitively	competitively	ADV
elp-5371	285	25	neutral	neutral	ADJ
elp-5371	285	26	framework	framework	NOUN
elp-5371	285	27	.	.	PUNCT
elp-5371	286	1			X
elp-5371	286	2	transitioning	transition	VERB
elp-5371	286	3	where	where	SCONJ
elp-5371	286	4	appropriate	appropriate	ADJ
elp-5371	286	5	from	from	ADP
elp-5371	286	6	a	a	DET
elp-5371	286	7	regulatory	regulatory	ADJ
elp-5371	286	8	framework	framework	NOUN
elp-5371	286	9	based	base	VERB
elp-5371	286	10	on	on	ADP
elp-5371	286	11	defined	define	VERB
elp-5371	286	12	categories	category	NOUN
elp-5371	286	13	of	of	ADP
elp-5371	286	14	financial	financial	ADJ
elp-5371	286	15	institution	institution	NOUN
elp-5371	286	16	to	to	ADP
elp-5371	286	17	one	one	NUM
elp-5371	286	18	that	that	PRON
elp-5371	286	19	is	be	AUX
elp-5371	286	20	based	base	VERB
elp-5371	286	21	on	on	ADP
elp-5371	286	22	types	type	NOUN
elp-5371	286	23	of	of	ADP
elp-5371	286	24	financial	financial	ADJ
elp-5371	286	25	services	service	NOUN
elp-5371	286	26	provided	provide	VERB
elp-5371	286	27	to	to	PART
elp-5371	286	28	ensure	ensure	VERB
elp-5371	286	29	that	that	SCONJ
elp-5371	286	30	the	the	DET
elp-5371	286	31	regulatory	regulatory	ADJ
elp-5371	286	32	net	net	NOUN
elp-5371	286	33	applies	apply	VERB
elp-5371	286	34	in	in	ADP
elp-5371	286	35	a	a	DET
elp-5371	286	36	consistent	consistent	ADJ
elp-5371	286	37	manner	manner	NOUN
elp-5371	286	38	across	across	ADP
elp-5371	286	39	categories	category	NOUN
elp-5371	286	40	of	of	ADP
elp-5371	286	41	financial	financial	ADJ
elp-5371	286	42	services	service	NOUN
elp-5371	286	43	.	.	PUNCT
elp-5371	287	1			PRON
elp-5371	287	2	ensuring	ensure	VERB
elp-5371	287	3	that	that	SCONJ
elp-5371	287	4	non	non	ADJ
elp-5371	287	5	-	-	ADJ
elp-5371	287	6	bank	bank	ADJ
elp-5371	287	7	financial	financial	ADJ
elp-5371	287	8	intermediaries	intermediary	NOUN
elp-5371	287	9	and	and	CCONJ
elp-5371	287	10	other	other	ADJ
elp-5371	287	11	unregulated	unregulated	ADJ
elp-5371	287	12	entities	entity	NOUN
elp-5371	287	13	are	be	AUX
elp-5371	287	14	,	,	PUNCT
elp-5371	287	15	at	at	ADP
elp-5371	287	16	a	a	DET
elp-5371	287	17	minimum	minimum	NOUN
elp-5371	287	18	,	,	PUNCT
elp-5371	287	19	brought	bring	VERB
elp-5371	287	20	into	into	ADP
elp-5371	287	21	a	a	DET
elp-5371	287	22	monitoring	monitoring	NOUN
elp-5371	287	23	and	and	CCONJ
elp-5371	287	24	evaluation	evaluation	NOUN
elp-5371	287	25	framework	framework	NOUN
elp-5371	287	26	to	to	PART
elp-5371	287	27	enable	enable	VERB
elp-5371	287	28	the	the	DET
elp-5371	287	29	authorities	authority	NOUN
elp-5371	287	30	to	to	PART
elp-5371	287	31	assess	assess	VERB
elp-5371	287	32	the	the	DET
elp-5371	287	33	nature	nature	NOUN
elp-5371	287	34	of	of	ADP
elp-5371	287	35	the	the	DET
elp-5371	287	36	business	business	NOUN
elp-5371	287	37	being	be	AUX
elp-5371	287	38	undertaken	undertake	VERB
elp-5371	287	39	,	,	PUNCT
elp-5371	287	40	the	the	DET
elp-5371	287	41	risks	risk	NOUN
elp-5371	287	42	involved	involve	VERB
elp-5371	287	43	,	,	PUNCT
elp-5371	287	44	the	the	DET
elp-5371	287	45	quality	quality	NOUN
elp-5371	287	46	of	of	ADP
elp-5371	287	47	risk	risk	NOUN
elp-5371	287	48	management	management	NOUN
elp-5371	287	49	,	,	PUNCT
elp-5371	287	50	and	and	CCONJ
elp-5371	287	51	the	the	DET
elp-5371	287	52	systemic	systemic	ADJ
elp-5371	287	53	importance	importance	NOUN
elp-5371	287	54	of	of	ADP
elp-5371	287	55	the	the	DET
elp-5371	287	56	business	business	NOUN
elp-5371	287	57	.	.	PUNCT
elp-5371	288	1	this	this	PRON
elp-5371	288	2	will	will	AUX
elp-5371	288	3	help	help	VERB
elp-5371	288	4	to	to	PART
elp-5371	288	5	inform	inform	VERB
elp-5371	288	6	the	the	DET
elp-5371	288	7	development	development	NOUN
elp-5371	288	8	of	of	ADP
elp-5371	288	9	appropriate	appropriate	ADJ
elp-5371	288	10	regulatory	regulatory	ADJ
elp-5371	288	11	and	and	CCONJ
elp-5371	288	12	supervisory	supervisory	ADJ
elp-5371	288	13	requirements	requirement	NOUN
elp-5371	288	14	.	.	PUNCT
elp-5371	289	1	cyber	cyber	PROPN
elp-5371	289	2	risks	risk	VERB
elp-5371	289	3	regulatory	regulatory	ADJ
elp-5371	289	4	measures	measure	NOUN
elp-5371	289	5	might	might	AUX
elp-5371	289	6	include	include	VERB
elp-5371	289	7	:	:	PUNCT
elp-5371	289	8			X
elp-5371	289	9	licensing	licensing	NOUN
elp-5371	289	10	requirements	requirement	NOUN
elp-5371	289	11	for	for	ADP
elp-5371	289	12	providers	provider	NOUN
elp-5371	289	13	of	of	ADP
elp-5371	289	14	defined	define	VERB
elp-5371	289	15	types	type	NOUN
elp-5371	289	16	of	of	ADP
elp-5371	289	17	online	online	ADJ
elp-5371	289	18	financial	financial	ADJ
elp-5371	289	19	services	service	NOUN
elp-5371	289	20	,	,	PUNCT
elp-5371	289	21	particularly	particularly	ADV
elp-5371	289	22	those	those	PRON
elp-5371	289	23	in	in	ADP
elp-5371	289	24	which	which	PRON
elp-5371	289	25	cyber	cyber	NOUN
elp-5371	289	26	risks	risk	NOUN
elp-5371	289	27	(	(	PUNCT
elp-5371	289	28	such	such	ADJ
elp-5371	289	29	as	as	ADP
elp-5371	289	30	cyber	cyber	NOUN
elp-5371	289	31	-	-	PUNCT
elp-5371	289	32	based	base	VERB
elp-5371	289	33	fraud	fraud	NOUN
elp-5371	289	34	,	,	PUNCT
elp-5371	289	35	identity	identity	NOUN
elp-5371	289	36	theft	theft	NOUN
elp-5371	289	37	,	,	PUNCT
elp-5371	289	38	privacy	privacy	NOUN
elp-5371	289	39	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	289	40	economics	economic	NOUN
elp-5371	289	41	,	,	PUNCT
elp-5371	289	42	law	law	NOUN
elp-5371	289	43	and	and	CCONJ
elp-5371	289	44	policy	policy	NOUN
elp-5371	289	45	vol	vol	NOUN
elp-5371	289	46	.	.	PROPN
elp-5371	290	1	5	5	NUM
elp-5371	290	2	,	,	PUNCT
elp-5371	290	3	no	no	INTJ
elp-5371	290	4	.	.	NOUN
elp-5371	290	5	2	2	NUM
elp-5371	290	6	,	,	PUNCT
elp-5371	290	7	2022	2022	NUM
elp-5371	290	8	47	47	NUM
elp-5371	290	9	published	publish	VERB
elp-5371	290	10	by	by	ADP
elp-5371	290	11	scholink	scholink	PROPN
elp-5371	290	12	inc	inc	PROPN
elp-5371	290	13	.	.	PROPN
elp-5371	290	14	information	information	NOUN
elp-5371	290	15	breaches	breach	NOUN
elp-5371	290	16	,	,	PUNCT
elp-5371	290	17	and	and	CCONJ
elp-5371	290	18	operational	operational	ADJ
elp-5371	290	19	dysfunction	dysfunction	NOUN
elp-5371	290	20	)	)	PUNCT
elp-5371	290	21	are	be	AUX
elp-5371	290	22	considered	consider	VERB
elp-5371	290	23	to	to	PART
elp-5371	290	24	be	be	AUX
elp-5371	290	25	significant	significant	ADJ
elp-5371	290	26	.	.	PUNCT
elp-5371	291	1			X
elp-5371	291	2	supervisory	supervisory	ADJ
elp-5371	291	3	requirements	requirement	NOUN
elp-5371	291	4	for	for	ADP
elp-5371	291	5	cyber	cyber	ADJ
elp-5371	291	6	risks	risk	NOUN
elp-5371	291	7	,	,	PUNCT
elp-5371	291	8	including	include	VERB
elp-5371	291	9	well	well	ADV
elp-5371	291	10	defined	define	VERB
elp-5371	291	11	“	"	PUNCT
elp-5371	291	12	three	three	NUM
elp-5371	291	13	lines	line	NOUN
elp-5371	291	14	of	of	ADP
elp-5371	291	15	defence	defence	NOUN
elp-5371	291	16	”	"	PUNCT
elp-5371	291	17	risk	risk	NOUN
elp-5371	291	18	management	management	NOUN
elp-5371	291	19	requirements	requirement	NOUN
elp-5371	291	20	,	,	PUNCT
elp-5371	291	21	board	board	NOUN
elp-5371	291	22	responsibility	responsibility	NOUN
elp-5371	291	23	for	for	ADP
elp-5371	291	24	overseeing	oversee	VERB
elp-5371	291	25	cyber	cyber	NOUN
elp-5371	291	26	risks	risk	NOUN
elp-5371	291	27	,	,	PUNCT
elp-5371	291	28	on	on	ADP
elp-5371	291	29	-	-	PUNCT
elp-5371	291	30	site	site	NOUN
elp-5371	291	31	assessment	assessment	NOUN
elp-5371	291	32	by	by	ADP
elp-5371	291	33	supervisors	supervisor	NOUN
elp-5371	291	34	,	,	PUNCT
elp-5371	291	35	vulnerability	vulnerability	NOUN
elp-5371	291	36	stress	stress	NOUN
elp-5371	291	37	testing	testing	NOUN
elp-5371	291	38	,	,	PUNCT
elp-5371	291	39	and	and	CCONJ
elp-5371	291	40	targeted	target	VERB
elp-5371	291	41	external	external	ADJ
elp-5371	291	42	audits	audits	NOUN
elp-5371	291	43	.	.	PUNCT
elp-5371	292	1			X
elp-5371	292	2	a	a	DET
elp-5371	292	3	requirement	requirement	NOUN
elp-5371	292	4	for	for	ADP
elp-5371	292	5	financial	financial	ADJ
elp-5371	292	6	firms	firm	NOUN
elp-5371	292	7	to	to	PART
elp-5371	292	8	have	have	VERB
elp-5371	292	9	comprehensive	comprehensive	ADJ
elp-5371	292	10	contingency	contingency	NOUN
elp-5371	292	11	plans	plan	NOUN
elp-5371	292	12	to	to	PART
elp-5371	292	13	enable	enable	VERB
elp-5371	292	14	them	they	PRON
elp-5371	292	15	to	to	PART
elp-5371	292	16	recover	recover	VERB
elp-5371	292	17	quickly	quickly	ADV
elp-5371	292	18	and	and	CCONJ
elp-5371	292	19	effectively	effectively	ADV
elp-5371	292	20	from	from	ADP
elp-5371	292	21	a	a	DET
elp-5371	292	22	cyber	cyber	NOUN
elp-5371	292	23	risk	risk	NOUN
elp-5371	292	24	event	event	NOUN
elp-5371	292	25	,	,	PUNCT
elp-5371	292	26	including	include	VERB
elp-5371	292	27	back	back	NOUN
elp-5371	292	28	-	-	PUNCT
elp-5371	292	29	up	up	ADP
elp-5371	292	30	arrangements	arrangement	NOUN
elp-5371	292	31	,	,	PUNCT
elp-5371	292	32	disaster	disaster	NOUN
elp-5371	292	33	recovery	recovery	NOUN
elp-5371	292	34	sites	site	NOUN
elp-5371	292	35	,	,	PUNCT
elp-5371	292	36	firewalls	firewall	NOUN
elp-5371	292	37	to	to	PART
elp-5371	292	38	prevent	prevent	VERB
elp-5371	292	39	it	it	PRON
elp-5371	292	40	risk	risk	VERB
elp-5371	292	41	events	event	NOUN
elp-5371	292	42	from	from	ADP
elp-5371	292	43	impacting	impact	VERB
elp-5371	292	44	critical	critical	ADJ
elp-5371	292	45	functions	function	NOUN
elp-5371	292	46	and	and	CCONJ
elp-5371	292	47	services	service	NOUN
elp-5371	292	48	,	,	PUNCT
elp-5371	292	49	and	and	CCONJ
elp-5371	292	50	regular	regular	ADJ
elp-5371	292	51	testing	testing	NOUN
elp-5371	292	52	of	of	ADP
elp-5371	292	53	contingency	contingency	NOUN
elp-5371	292	54	plans	plan	NOUN
elp-5371	292	55	.	.	PUNCT
elp-5371	293	1			X
elp-5371	293	2	possible	possible	ADJ
elp-5371	293	3	extension	extension	NOUN
elp-5371	293	4	of	of	ADP
elp-5371	293	5	safety	safety	NOUN
elp-5371	293	6	nets	net	NOUN
elp-5371	293	7	to	to	PART
elp-5371	293	8	incorporate	incorporate	VERB
elp-5371	293	9	losses	loss	NOUN
elp-5371	293	10	due	due	ADJ
elp-5371	293	11	to	to	ADP
elp-5371	293	12	cybercrime	cybercrime	NOUN
elp-5371	293	13	.	.	PUNCT
elp-5371	294	1	financial	financial	ADJ
elp-5371	294	2	crimes	crime	NOUN
elp-5371	294	3	—	—	PUNCT
elp-5371	294	4	e.g.	e.g.	ADV
elp-5371	294	5	,	,	PUNCT
elp-5371	294	6	money	money	NOUN
elp-5371	294	7	laundering	laundering	NOUN
elp-5371	294	8	,	,	PUNCT
elp-5371	294	9	financing	financing	NOUN
elp-5371	294	10	of	of	ADP
elp-5371	294	11	illegal	illegal	ADJ
elp-5371	294	12	activity	activity	NOUN
elp-5371	294	13	.	.	PUNCT
elp-5371	295	1	regulatory	regulatory	ADJ
elp-5371	295	2	requirements	requirement	NOUN
elp-5371	295	3	would	would	AUX
elp-5371	295	4	likely	likely	ADV
elp-5371	295	5	include	include	VERB
elp-5371	295	6	:	:	PUNCT
elp-5371	295	7			NOUN
elp-5371	295	8	extension	extension	NOUN
elp-5371	295	9	of	of	ADP
elp-5371	295	10	aml	aml	PROPN
elp-5371	295	11	/	/	SYM
elp-5371	295	12	cft	cft	PROPN
elp-5371	295	13	licensing	licensing	NOUN
elp-5371	295	14	and	and	CCONJ
elp-5371	295	15	supervision	supervision	NOUN
elp-5371	295	16	to	to	ADP
elp-5371	295	17	fintech	fintech	NOUN
elp-5371	295	18	participants	participant	NOUN
elp-5371	295	19	(	(	PUNCT
elp-5371	295	20	if	if	SCONJ
elp-5371	295	21	not	not	PART
elp-5371	295	22	already	already	ADV
elp-5371	295	23	covered	cover	VERB
elp-5371	295	24	)	)	PUNCT
elp-5371	295	25	.	.	PUNCT
elp-5371	296	1			PROPN
elp-5371	296	2	enhanced	enhance	VERB
elp-5371	296	3	surveillance	surveillance	NOUN
elp-5371	296	4	of	of	ADP
elp-5371	296	5	transaction	transaction	NOUN
elp-5371	296	6	activity	activity	NOUN
elp-5371	296	7	—	—	PUNCT
elp-5371	296	8	e.g.	e.g.	ADV
elp-5371	296	9	,	,	PUNCT
elp-5371	296	10	via	via	ADP
elp-5371	296	11	suptech	suptech	NOUN
elp-5371	296	12	and	and	CCONJ
elp-5371	296	13	regtech	regtech	NOUN
elp-5371	296	14	.	.	PUNCT
elp-5371	297	1	contagion	contagion	NOUN
elp-5371	297	2	risk	risk	NOUN
elp-5371	297	3	—	—	PUNCT
elp-5371	297	4	e.g.	e.g.	ADV
elp-5371	297	5	,	,	PUNCT
elp-5371	297	6	as	as	ADP
elp-5371	297	7	a	a	DET
elp-5371	297	8	result	result	NOUN
elp-5371	297	9	of	of	ADP
elp-5371	297	10	operational	operational	ADJ
elp-5371	297	11	dysfunction	dysfunction	NOUN
elp-5371	297	12	in	in	ADP
elp-5371	297	13	one	one	NUM
elp-5371	297	14	part	part	NOUN
elp-5371	297	15	of	of	ADP
elp-5371	297	16	the	the	DET
elp-5371	297	17	financial	financial	ADJ
elp-5371	297	18	system	system	NOUN
elp-5371	297	19	impacting	impact	VERB
elp-5371	297	20	other	other	ADJ
elp-5371	297	21	parts	part	NOUN
elp-5371	297	22	.	.	PUNCT
elp-5371	298	1	regulatory	regulatory	ADJ
elp-5371	298	2	requirements	requirement	NOUN
elp-5371	298	3	might	might	AUX
elp-5371	298	4	include	include	VERB
elp-5371	298	5	:	:	PUNCT
elp-5371	298	6			PRON
elp-5371	298	7	ensuring	ensure	VERB
elp-5371	298	8	that	that	SCONJ
elp-5371	298	9	the	the	DET
elp-5371	298	10	risks	risk	NOUN
elp-5371	298	11	of	of	ADP
elp-5371	298	12	operational	operational	ADJ
elp-5371	298	13	dysfunction	dysfunction	NOUN
elp-5371	298	14	(	(	PUNCT
elp-5371	298	15	e.g.	e.g.	ADV
elp-5371	298	16	,	,	PUNCT
elp-5371	298	17	it	it	PRON
elp-5371	298	18	failures	failure	VERB
elp-5371	298	19	)	)	PUNCT
elp-5371	298	20	are	be	AUX
elp-5371	298	21	properly	properly	ADV
elp-5371	298	22	managed	manage	VERB
elp-5371	298	23	,	,	PUNCT
elp-5371	298	24	and	and	CCONJ
elp-5371	298	25	backup	backup	ADJ
elp-5371	298	26	arrangements	arrangement	NOUN
elp-5371	298	27	are	be	AUX
elp-5371	298	28	regularly	regularly	ADV
elp-5371	298	29	tested	test	VERB
elp-5371	298	30	.	.	PUNCT
elp-5371	299	1			PRON
elp-5371	299	2	seek	seek	VERB
elp-5371	299	3	to	to	PART
elp-5371	299	4	ensure	ensure	VERB
elp-5371	299	5	that	that	SCONJ
elp-5371	299	6	risk	risk	NOUN
elp-5371	299	7	transmission	transmission	NOUN
elp-5371	299	8	buffers	buffer	NOUN
elp-5371	299	9	are	be	AUX
elp-5371	299	10	in	in	ADP
elp-5371	299	11	place	place	NOUN
elp-5371	299	12	to	to	PART
elp-5371	299	13	limit	limit	VERB
elp-5371	299	14	contagion	contagion	NOUN
elp-5371	299	15	,	,	PUNCT
elp-5371	299	16	including	include	VERB
elp-5371	299	17	robust	robust	ADJ
elp-5371	299	18	capital	capital	NOUN
elp-5371	299	19	requirements	requirement	NOUN
elp-5371	299	20	for	for	ADP
elp-5371	299	21	financial	financial	ADJ
elp-5371	299	22	market	market	NOUN
elp-5371	299	23	participants	participant	NOUN
elp-5371	299	24	and	and	CCONJ
elp-5371	299	25	it	it	PRON
elp-5371	299	26	firewalls	firewall	VERB
elp-5371	299	27	to	to	PART
elp-5371	299	28	limit	limit	VERB
elp-5371	299	29	or	or	CCONJ
elp-5371	299	30	prevent	prevent	VERB
elp-5371	299	31	the	the	DET
elp-5371	299	32	transmission	transmission	NOUN
elp-5371	299	33	of	of	ADP
elp-5371	299	34	operational	operational	ADJ
elp-5371	299	35	shocks	shock	NOUN
elp-5371	299	36	from	from	ADP
elp-5371	299	37	one	one	NUM
elp-5371	299	38	entity	entity	NOUN
elp-5371	299	39	in	in	ADP
elp-5371	299	40	a	a	DET
elp-5371	299	41	group	group	NOUN
elp-5371	299	42	to	to	ADP
elp-5371	299	43	another	another	PRON
elp-5371	299	44	.	.	PUNCT
elp-5371	300	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	300	2	economics	economic	NOUN
elp-5371	300	3	,	,	PUNCT
elp-5371	300	4	law	law	NOUN
elp-5371	300	5	and	and	CCONJ
elp-5371	300	6	policy	policy	NOUN
elp-5371	300	7	vol	vol	NOUN
elp-5371	300	8	.	.	PROPN
elp-5371	301	1	5	5	NUM
elp-5371	301	2	,	,	PUNCT
elp-5371	301	3	no	no	INTJ
elp-5371	301	4	.	.	NOUN
elp-5371	301	5	2	2	NUM
elp-5371	301	6	,	,	PUNCT
elp-5371	301	7	2022	2022	NUM
elp-5371	301	8	48	48	NUM
elp-5371	301	9	published	publish	VERB
elp-5371	301	10	by	by	ADP
elp-5371	301	11	scholink	scholink	PROPN
elp-5371	301	12	inc	inc	PROPN
elp-5371	301	13	.	.	PUNCT
elp-5371	301	14			PROPN
elp-5371	302	1	ensure	ensure	VERB
elp-5371	302	2	that	that	SCONJ
elp-5371	302	3	,	,	PUNCT
elp-5371	302	4	within	within	ADP
elp-5371	302	5	financial	financial	ADJ
elp-5371	302	6	conglomerates	conglomerate	NOUN
elp-5371	302	7	,	,	PUNCT
elp-5371	302	8	robust	robust	ADJ
elp-5371	302	9	firewalls	firewall	NOUN
elp-5371	302	10	are	be	AUX
elp-5371	302	11	in	in	ADP
elp-5371	302	12	place	place	NOUN
elp-5371	302	13	between	between	ADP
elp-5371	302	14	different	different	ADJ
elp-5371	302	15	categories	category	NOUN
elp-5371	302	16	of	of	ADP
elp-5371	302	17	financial	financial	ADJ
elp-5371	302	18	services	service	NOUN
elp-5371	302	19	within	within	ADP
elp-5371	302	20	the	the	DET
elp-5371	302	21	conglomerate	conglomerate	NOUN
elp-5371	302	22	to	to	PART
elp-5371	302	23	limit	limit	VERB
elp-5371	302	24	contagion	contagion	NOUN
elp-5371	302	25	(	(	PUNCT
elp-5371	302	26	including	include	VERB
elp-5371	302	27	in	in	ADP
elp-5371	302	28	respect	respect	NOUN
elp-5371	302	29	of	of	ADP
elp-5371	302	30	information	information	NOUN
elp-5371	302	31	and	and	CCONJ
elp-5371	302	32	it	it	PRON
elp-5371	302	33	protection	protection	NOUN
elp-5371	302	34	between	between	ADP
elp-5371	302	35	entities	entity	NOUN
elp-5371	302	36	in	in	ADP
elp-5371	302	37	the	the	DET
elp-5371	302	38	group	group	NOUN
elp-5371	302	39	)	)	PUNCT
elp-5371	302	40	,	,	PUNCT
elp-5371	302	41	and	and	CCONJ
elp-5371	302	42	that	that	SCONJ
elp-5371	302	43	the	the	DET
elp-5371	302	44	head	head	NOUN
elp-5371	302	45	of	of	ADP
elp-5371	302	46	the	the	DET
elp-5371	302	47	group	group	NOUN
elp-5371	302	48	maintains	maintain	VERB
elp-5371	302	49	robust	robust	ADJ
elp-5371	302	50	contingency	contingency	NOUN
elp-5371	302	51	plans	plan	NOUN
elp-5371	302	52	for	for	ADP
elp-5371	302	53	addressing	address	VERB
elp-5371	302	54	risk	risk	NOUN
elp-5371	302	55	events	event	NOUN
elp-5371	302	56	.	.	PUNCT
elp-5371	303	1	financial	financial	ADJ
elp-5371	303	2	stability	stability	NOUN
elp-5371	303	3	risks	risk	NOUN
elp-5371	303	4	—	—	PUNCT
elp-5371	303	5	e.g.	e.g.	ADV
elp-5371	303	6	,	,	PUNCT
elp-5371	303	7	due	due	ADJ
elp-5371	303	8	to	to	ADP
elp-5371	303	9	potential	potential	ADJ
elp-5371	303	10	asset	asset	NOUN
elp-5371	303	11	price	price	NOUN
elp-5371	303	12	bubbles	bubble	NOUN
elp-5371	303	13	or	or	CCONJ
elp-5371	303	14	excessive	excessive	ADJ
elp-5371	303	15	market	market	NOUN
elp-5371	303	16	concentration	concentration	NOUN
elp-5371	303	17	of	of	ADP
elp-5371	303	18	systemically	systemically	ADV
elp-5371	303	19	important	important	ADJ
elp-5371	303	20	functions	function	NOUN
elp-5371	303	21	.	.	PUNCT
elp-5371	304	1	increased	increase	VERB
elp-5371	304	2	market	market	NOUN
elp-5371	304	3	surveillance	surveillance	NOUN
elp-5371	304	4	,	,	PUNCT
elp-5371	304	5	regulatory	regulatory	ADJ
elp-5371	304	6	measures	measure	NOUN
elp-5371	304	7	to	to	PART
elp-5371	304	8	promote	promote	VERB
elp-5371	304	9	improved	improved	ADJ
elp-5371	304	10	management	management	NOUN
elp-5371	304	11	of	of	ADP
elp-5371	304	12	risks	risk	NOUN
elp-5371	304	13	that	that	PRON
elp-5371	304	14	contribute	contribute	VERB
elp-5371	304	15	to	to	ADP
elp-5371	304	16	asset	asset	NOUN
elp-5371	304	17	price	price	NOUN
elp-5371	304	18	bubbles	bubble	NOUN
elp-5371	304	19	,	,	PUNCT
elp-5371	304	20	and	and	CCONJ
elp-5371	304	21	regulation	regulation	NOUN
elp-5371	304	22	to	to	PART
elp-5371	304	23	limit	limit	VERB
elp-5371	304	24	the	the	DET
elp-5371	304	25	systemic	systemic	ADJ
elp-5371	304	26	dominance	dominance	NOUN
elp-5371	304	27	of	of	ADP
elp-5371	304	28	fintech	fintech	NOUN
elp-5371	304	29	providers	provider	NOUN
elp-5371	304	30	.	.	PUNCT
elp-5371	305	1	5	5	X
elp-5371	305	2	.	.	X
elp-5371	305	3	early	early	ADJ
elp-5371	305	4	intervention	intervention	NOUN
elp-5371	305	5	and	and	CCONJ
elp-5371	305	6	crisis	crisis	NOUN
elp-5371	305	7	management	management	NOUN
elp-5371	305	8	early	early	ADV
elp-5371	305	9	intervention	intervention	NOUN
elp-5371	305	10	an	an	DET
elp-5371	305	11	important	important	ADJ
elp-5371	305	12	element	element	NOUN
elp-5371	305	13	in	in	ADP
elp-5371	305	14	the	the	DET
elp-5371	305	15	supervisory	supervisory	ADJ
elp-5371	305	16	framework	framework	NOUN
elp-5371	305	17	for	for	ADP
elp-5371	305	18	banks	bank	NOUN
elp-5371	305	19	and	and	CCONJ
elp-5371	305	20	other	other	ADJ
elp-5371	305	21	financial	financial	ADJ
elp-5371	305	22	institutions	institution	NOUN
elp-5371	305	23	is	be	AUX
elp-5371	305	24	early	early	ADJ
elp-5371	305	25	intervention	intervention	NOUN
elp-5371	305	26	.	.	PUNCT
elp-5371	306	1	under	under	ADP
elp-5371	306	2	most	most	ADJ
elp-5371	306	3	prudential	prudential	ADJ
elp-5371	306	4	supervision	supervision	NOUN
elp-5371	306	5	regimes	regime	NOUN
elp-5371	306	6	,	,	PUNCT
elp-5371	306	7	the	the	DET
elp-5371	306	8	supervisory	supervisory	ADJ
elp-5371	306	9	authority	authority	NOUN
elp-5371	306	10	has	have	AUX
elp-5371	306	11	comprehensive	comprehensive	ADJ
elp-5371	306	12	legal	legal	ADJ
elp-5371	306	13	powers	power	NOUN
elp-5371	306	14	to	to	PART
elp-5371	306	15	intervene	intervene	VERB
elp-5371	306	16	and	and	CCONJ
elp-5371	306	17	take	take	VERB
elp-5371	306	18	a	a	DET
elp-5371	306	19	range	range	NOUN
elp-5371	306	20	of	of	ADP
elp-5371	306	21	supervisory	supervisory	ADJ
elp-5371	306	22	actions	action	NOUN
elp-5371	306	23	if	if	SCONJ
elp-5371	306	24	a	a	DET
elp-5371	306	25	financial	financial	ADJ
elp-5371	306	26	institution	institution	NOUN
elp-5371	306	27	breaches	breach	VERB
elp-5371	306	28	regulatory	regulatory	ADJ
elp-5371	306	29	requirements	requirement	NOUN
elp-5371	306	30	or	or	CCONJ
elp-5371	306	31	its	its	PRON
elp-5371	306	32	risk	risk	NOUN
elp-5371	306	33	profile	profile	NOUN
elp-5371	306	34	is	be	AUX
elp-5371	306	35	deteriorating	deteriorate	VERB
elp-5371	306	36	.	.	PUNCT
elp-5371	307	1	these	these	DET
elp-5371	307	2	powers	power	NOUN
elp-5371	307	3	are	be	AUX
elp-5371	307	4	normally	normally	ADV
elp-5371	307	5	supported	support	VERB
elp-5371	307	6	by	by	ADP
elp-5371	307	7	policies	policy	NOUN
elp-5371	307	8	and	and	CCONJ
elp-5371	307	9	practices	practice	NOUN
elp-5371	307	10	under	under	ADP
elp-5371	307	11	a	a	DET
elp-5371	307	12	preventive	preventive	ADJ
elp-5371	307	13	and	and	CCONJ
elp-5371	307	14	corrective	corrective	ADJ
elp-5371	307	15	action	action	NOUN
elp-5371	307	16	framework	framework	NOUN
elp-5371	307	17	,	,	PUNCT
elp-5371	307	18	in	in	ADP
elp-5371	307	19	which	which	PRON
elp-5371	307	20	the	the	DET
elp-5371	307	21	supervisory	supervisory	ADJ
elp-5371	307	22	authority	authority	NOUN
elp-5371	307	23	sets	set	VERB
elp-5371	307	24	out	out	ADP
elp-5371	307	25	a	a	DET
elp-5371	307	26	range	range	NOUN
elp-5371	307	27	of	of	ADP
elp-5371	307	28	triggers	trigger	NOUN
elp-5371	307	29	for	for	ADP
elp-5371	307	30	taking	take	VERB
elp-5371	307	31	remedial	remedial	ADJ
elp-5371	307	32	supervisory	supervisory	ADJ
elp-5371	307	33	actions	action	NOUN
elp-5371	307	34	.	.	PUNCT
elp-5371	308	1	the	the	DET
elp-5371	308	2	triggers	trigger	NOUN
elp-5371	308	3	generally	generally	ADV
elp-5371	308	4	include	include	VERB
elp-5371	308	5	breaches	breach	NOUN
elp-5371	308	6	of	of	ADP
elp-5371	308	7	regulatory	regulatory	ADJ
elp-5371	308	8	requirements	requirement	NOUN
elp-5371	308	9	,	,	PUNCT
elp-5371	308	10	as	as	ADV
elp-5371	308	11	well	well	ADV
elp-5371	308	12	as	as	ADP
elp-5371	308	13	deterioration	deterioration	NOUN
elp-5371	308	14	in	in	ADP
elp-5371	308	15	capital	capital	NOUN
elp-5371	308	16	requirements	requirement	NOUN
elp-5371	308	17	,	,	PUNCT
elp-5371	308	18	liquidity	liquidity	NOUN
elp-5371	308	19	requirements	requirement	NOUN
elp-5371	308	20	,	,	PUNCT
elp-5371	308	21	asset	asset	NOUN
elp-5371	308	22	quality	quality	NOUN
elp-5371	308	23	and	and	CCONJ
elp-5371	308	24	other	other	ADJ
elp-5371	308	25	financial	financial	ADJ
elp-5371	308	26	and	and	CCONJ
elp-5371	308	27	prudential	prudential	ADJ
elp-5371	308	28	risk	risk	NOUN
elp-5371	308	29	metrics	metric	NOUN
elp-5371	308	30	.	.	PUNCT
elp-5371	309	1	the	the	DET
elp-5371	309	2	framework	framework	NOUN
elp-5371	309	3	typically	typically	ADV
elp-5371	309	4	sets	set	VERB
elp-5371	309	5	out	out	ADP
elp-5371	309	6	an	an	DET
elp-5371	309	7	escalating	escalate	VERB
elp-5371	309	8	range	range	NOUN
elp-5371	309	9	of	of	ADP
elp-5371	309	10	supervisory	supervisory	ADJ
elp-5371	309	11	actions	action	NOUN
elp-5371	309	12	in	in	ADP
elp-5371	309	13	response	response	NOUN
elp-5371	309	14	to	to	ADP
elp-5371	309	15	particular	particular	ADJ
elp-5371	309	16	triggers	trigger	NOUN
elp-5371	309	17	.	.	PUNCT
elp-5371	310	1	these	these	PRON
elp-5371	310	2	often	often	ADV
elp-5371	310	3	include	include	VERB
elp-5371	310	4	measures	measure	NOUN
elp-5371	310	5	such	such	ADJ
elp-5371	310	6	as	as	ADP
elp-5371	310	7	:	:	PUNCT
elp-5371	310	8			NOUN
elp-5371	310	9	intensification	intensification	NOUN
elp-5371	310	10	of	of	ADP
elp-5371	310	11	off	off	ADP
elp-5371	310	12	-	-	PUNCT
elp-5371	310	13	site	site	NOUN
elp-5371	310	14	monitoring	monitoring	NOUN
elp-5371	310	15	;	;	PUNCT
elp-5371	310	16			PRON
elp-5371	310	17	more	more	ADV
elp-5371	310	18	frequent	frequent	ADJ
elp-5371	310	19	and	and	CCONJ
elp-5371	310	20	focused	focus	VERB
elp-5371	310	21	on	on	ADP
elp-5371	310	22	-	-	PUNCT
elp-5371	310	23	site	site	NOUN
elp-5371	310	24	assessments	assessment	NOUN
elp-5371	310	25	;	;	PUNCT
elp-5371	310	26			PRON
elp-5371	310	27	a	a	DET
elp-5371	310	28	requirement	requirement	NOUN
elp-5371	310	29	for	for	ADP
elp-5371	310	30	the	the	DET
elp-5371	310	31	financial	financial	ADJ
elp-5371	310	32	institution	institution	NOUN
elp-5371	310	33	to	to	PART
elp-5371	310	34	obtain	obtain	VERB
elp-5371	310	35	an	an	DET
elp-5371	310	36	independent	independent	ADJ
elp-5371	310	37	assessment	assessment	NOUN
elp-5371	310	38	of	of	ADP
elp-5371	310	39	particular	particular	ADJ
elp-5371	310	40	matters	matter	NOUN
elp-5371	310	41	;	;	PUNCT
elp-5371	310	42			PRON
elp-5371	310	43	a	a	DET
elp-5371	310	44	requirement	requirement	NOUN
elp-5371	310	45	for	for	ADP
elp-5371	310	46	the	the	DET
elp-5371	310	47	financial	financial	ADJ
elp-5371	310	48	institution	institution	NOUN
elp-5371	310	49	to	to	PART
elp-5371	310	50	undertake	undertake	VERB
elp-5371	310	51	specific	specific	ADJ
elp-5371	310	52	actions	action	NOUN
elp-5371	310	53	to	to	PART
elp-5371	310	54	remedy	remedy	VERB
elp-5371	310	55	the	the	DET
elp-5371	310	56	situation	situation	NOUN
elp-5371	310	57	,	,	PUNCT
elp-5371	310	58	potentially	potentially	ADV
elp-5371	310	59	include	include	VERB
elp-5371	310	60	strengthening	strengthen	VERB
elp-5371	310	61	risk	risk	NOUN
elp-5371	310	62	management	management	NOUN
elp-5371	310	63	arrangements	arrangement	NOUN
elp-5371	310	64	,	,	PUNCT
elp-5371	310	65	increasing	increase	VERB
elp-5371	310	66	capital	capital	NOUN
elp-5371	310	67	,	,	PUNCT
elp-5371	310	68	limiting	limit	VERB
elp-5371	310	69	further	further	ADJ
elp-5371	310	70	risk	risk	NOUN
elp-5371	310	71	-	-	PUNCT
elp-5371	310	72	taking	take	VERB
elp-5371	310	73	activity	activity	NOUN
elp-5371	310	74	,	,	PUNCT
elp-5371	310	75	and	and	CCONJ
elp-5371	310	76	curtailing	curtail	VERB
elp-5371	310	77	or	or	CCONJ
elp-5371	310	78	ceasing	cease	VERB
elp-5371	310	79	the	the	DET
elp-5371	310	80	payment	payment	NOUN
elp-5371	310	81	of	of	ADP
elp-5371	310	82	dividends	dividend	NOUN
elp-5371	310	83	and	and	CCONJ
elp-5371	310	84	bonus	bonus	NOUN
elp-5371	310	85	payments	payment	NOUN
elp-5371	310	86	to	to	ADP
elp-5371	310	87	senior	senior	ADJ
elp-5371	310	88	management	management	NOUN
elp-5371	310	89	.	.	PUNCT
elp-5371	311	1	these	these	DET
elp-5371	311	2	early	early	ADJ
elp-5371	311	3	intervention	intervention	NOUN
elp-5371	311	4	frameworks	framework	NOUN
elp-5371	311	5	are	be	AUX
elp-5371	311	6	generally	generally	ADV
elp-5371	311	7	accompanied	accompany	VERB
elp-5371	311	8	by	by	ADP
elp-5371	311	9	contingency	contingency	NOUN
elp-5371	311	10	plans	plan	NOUN
elp-5371	311	11	to	to	PART
elp-5371	311	12	enable	enable	VERB
elp-5371	311	13	a	a	DET
elp-5371	311	14	supervisory	supervisory	ADJ
elp-5371	311	15	authority	authority	NOUN
elp-5371	311	16	to	to	PART
elp-5371	311	17	deal	deal	VERB
elp-5371	311	18	with	with	ADP
elp-5371	311	19	specific	specific	ADJ
elp-5371	311	20	types	type	NOUN
elp-5371	311	21	of	of	ADP
elp-5371	311	22	financial	financial	ADJ
elp-5371	311	23	institution	institution	NOUN
elp-5371	311	24	stress	stress	NOUN
elp-5371	311	25	.	.	PUNCT
elp-5371	312	1	under	under	ADP
elp-5371	312	2	best	good	ADJ
elp-5371	312	3	practice	practice	NOUN
elp-5371	312	4	,	,	PUNCT
elp-5371	312	5	the	the	DET
elp-5371	312	6	supervision	supervision	NOUN
elp-5371	312	7	authority	authority	NOUN
elp-5371	312	8	undertakes	undertake	VERB
elp-5371	312	9	regular	regular	ADJ
elp-5371	312	10	testing	testing	NOUN
elp-5371	312	11	of	of	ADP
elp-5371	312	12	its	its	PRON
elp-5371	312	13	early	early	ADJ
elp-5371	312	14	intervention	intervention	NOUN
elp-5371	312	15	framework	framework	NOUN
elp-5371	312	16	and	and	CCONJ
elp-5371	312	17	contingency	contingency	NOUN
elp-5371	312	18	plans	plan	NOUN
elp-5371	312	19	for	for	ADP
elp-5371	312	20	dealing	deal	VERB
elp-5371	312	21	with	with	ADP
elp-5371	312	22	stress	stress	NOUN
elp-5371	312	23	situations	situation	NOUN
elp-5371	312	24	.	.	PUNCT
elp-5371	313	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	313	2	economics	economic	NOUN
elp-5371	313	3	,	,	PUNCT
elp-5371	313	4	law	law	NOUN
elp-5371	313	5	and	and	CCONJ
elp-5371	313	6	policy	policy	NOUN
elp-5371	313	7	vol	vol	NOUN
elp-5371	313	8	.	.	PROPN
elp-5371	314	1	5	5	NUM
elp-5371	314	2	,	,	PUNCT
elp-5371	314	3	no	no	INTJ
elp-5371	314	4	.	.	NOUN
elp-5371	314	5	2	2	NUM
elp-5371	314	6	,	,	PUNCT
elp-5371	314	7	2022	2022	NUM
elp-5371	314	8	49	49	NUM
elp-5371	314	9	published	publish	VERB
elp-5371	314	10	by	by	ADP
elp-5371	314	11	scholink	scholink	PROPN
elp-5371	314	12	inc	inc	PROPN
elp-5371	314	13	.	.	PROPN
elp-5371	314	14	in	in	ADP
elp-5371	314	15	the	the	DET
elp-5371	314	16	context	context	NOUN
elp-5371	314	17	of	of	ADP
elp-5371	314	18	fintech	fintech	NOUN
elp-5371	314	19	,	,	PUNCT
elp-5371	314	20	these	these	DET
elp-5371	314	21	arrangements	arrangement	NOUN
elp-5371	314	22	for	for	ADP
elp-5371	314	23	early	early	ADJ
elp-5371	314	24	intervention	intervention	NOUN
elp-5371	314	25	are	be	AUX
elp-5371	314	26	particularly	particularly	ADV
elp-5371	314	27	important	important	ADJ
elp-5371	314	28	.	.	PUNCT
elp-5371	315	1	it	it	PRON
elp-5371	315	2	is	be	AUX
elp-5371	315	3	essential	essential	ADJ
elp-5371	315	4	for	for	SCONJ
elp-5371	315	5	supervisory	supervisory	ADJ
elp-5371	315	6	authorities	authority	NOUN
elp-5371	315	7	to	to	PART
elp-5371	315	8	integrate	integrate	VERB
elp-5371	315	9	fintech	fintech	NOUN
elp-5371	315	10	-	-	PUNCT
elp-5371	315	11	related	relate	VERB
elp-5371	315	12	risks	risk	NOUN
elp-5371	315	13	into	into	ADP
elp-5371	315	14	their	their	PRON
elp-5371	315	15	early	early	ADJ
elp-5371	315	16	intervention	intervention	NOUN
elp-5371	315	17	frameworks	framework	NOUN
elp-5371	315	18	and	and	CCONJ
elp-5371	315	19	to	to	PART
elp-5371	315	20	develop	develop	VERB
elp-5371	315	21	contingency	contingency	NOUN
elp-5371	315	22	plans	plan	NOUN
elp-5371	315	23	for	for	ADP
elp-5371	315	24	dealing	deal	VERB
elp-5371	315	25	with	with	ADP
elp-5371	315	26	stress	stress	NOUN
elp-5371	315	27	events	event	NOUN
elp-5371	315	28	involving	involve	VERB
elp-5371	315	29	fintech	fintech	NOUN
elp-5371	315	30	matters	matter	NOUN
elp-5371	315	31	.	.	PUNCT
elp-5371	316	1	examples	example	NOUN
elp-5371	316	2	of	of	ADP
elp-5371	316	3	where	where	SCONJ
elp-5371	316	4	early	early	ADJ
elp-5371	316	5	intervention	intervention	NOUN
elp-5371	316	6	arrangements	arrangement	NOUN
elp-5371	316	7	are	be	AUX
elp-5371	316	8	especially	especially	ADV
elp-5371	316	9	important	important	ADJ
elp-5371	316	10	are	be	AUX
elp-5371	316	11	fintech	fintech	NOUN
elp-5371	316	12	risk	risk	NOUN
elp-5371	316	13	events	event	NOUN
elp-5371	316	14	that	that	PRON
elp-5371	316	15	threaten	threaten	VERB
elp-5371	316	16	the	the	DET
elp-5371	316	17	financial	financial	ADJ
elp-5371	316	18	or	or	CCONJ
elp-5371	316	19	operational	operational	ADJ
elp-5371	316	20	soundness	soundness	NOUN
elp-5371	316	21	of	of	ADP
elp-5371	316	22	a	a	DET
elp-5371	316	23	financial	financial	ADJ
elp-5371	316	24	institution	institution	NOUN
elp-5371	316	25	or	or	CCONJ
elp-5371	316	26	financial	financial	ADJ
elp-5371	316	27	stability	stability	NOUN
elp-5371	316	28	.	.	PUNCT
elp-5371	317	1	of	of	ADP
elp-5371	317	2	particular	particular	ADJ
elp-5371	317	3	relevance	relevance	NOUN
elp-5371	317	4	in	in	ADP
elp-5371	317	5	this	this	DET
elp-5371	317	6	context	context	NOUN
elp-5371	317	7	are	be	AUX
elp-5371	317	8	operational	operational	ADJ
elp-5371	317	9	risks	risk	NOUN
elp-5371	317	10	arising	arise	VERB
elp-5371	317	11	from	from	ADP
elp-5371	317	12	fintech	fintech	NOUN
elp-5371	317	13	,	,	PUNCT
elp-5371	317	14	such	such	ADJ
elp-5371	317	15	as	as	ADP
elp-5371	317	16	cyberattacks	cyberattack	NOUN
elp-5371	317	17	that	that	PRON
elp-5371	317	18	threaten	threaten	VERB
elp-5371	317	19	a	a	DET
elp-5371	317	20	financial	financial	ADJ
elp-5371	317	21	institution‟s	institution‟s	NOUN
elp-5371	317	22	operational	operational	ADJ
elp-5371	317	23	soundness	soundness	NOUN
elp-5371	317	24	or	or	CCONJ
elp-5371	317	25	pose	pose	VERB
elp-5371	317	26	a	a	DET
elp-5371	317	27	threat	threat	NOUN
elp-5371	317	28	to	to	ADP
elp-5371	317	29	payment	payment	NOUN
elp-5371	317	30	system	system	NOUN
elp-5371	317	31	functionality	functionality	NOUN
elp-5371	317	32	,	,	PUNCT
elp-5371	317	33	the	the	DET
elp-5371	317	34	emergence	emergence	NOUN
elp-5371	317	35	of	of	ADP
elp-5371	317	36	high	high	ADJ
elp-5371	317	37	-	-	PUNCT
elp-5371	317	38	risk	risk	NOUN
elp-5371	317	39	lending	lending	NOUN
elp-5371	317	40	and	and	CCONJ
elp-5371	317	41	payment	payment	NOUN
elp-5371	317	42	system	system	NOUN
elp-5371	317	43	activity	activity	NOUN
elp-5371	317	44	in	in	ADP
elp-5371	317	45	non	non	ADJ
elp-5371	317	46	-	-	ADJ
elp-5371	317	47	bank	bank	ADJ
elp-5371	317	48	financial	financial	ADJ
elp-5371	317	49	intermediation	intermediation	NOUN
elp-5371	317	50	,	,	PUNCT
elp-5371	317	51	and	and	CCONJ
elp-5371	317	52	financial	financial	ADJ
elp-5371	317	53	conduct	conduct	NOUN
elp-5371	317	54	that	that	PRON
elp-5371	317	55	threatens	threaten	VERB
elp-5371	317	56	the	the	DET
elp-5371	317	57	integrity	integrity	NOUN
elp-5371	317	58	of	of	ADP
elp-5371	317	59	the	the	DET
elp-5371	317	60	financial	financial	ADJ
elp-5371	317	61	system	system	NOUN
elp-5371	317	62	(	(	PUNCT
elp-5371	317	63	such	such	ADJ
elp-5371	317	64	as	as	ADP
elp-5371	317	65	money	money	NOUN
elp-5371	317	66	laundering	laundering	NOUN
elp-5371	317	67	and	and	CCONJ
elp-5371	317	68	other	other	ADJ
elp-5371	317	69	financial	financial	ADJ
elp-5371	317	70	crimes	crime	NOUN
elp-5371	317	71	)	)	PUNCT
elp-5371	317	72	.	.	PUNCT
elp-5371	318	1	in	in	ADP
elp-5371	318	2	these	these	DET
elp-5371	318	3	examples	example	NOUN
elp-5371	318	4	,	,	PUNCT
elp-5371	318	5	it	it	PRON
elp-5371	318	6	is	be	AUX
elp-5371	318	7	important	important	ADJ
elp-5371	318	8	for	for	SCONJ
elp-5371	318	9	the	the	DET
elp-5371	318	10	supervisory	supervisory	ADJ
elp-5371	318	11	authorities	authority	NOUN
elp-5371	318	12	to	to	PART
elp-5371	318	13	identify	identify	VERB
elp-5371	318	14	the	the	DET
elp-5371	318	15	triggers	trigger	NOUN
elp-5371	318	16	for	for	ADP
elp-5371	318	17	different	different	ADJ
elp-5371	318	18	stages	stage	NOUN
elp-5371	318	19	of	of	ADP
elp-5371	318	20	early	early	ADJ
elp-5371	318	21	intervention	intervention	NOUN
elp-5371	318	22	and	and	CCONJ
elp-5371	318	23	the	the	DET
elp-5371	318	24	response	response	NOUN
elp-5371	318	25	strategies	strategy	NOUN
elp-5371	318	26	they	they	PRON
elp-5371	318	27	would	would	AUX
elp-5371	318	28	apply	apply	VERB
elp-5371	318	29	to	to	ADP
elp-5371	318	30	breaches	breach	NOUN
elp-5371	318	31	of	of	ADP
elp-5371	318	32	triggers	trigger	NOUN
elp-5371	318	33	.	.	PUNCT
elp-5371	319	1	they	they	PRON
elp-5371	319	2	should	should	AUX
elp-5371	319	3	also	also	ADV
elp-5371	319	4	develop	develop	VERB
elp-5371	319	5	and	and	CCONJ
elp-5371	319	6	regularly	regularly	ADV
elp-5371	319	7	test	test	VERB
elp-5371	319	8	contingency	contingency	NOUN
elp-5371	319	9	plans	plan	NOUN
elp-5371	319	10	for	for	ADP
elp-5371	319	11	dealing	deal	VERB
elp-5371	319	12	with	with	ADP
elp-5371	319	13	such	such	ADJ
elp-5371	319	14	risk	risk	NOUN
elp-5371	319	15	events	event	NOUN
elp-5371	319	16	.	.	PUNCT
elp-5371	320	1	in	in	ADP
elp-5371	320	2	some	some	DET
elp-5371	320	3	cases	case	NOUN
elp-5371	320	4	,	,	PUNCT
elp-5371	320	5	the	the	DET
elp-5371	320	6	fintech	fintech	NOUN
elp-5371	320	7	-	-	PUNCT
elp-5371	320	8	related	relate	VERB
elp-5371	320	9	risk	risk	NOUN
elp-5371	320	10	events	event	NOUN
elp-5371	320	11	would	would	AUX
elp-5371	320	12	be	be	AUX
elp-5371	320	13	able	able	ADJ
elp-5371	320	14	to	to	PART
elp-5371	320	15	be	be	AUX
elp-5371	320	16	addressed	address	VERB
elp-5371	320	17	through	through	ADP
elp-5371	320	18	existing	exist	VERB
elp-5371	320	19	early	early	ADJ
elp-5371	320	20	intervention	intervention	NOUN
elp-5371	320	21	frameworks	framework	NOUN
elp-5371	320	22	.	.	PUNCT
elp-5371	321	1	however	however	ADV
elp-5371	321	2	,	,	PUNCT
elp-5371	321	3	in	in	ADP
elp-5371	321	4	some	some	DET
elp-5371	321	5	areas	area	NOUN
elp-5371	321	6	,	,	PUNCT
elp-5371	321	7	such	such	ADJ
elp-5371	321	8	as	as	ADP
elp-5371	321	9	cyberattacks	cyberattack	NOUN
elp-5371	321	10	,	,	PUNCT
elp-5371	321	11	modifications	modification	NOUN
elp-5371	321	12	to	to	ADP
elp-5371	321	13	existing	exist	VERB
elp-5371	321	14	early	early	ADJ
elp-5371	321	15	intervention	intervention	NOUN
elp-5371	321	16	frameworks	framework	NOUN
elp-5371	321	17	and	and	CCONJ
elp-5371	321	18	contingency	contingency	NOUN
elp-5371	321	19	plans	plan	NOUN
elp-5371	321	20	may	may	AUX
elp-5371	321	21	be	be	AUX
elp-5371	321	22	necessary	necessary	ADJ
elp-5371	321	23	so	so	SCONJ
elp-5371	321	24	as	as	SCONJ
elp-5371	321	25	to	to	PART
elp-5371	321	26	incorporate	incorporate	VERB
elp-5371	321	27	specific	specific	ADJ
elp-5371	321	28	responses	response	NOUN
elp-5371	321	29	to	to	PART
elp-5371	321	30	deal	deal	VERB
elp-5371	321	31	with	with	ADP
elp-5371	321	32	the	the	DET
elp-5371	321	33	impact	impact	NOUN
elp-5371	321	34	of	of	ADP
elp-5371	321	35	the	the	DET
elp-5371	321	36	events	event	NOUN
elp-5371	321	37	and	and	CCONJ
elp-5371	321	38	to	to	PART
elp-5371	321	39	facilitate	facilitate	VERB
elp-5371	321	40	effective	effective	ADJ
elp-5371	321	41	remediation	remediation	NOUN
elp-5371	321	42	.	.	PUNCT
elp-5371	322	1	part	part	NOUN
elp-5371	322	2	of	of	ADP
elp-5371	322	3	the	the	DET
elp-5371	322	4	early	early	ADJ
elp-5371	322	5	intervention	intervention	NOUN
elp-5371	322	6	framework	framework	NOUN
elp-5371	322	7	should	should	AUX
elp-5371	322	8	include	include	VERB
elp-5371	322	9	a	a	DET
elp-5371	322	10	requirement	requirement	NOUN
elp-5371	322	11	for	for	ADP
elp-5371	322	12	a	a	DET
elp-5371	322	13	regulated	regulated	ADJ
elp-5371	322	14	entity	entity	NOUN
elp-5371	322	15	to	to	PART
elp-5371	322	16	maintain	maintain	VERB
elp-5371	322	17	and	and	CCONJ
elp-5371	322	18	regularly	regularly	ADV
elp-5371	322	19	test	test	VERB
elp-5371	322	20	its	its	PRON
elp-5371	322	21	own	own	ADJ
elp-5371	322	22	contingency	contingency	NOUN
elp-5371	322	23	plans	plan	NOUN
elp-5371	322	24	for	for	ADP
elp-5371	322	25	dealing	deal	VERB
elp-5371	322	26	with	with	ADP
elp-5371	322	27	distress	distress	NOUN
elp-5371	322	28	events	event	NOUN
elp-5371	322	29	.	.	PUNCT
elp-5371	323	1	typically	typically	ADV
elp-5371	323	2	,	,	PUNCT
elp-5371	323	3	a	a	DET
elp-5371	323	4	bank	bank	NOUN
elp-5371	323	5	,	,	PUNCT
elp-5371	323	6	for	for	ADP
elp-5371	323	7	example	example	NOUN
elp-5371	323	8	,	,	PUNCT
elp-5371	323	9	would	would	AUX
elp-5371	323	10	be	be	AUX
elp-5371	323	11	required	require	VERB
elp-5371	323	12	to	to	PART
elp-5371	323	13	have	have	VERB
elp-5371	323	14	a	a	DET
elp-5371	323	15	liquidity	liquidity	NOUN
elp-5371	323	16	contingency	contingency	NOUN
elp-5371	323	17	plan	plan	NOUN
elp-5371	323	18	,	,	PUNCT
elp-5371	323	19	a	a	DET
elp-5371	323	20	capital	capital	NOUN
elp-5371	323	21	contingency	contingency	NOUN
elp-5371	323	22	plan	plan	NOUN
elp-5371	323	23	and	and	CCONJ
elp-5371	323	24	a	a	DET
elp-5371	323	25	business	business	NOUN
elp-5371	323	26	continuity	continuity	NOUN
elp-5371	323	27	plan	plan	NOUN
elp-5371	323	28	.	.	PUNCT
elp-5371	324	1	in	in	ADP
elp-5371	324	2	addition	addition	NOUN
elp-5371	324	3	,	,	PUNCT
elp-5371	324	4	following	follow	VERB
elp-5371	324	5	the	the	DET
elp-5371	324	6	global	global	ADJ
elp-5371	324	7	financial	financial	ADJ
elp-5371	324	8	crisis	crisis	NOUN
elp-5371	324	9	,	,	PUNCT
elp-5371	324	10	banks	bank	NOUN
elp-5371	324	11	in	in	ADP
elp-5371	324	12	most	most	ADJ
elp-5371	324	13	countries	country	NOUN
elp-5371	324	14	have	have	AUX
elp-5371	324	15	also	also	ADV
elp-5371	324	16	been	be	AUX
elp-5371	324	17	required	require	VERB
elp-5371	324	18	to	to	PART
elp-5371	324	19	have	have	VERB
elp-5371	324	20	recovery	recovery	NOUN
elp-5371	324	21	plans	plan	NOUN
elp-5371	324	22	that	that	PRON
elp-5371	324	23	set	set	VERB
elp-5371	324	24	out	out	ADP
elp-5371	324	25	comprehensive	comprehensive	ADJ
elp-5371	324	26	strategies	strategy	NOUN
elp-5371	324	27	for	for	ADP
elp-5371	324	28	enabling	enable	VERB
elp-5371	324	29	a	a	DET
elp-5371	324	30	bank	bank	NOUN
elp-5371	324	31	to	to	PART
elp-5371	324	32	restore	restore	VERB
elp-5371	324	33	itself	itself	PRON
elp-5371	324	34	to	to	ADP
elp-5371	324	35	financial	financial	ADJ
elp-5371	324	36	and	and	CCONJ
elp-5371	324	37	operational	operational	ADJ
elp-5371	324	38	soundness	soundness	NOUN
elp-5371	324	39	following	follow	VERB
elp-5371	324	40	(	(	PUNCT
elp-5371	324	41	or	or	CCONJ
elp-5371	324	42	in	in	ADP
elp-5371	324	43	anticipation	anticipation	NOUN
elp-5371	324	44	of	of	ADP
elp-5371	324	45	)	)	PUNCT
elp-5371	324	46	a	a	DET
elp-5371	324	47	severe	severe	ADJ
elp-5371	324	48	financial	financial	ADJ
elp-5371	324	49	or	or	CCONJ
elp-5371	324	50	operational	operational	ADJ
elp-5371	324	51	shock	shock	NOUN
elp-5371	324	52	.	.	PUNCT
elp-5371	325	1	supervisory	supervisory	ADJ
elp-5371	325	2	authorities	authority	NOUN
elp-5371	325	3	should	should	AUX
elp-5371	325	4	include	include	VERB
elp-5371	325	5	in	in	ADP
elp-5371	325	6	their	their	PRON
elp-5371	325	7	early	early	ADJ
elp-5371	325	8	intervention	intervention	NOUN
elp-5371	325	9	frameworks	framework	VERB
elp-5371	325	10	a	a	DET
elp-5371	325	11	requirement	requirement	NOUN
elp-5371	325	12	for	for	ADP
elp-5371	325	13	such	such	ADJ
elp-5371	325	14	plans	plan	NOUN
elp-5371	325	15	to	to	PART
elp-5371	325	16	be	be	AUX
elp-5371	325	17	activated	activate	VERB
elp-5371	325	18	and	and	CCONJ
elp-5371	325	19	implemented	implement	VERB
elp-5371	325	20	upon	upon	SCONJ
elp-5371	325	21	defined	define	VERB
elp-5371	325	22	triggers	trigger	NOUN
elp-5371	325	23	being	be	AUX
elp-5371	325	24	breached	breach	VERB
elp-5371	325	25	.	.	PUNCT
elp-5371	326	1	in	in	ADP
elp-5371	326	2	a	a	DET
elp-5371	326	3	fintech	fintech	NOUN
elp-5371	326	4	context	context	NOUN
elp-5371	326	5	,	,	PUNCT
elp-5371	326	6	there	there	PRON
elp-5371	326	7	is	be	VERB
elp-5371	326	8	a	a	DET
elp-5371	326	9	need	need	NOUN
elp-5371	326	10	to	to	PART
elp-5371	326	11	ensure	ensure	VERB
elp-5371	326	12	that	that	SCONJ
elp-5371	326	13	financial	financial	ADJ
elp-5371	326	14	institution	institution	NOUN
elp-5371	326	15	contingency	contingency	NOUN
elp-5371	326	16	plans	plan	NOUN
elp-5371	326	17	,	,	PUNCT
elp-5371	326	18	including	include	VERB
elp-5371	326	19	recovery	recovery	NOUN
elp-5371	326	20	plans	plan	NOUN
elp-5371	326	21	,	,	PUNCT
elp-5371	326	22	adequately	adequately	ADV
elp-5371	326	23	identify	identify	VERB
elp-5371	326	24	fintech	fintech	NOUN
elp-5371	326	25	-	-	PUNCT
elp-5371	326	26	related	relate	VERB
elp-5371	326	27	risk	risk	NOUN
elp-5371	326	28	events	event	NOUN
elp-5371	326	29	and	and	CCONJ
elp-5371	326	30	set	set	VERB
elp-5371	326	31	out	out	ADP
elp-5371	326	32	the	the	DET
elp-5371	326	33	strategies	strategy	NOUN
elp-5371	326	34	for	for	ADP
elp-5371	326	35	responding	respond	VERB
elp-5371	326	36	to	to	ADP
elp-5371	326	37	them	they	PRON
elp-5371	326	38	.	.	PUNCT
elp-5371	327	1	in	in	ADP
elp-5371	327	2	some	some	DET
elp-5371	327	3	cases	case	NOUN
elp-5371	327	4	,	,	PUNCT
elp-5371	327	5	fintech	fintech	NOUN
elp-5371	327	6	risk	risk	NOUN
elp-5371	327	7	events	event	NOUN
elp-5371	327	8	can	can	AUX
elp-5371	327	9	be	be	AUX
elp-5371	327	10	integrated	integrate	VERB
elp-5371	327	11	into	into	ADP
elp-5371	327	12	existing	exist	VERB
elp-5371	327	13	contingency	contingency	NOUN
elp-5371	327	14	and	and	CCONJ
elp-5371	327	15	recovery	recovery	NOUN
elp-5371	327	16	plans	plan	NOUN
elp-5371	327	17	with	with	ADP
elp-5371	327	18	only	only	ADJ
elp-5371	327	19	minor	minor	ADJ
elp-5371	327	20	modifications	modification	NOUN
elp-5371	327	21	.	.	PUNCT
elp-5371	328	1	however	however	ADV
elp-5371	328	2	,	,	PUNCT
elp-5371	328	3	in	in	ADP
elp-5371	328	4	the	the	DET
elp-5371	328	5	case	case	NOUN
elp-5371	328	6	of	of	ADP
elp-5371	328	7	some	some	DET
elp-5371	328	8	fintech	fintech	NOUN
elp-5371	328	9	,	,	PUNCT
elp-5371	328	10	especially	especially	ADV
elp-5371	328	11	ones	one	NOUN
elp-5371	328	12	that	that	PRON
elp-5371	328	13	expose	expose	VERB
elp-5371	328	14	an	an	DET
elp-5371	328	15	institution	institution	NOUN
elp-5371	328	16	to	to	PART
elp-5371	328	17	cyber	cyber	VERB
elp-5371	328	18	risks	risk	NOUN
elp-5371	328	19	and	and	CCONJ
elp-5371	328	20	payments	payment	NOUN
elp-5371	328	21	system	system	NOUN
elp-5371	328	22	network	network	NOUN
elp-5371	328	23	risks	risk	NOUN
elp-5371	328	24	,	,	PUNCT
elp-5371	328	25	there	there	PRON
elp-5371	328	26	is	be	VERB
elp-5371	328	27	a	a	DET
elp-5371	328	28	need	need	NOUN
elp-5371	328	29	for	for	ADP
elp-5371	328	30	significant	significant	ADJ
elp-5371	328	31	new	new	ADJ
elp-5371	328	32	response	response	NOUN
elp-5371	328	33	strategies	strategy	NOUN
elp-5371	328	34	to	to	PART
elp-5371	328	35	deal	deal	VERB
elp-5371	328	36	with	with	ADP
elp-5371	328	37	such	such	ADJ
elp-5371	328	38	threats	threat	NOUN
elp-5371	328	39	.	.	PUNCT
elp-5371	329	1	the	the	DET
elp-5371	329	2	responses	response	NOUN
elp-5371	329	3	will	will	AUX
elp-5371	329	4	include	include	VERB
elp-5371	329	5	the	the	DET
elp-5371	329	6	initiatives	initiative	NOUN
elp-5371	329	7	needed	need	VERB
elp-5371	329	8	to	to	PART
elp-5371	329	9	maintain	maintain	VERB
elp-5371	329	10	critical	critical	ADJ
elp-5371	329	11	functions	function	NOUN
elp-5371	329	12	and	and	CCONJ
elp-5371	329	13	services	service	NOUN
elp-5371	329	14	,	,	PUNCT
elp-5371	329	15	undertake	undertake	VERB
elp-5371	329	16	capital	capital	NOUN
elp-5371	329	17	and	and	CCONJ
elp-5371	329	18	liquidity	liquidity	NOUN
elp-5371	329	19	restoration	restoration	NOUN
elp-5371	329	20	,	,	PUNCT
elp-5371	329	21	address	address	NOUN
elp-5371	329	22	stakeholder	stakeholder	NOUN
elp-5371	329	23	concerns	concern	NOUN
elp-5371	329	24	,	,	PUNCT
elp-5371	329	25	remediate	remediate	VERB
elp-5371	329	26	reputation	reputation	NOUN
elp-5371	329	27	risk	risk	NOUN
elp-5371	329	28	,	,	PUNCT
elp-5371	329	29	and	and	CCONJ
elp-5371	329	30	ensure	ensure	VERB
elp-5371	329	31	that	that	SCONJ
elp-5371	329	32	the	the	DET
elp-5371	329	33	underlying	underlie	VERB
elp-5371	329	34	causes	cause	NOUN
elp-5371	329	35	and	and	CCONJ
elp-5371	329	36	vulnerabilities	vulnerability	NOUN
elp-5371	329	37	have	have	AUX
elp-5371	329	38	been	be	AUX
elp-5371	329	39	remedied	remedie	VERB
elp-5371	329	40	.	.	PUNCT
elp-5371	330	1	supervisory	supervisory	ADJ
elp-5371	330	2	authorities	authority	NOUN
elp-5371	330	3	need	need	VERB
elp-5371	330	4	to	to	PART
elp-5371	330	5	oversee	oversee	VERB
elp-5371	330	6	these	these	DET
elp-5371	330	7	arrangements	arrangement	NOUN
elp-5371	330	8	and	and	CCONJ
elp-5371	330	9	ensure	ensure	VERB
elp-5371	330	10	that	that	SCONJ
elp-5371	330	11	recovery	recovery	NOUN
elp-5371	330	12	plans	plan	NOUN
elp-5371	330	13	and	and	CCONJ
elp-5371	330	14	other	other	ADJ
elp-5371	330	15	contingency	contingency	NOUN
elp-5371	330	16	plans	plan	NOUN
elp-5371	330	17	are	be	AUX
elp-5371	330	18	subject	subject	ADJ
elp-5371	330	19	to	to	ADP
elp-5371	330	20	regular	regular	ADJ
elp-5371	330	21	testing	testing	NOUN
elp-5371	330	22	.	.	PUNCT
elp-5371	331	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	331	2	economics	economic	NOUN
elp-5371	331	3	,	,	PUNCT
elp-5371	331	4	law	law	NOUN
elp-5371	331	5	and	and	CCONJ
elp-5371	331	6	policy	policy	NOUN
elp-5371	331	7	vol	vol	NOUN
elp-5371	331	8	.	.	PROPN
elp-5371	332	1	5	5	NUM
elp-5371	332	2	,	,	PUNCT
elp-5371	332	3	no	no	INTJ
elp-5371	332	4	.	.	NOUN
elp-5371	332	5	2	2	NUM
elp-5371	332	6	,	,	PUNCT
elp-5371	332	7	2022	2022	NUM
elp-5371	332	8	50	50	NUM
elp-5371	332	9	published	publish	VERB
elp-5371	332	10	by	by	ADP
elp-5371	332	11	scholink	scholink	PROPN
elp-5371	332	12	inc	inc	PROPN
elp-5371	332	13	.	.	PROPN
elp-5371	332	14	crisis	crisis	NOUN
elp-5371	332	15	preparedness	preparedness	NOUN
elp-5371	332	16	when	when	SCONJ
elp-5371	332	17	early	early	ADJ
elp-5371	332	18	intervention	intervention	NOUN
elp-5371	332	19	and	and	CCONJ
elp-5371	332	20	recovery	recovery	NOUN
elp-5371	332	21	actions	action	NOUN
elp-5371	332	22	are	be	AUX
elp-5371	332	23	insufficient	insufficient	ADJ
elp-5371	332	24	to	to	PART
elp-5371	332	25	remedy	remedy	VERB
elp-5371	332	26	a	a	DET
elp-5371	332	27	risk	risk	NOUN
elp-5371	332	28	event	event	NOUN
elp-5371	332	29	,	,	PUNCT
elp-5371	332	30	there	there	PRON
elp-5371	332	31	is	be	VERB
elp-5371	332	32	a	a	DET
elp-5371	332	33	need	need	NOUN
elp-5371	332	34	for	for	SCONJ
elp-5371	332	35	the	the	DET
elp-5371	332	36	authorities	authority	NOUN
elp-5371	332	37	to	to	PART
elp-5371	332	38	have	have	VERB
elp-5371	332	39	the	the	DET
elp-5371	332	40	capacity	capacity	NOUN
elp-5371	332	41	to	to	PART
elp-5371	332	42	undertake	undertake	VERB
elp-5371	332	43	some	some	DET
elp-5371	332	44	form	form	NOUN
elp-5371	332	45	of	of	ADP
elp-5371	332	46	resolution	resolution	NOUN
elp-5371	332	47	.	.	PUNCT
elp-5371	333	1	this	this	PRON
elp-5371	333	2	might	might	AUX
elp-5371	333	3	involve	involve	VERB
elp-5371	333	4	the	the	DET
elp-5371	333	5	appointment	appointment	NOUN
elp-5371	333	6	of	of	ADP
elp-5371	333	7	a	a	DET
elp-5371	333	8	statutory	statutory	ADJ
elp-5371	333	9	manager	manager	NOUN
elp-5371	333	10	or	or	CCONJ
elp-5371	333	11	administrator	administrator	NOUN
elp-5371	333	12	to	to	ADP
elp-5371	333	13	a	a	DET
elp-5371	333	14	financial	financial	ADJ
elp-5371	333	15	institution	institution	NOUN
elp-5371	333	16	in	in	ADP
elp-5371	333	17	acute	acute	ADJ
elp-5371	333	18	stress	stress	NOUN
elp-5371	333	19	to	to	PART
elp-5371	333	20	implement	implement	VERB
elp-5371	333	21	remedial	remedial	ADJ
elp-5371	333	22	actions	action	NOUN
elp-5371	333	23	that	that	PRON
elp-5371	333	24	the	the	DET
elp-5371	333	25	board	board	NOUN
elp-5371	333	26	and	and	CCONJ
elp-5371	333	27	management	management	NOUN
elp-5371	333	28	are	be	AUX
elp-5371	333	29	either	either	CCONJ
elp-5371	333	30	unable	unable	ADJ
elp-5371	333	31	or	or	CCONJ
elp-5371	333	32	unwilling	unwilling	ADJ
elp-5371	333	33	to	to	PART
elp-5371	333	34	undertake	undertake	VERB
elp-5371	333	35	and	and	CCONJ
elp-5371	333	36	to	to	PART
elp-5371	333	37	identify	identify	VERB
elp-5371	333	38	possible	possible	ADJ
elp-5371	333	39	resolution	resolution	NOUN
elp-5371	333	40	options	option	NOUN
elp-5371	333	41	.	.	PUNCT
elp-5371	334	1	it	it	PRON
elp-5371	334	2	will	will	AUX
elp-5371	334	3	also	also	ADV
elp-5371	334	4	likely	likely	ADV
elp-5371	334	5	involve	involve	VERB
elp-5371	334	6	the	the	DET
elp-5371	334	7	authorities	authority	NOUN
elp-5371	334	8	having	have	VERB
elp-5371	334	9	the	the	DET
elp-5371	334	10	legal	legal	ADJ
elp-5371	334	11	powers	power	NOUN
elp-5371	334	12	,	,	PUNCT
elp-5371	334	13	policies	policy	NOUN
elp-5371	334	14	and	and	CCONJ
elp-5371	334	15	procedures	procedure	NOUN
elp-5371	334	16	to	to	PART
elp-5371	334	17	implement	implement	VERB
elp-5371	334	18	a	a	DET
elp-5371	334	19	specific	specific	ADJ
elp-5371	334	20	resolution	resolution	NOUN
elp-5371	334	21	option	option	NOUN
elp-5371	334	22	if	if	SCONJ
elp-5371	334	23	the	the	DET
elp-5371	334	24	financial	financial	ADJ
elp-5371	334	25	institution	institution	NOUN
elp-5371	334	26	is	be	AUX
elp-5371	334	27	deemed	deem	VERB
elp-5371	334	28	non	non	ADJ
elp-5371	334	29	-	-	ADJ
elp-5371	334	30	viable	viable	ADJ
elp-5371	334	31	.	.	PUNCT
elp-5371	335	1	this	this	PRON
elp-5371	335	2	could	could	AUX
elp-5371	335	3	involve	involve	VERB
elp-5371	335	4	transferring	transfer	VERB
elp-5371	335	5	critical	critical	ADJ
elp-5371	335	6	functions	function	NOUN
elp-5371	335	7	and	and	CCONJ
elp-5371	335	8	systems	system	NOUN
elp-5371	335	9	,	,	PUNCT
elp-5371	335	10	associated	associated	ADJ
elp-5371	335	11	assets	asset	NOUN
elp-5371	335	12	and	and	CCONJ
elp-5371	335	13	liabilities	liability	NOUN
elp-5371	335	14	,	,	PUNCT
elp-5371	335	15	to	to	ADP
elp-5371	335	16	another	another	DET
elp-5371	335	17	(	(	PUNCT
elp-5371	335	18	viable	viable	ADJ
elp-5371	335	19	)	)	PUNCT
elp-5371	335	20	entity	entity	NOUN
elp-5371	335	21	or	or	CCONJ
elp-5371	335	22	to	to	ADP
elp-5371	335	23	a	a	DET
elp-5371	335	24	“	"	PUNCT
elp-5371	335	25	bridge	bridge	NOUN
elp-5371	335	26	entity	entity	NOUN
elp-5371	335	27	”	"	PUNCT
elp-5371	335	28	established	establish	VERB
elp-5371	335	29	for	for	ADP
elp-5371	335	30	the	the	DET
elp-5371	335	31	purpose	purpose	NOUN
elp-5371	335	32	by	by	ADP
elp-5371	335	33	the	the	DET
elp-5371	335	34	resolution	resolution	NOUN
elp-5371	335	35	authority	authority	NOUN
elp-5371	335	36	.	.	PUNCT
elp-5371	336	1	it	it	PRON
elp-5371	336	2	might	might	AUX
elp-5371	336	3	involve	involve	VERB
elp-5371	336	4	some	some	DET
elp-5371	336	5	form	form	NOUN
elp-5371	336	6	of	of	ADP
elp-5371	336	7	recapitalisation	recapitalisation	NOUN
elp-5371	336	8	,	,	PUNCT
elp-5371	336	9	such	such	ADJ
elp-5371	336	10	as	as	ADP
elp-5371	336	11	the	the	DET
elp-5371	336	12	use	use	NOUN
elp-5371	336	13	of	of	ADP
elp-5371	336	14	contractual	contractual	ADJ
elp-5371	336	15	or	or	CCONJ
elp-5371	336	16	statutory	statutory	ADJ
elp-5371	336	17	bail	bail	NOUN
elp-5371	336	18	-	-	PUNCT
elp-5371	336	19	in	in	NOUN
elp-5371	336	20	of	of	ADP
elp-5371	336	21	unsecured	unsecured	ADJ
elp-5371	336	22	liabilities	liability	NOUN
elp-5371	336	23	.	.	PUNCT
elp-5371	337	1	or	or	CCONJ
elp-5371	337	2	it	it	PRON
elp-5371	337	3	might	might	AUX
elp-5371	337	4	involve	involve	VERB
elp-5371	337	5	an	an	DET
elp-5371	337	6	unwinding	unwinding	NOUN
elp-5371	337	7	of	of	ADP
elp-5371	337	8	the	the	DET
elp-5371	337	9	institution‟s	institution‟s	NOUN
elp-5371	337	10	business	business	NOUN
elp-5371	337	11	in	in	ADP
elp-5371	337	12	an	an	DET
elp-5371	337	13	orderly	orderly	ADJ
elp-5371	337	14	and	and	CCONJ
elp-5371	337	15	non	non	ADJ
elp-5371	337	16	-	-	ADJ
elp-5371	337	17	disruptive	disruptive	ADJ
elp-5371	337	18	manner	manner	NOUN
elp-5371	337	19	.	.	PUNCT
elp-5371	338	1	since	since	SCONJ
elp-5371	338	2	the	the	DET
elp-5371	338	3	global	global	ADJ
elp-5371	338	4	financial	financial	ADJ
elp-5371	338	5	crisis	crisis	NOUN
elp-5371	338	6	,	,	PUNCT
elp-5371	338	7	financial	financial	ADJ
elp-5371	338	8	authorities	authority	NOUN
elp-5371	338	9	globally	globally	ADV
elp-5371	338	10	have	have	AUX
elp-5371	338	11	implemented	implement	VERB
elp-5371	338	12	a	a	DET
elp-5371	338	13	wide	wide	ADJ
elp-5371	338	14	range	range	NOUN
elp-5371	338	15	of	of	ADP
elp-5371	338	16	initiatives	initiative	NOUN
elp-5371	338	17	to	to	PART
elp-5371	338	18	strengthen	strengthen	VERB
elp-5371	338	19	the	the	DET
elp-5371	338	20	capacity	capacity	NOUN
elp-5371	338	21	to	to	PART
elp-5371	338	22	resolve	resolve	VERB
elp-5371	338	23	a	a	DET
elp-5371	338	24	non	non	ADJ
elp-5371	338	25	-	-	ADJ
elp-5371	338	26	viable	viable	ADJ
elp-5371	338	27	financial	financial	ADJ
elp-5371	338	28	institution	institution	NOUN
elp-5371	338	29	.	.	PUNCT
elp-5371	339	1	these	these	DET
elp-5371	339	2	initiatives	initiative	NOUN
elp-5371	339	3	have	have	AUX
elp-5371	339	4	been	be	AUX
elp-5371	339	5	guided	guide	VERB
elp-5371	339	6	by	by	ADP
elp-5371	339	7	the	the	DET
elp-5371	339	8	international	international	ADJ
elp-5371	339	9	standard	standard	NOUN
elp-5371	339	10	on	on	ADP
elp-5371	339	11	resolution	resolution	NOUN
elp-5371	339	12	issued	issue	VERB
elp-5371	339	13	by	by	ADP
elp-5371	339	14	the	the	DET
elp-5371	339	15	financial	financial	ADJ
elp-5371	339	16	stability	stability	PROPN
elp-5371	339	17	board	board	NOUN
elp-5371	339	18	—	—	PUNCT
elp-5371	339	19	the	the	DET
elp-5371	339	20	key	key	ADJ
elp-5371	339	21	attributes	attribute	NOUN
elp-5371	339	22	of	of	ADP
elp-5371	339	23	effective	effective	ADJ
elp-5371	339	24	resolution	resolution	NOUN
elp-5371	339	25	regimes	regime	NOUN
elp-5371	339	26	for	for	ADP
elp-5371	339	27	financial	financial	ADJ
elp-5371	339	28	institutions	institution	NOUN
elp-5371	339	29	(	(	PUNCT
elp-5371	339	30	key	key	ADJ
elp-5371	339	31	attributes	attribute	NOUN
elp-5371	339	32	)	)	PUNCT
elp-5371	339	33	.	.	PUNCT
elp-5371	340	1	under	under	ADP
elp-5371	340	2	this	this	DET
elp-5371	340	3	standard	standard	NOUN
elp-5371	340	4	(	(	PUNCT
elp-5371	340	5	which	which	PRON
elp-5371	340	6	is	be	AUX
elp-5371	340	7	non	non	ADJ
elp-5371	340	8	-	-	ADJ
elp-5371	340	9	binding	binding	ADJ
elp-5371	340	10	but	but	CCONJ
elp-5371	340	11	is	be	AUX
elp-5371	340	12	encouraged	encourage	VERB
elp-5371	340	13	by	by	ADP
elp-5371	340	14	the	the	DET
elp-5371	340	15	imf	imf	PROPN
elp-5371	340	16	and	and	CCONJ
elp-5371	340	17	world	world	PROPN
elp-5371	340	18	bank	bank	PROPN
elp-5371	340	19	through	through	ADP
elp-5371	340	20	the	the	DET
elp-5371	340	21	fsap	fsap	NOUN
elp-5371	340	22	process	process	NOUN
elp-5371	340	23	)	)	PUNCT
elp-5371	340	24	,	,	PUNCT
elp-5371	340	25	resolution	resolution	NOUN
elp-5371	340	26	authorities	authority	NOUN
elp-5371	340	27	are	be	AUX
elp-5371	340	28	expected	expect	VERB
elp-5371	340	29	to	to	PART
elp-5371	340	30	have	have	VERB
elp-5371	340	31	:	:	PUNCT
elp-5371	340	32			PRON
elp-5371	340	33	a	a	DET
elp-5371	340	34	well	well	ADV
elp-5371	340	35	-	-	PUNCT
elp-5371	340	36	defined	define	VERB
elp-5371	340	37	statutory	statutory	ADJ
elp-5371	340	38	mandate	mandate	NOUN
elp-5371	340	39	for	for	ADP
elp-5371	340	40	the	the	DET
elp-5371	340	41	resolution	resolution	NOUN
elp-5371	340	42	of	of	ADP
elp-5371	340	43	non	non	ADJ
elp-5371	340	44	-	-	ADJ
elp-5371	340	45	viable	viable	ADJ
elp-5371	340	46	financial	financial	ADJ
elp-5371	340	47	institutions	institution	NOUN
elp-5371	340	48	,	,	PUNCT
elp-5371	340	49	anchored	anchor	VERB
elp-5371	340	50	to	to	PART
elp-5371	340	51	clearly	clearly	ADV
elp-5371	340	52	stated	state	VERB
elp-5371	340	53	objectives	objective	NOUN
elp-5371	340	54	(	(	PUNCT
elp-5371	340	55	generally	generally	ADV
elp-5371	340	56	anchored	anchor	VERB
elp-5371	340	57	to	to	ADP
elp-5371	340	58	financial	financial	ADJ
elp-5371	340	59	stability	stability	NOUN
elp-5371	340	60	)	)	PUNCT
elp-5371	340	61	;	;	PUNCT
elp-5371	340	62			PRON
elp-5371	340	63	a	a	DET
elp-5371	340	64	resolution	resolution	NOUN
elp-5371	340	65	framework	framework	NOUN
elp-5371	340	66	that	that	PRON
elp-5371	340	67	applies	apply	VERB
elp-5371	340	68	to	to	ADP
elp-5371	340	69	regulated	regulated	ADJ
elp-5371	340	70	entities	entity	NOUN
elp-5371	340	71	,	,	PUNCT
elp-5371	340	72	relevant	relevant	ADJ
elp-5371	340	73	holding	hold	VERB
elp-5371	340	74	companies	company	NOUN
elp-5371	340	75	and	and	CCONJ
elp-5371	340	76	subsidiaries	subsidiary	NOUN
elp-5371	340	77	to	to	PART
elp-5371	340	78	enable	enable	VERB
elp-5371	340	79	a	a	DET
elp-5371	340	80	group	group	NOUN
elp-5371	340	81	-	-	PUNCT
elp-5371	340	82	based	base	VERB
elp-5371	340	83	resolution	resolution	NOUN
elp-5371	340	84	to	to	PART
elp-5371	340	85	be	be	AUX
elp-5371	340	86	implemented	implement	VERB
elp-5371	340	87	;	;	PUNCT
elp-5371	340	88			PRON
elp-5371	340	89	a	a	DET
elp-5371	340	90	broad	broad	ADJ
elp-5371	340	91	suite	suite	NOUN
elp-5371	340	92	of	of	ADP
elp-5371	340	93	statutory	statutory	ADJ
elp-5371	340	94	powers	power	NOUN
elp-5371	340	95	with	with	ADP
elp-5371	340	96	well	well	ADV
elp-5371	340	97	-	-	PUNCT
elp-5371	340	98	specified	specify	VERB
elp-5371	340	99	triggers	trigger	NOUN
elp-5371	340	100	to	to	PART
elp-5371	340	101	enable	enable	VERB
elp-5371	340	102	a	a	DET
elp-5371	340	103	range	range	NOUN
elp-5371	340	104	of	of	ADP
elp-5371	340	105	resolution	resolution	NOUN
elp-5371	340	106	options	option	NOUN
elp-5371	340	107	to	to	PART
elp-5371	340	108	be	be	AUX
elp-5371	340	109	implemented	implement	VERB
elp-5371	340	110	;	;	PUNCT
elp-5371	340	111			PRON
elp-5371	340	112	the	the	DET
elp-5371	340	113	capacity	capacity	NOUN
elp-5371	340	114	to	to	PART
elp-5371	340	115	require	require	VERB
elp-5371	340	116	a	a	DET
elp-5371	340	117	financial	financial	ADJ
elp-5371	340	118	institution	institution	NOUN
elp-5371	340	119	to	to	PART
elp-5371	340	120	prepare	prepare	VERB
elp-5371	340	121	and	and	CCONJ
elp-5371	340	122	maintain	maintain	VERB
elp-5371	340	123	a	a	DET
elp-5371	340	124	recovery	recovery	NOUN
elp-5371	340	125	plan	plan	NOUN
elp-5371	340	126	;	;	PUNCT
elp-5371	340	127			PRON
elp-5371	340	128	the	the	DET
elp-5371	340	129	ability	ability	NOUN
elp-5371	340	130	to	to	PART
elp-5371	340	131	undertake	undertake	VERB
elp-5371	340	132	resolvability	resolvability	NOUN
elp-5371	340	133	assessments	assessment	NOUN
elp-5371	340	134	and	and	CCONJ
elp-5371	340	135	prepare	prepare	VERB
elp-5371	340	136	a	a	DET
elp-5371	340	137	resolution	resolution	NOUN
elp-5371	340	138	plan	plan	NOUN
elp-5371	340	139	for	for	ADP
elp-5371	340	140	at	at	ADV
elp-5371	340	141	least	least	ADJ
elp-5371	340	142	systemically	systemically	ADV
elp-5371	340	143	important	important	ADJ
elp-5371	340	144	financial	financial	ADJ
elp-5371	340	145	institutions	institution	NOUN
elp-5371	340	146	;	;	PUNCT
elp-5371	340	147			NOUN
elp-5371	340	148	the	the	DET
elp-5371	340	149	maintenance	maintenance	NOUN
elp-5371	340	150	of	of	ADP
elp-5371	340	151	the	the	DET
elp-5371	340	152	ability	ability	NOUN
elp-5371	340	153	to	to	PART
elp-5371	340	154	implement	implement	VERB
elp-5371	340	155	a	a	DET
elp-5371	340	156	range	range	NOUN
elp-5371	340	157	of	of	ADP
elp-5371	340	158	resolution	resolution	NOUN
elp-5371	340	159	strategies	strategy	NOUN
elp-5371	340	160	,	,	PUNCT
elp-5371	340	161	based	base	VERB
elp-5371	340	162	on	on	ADP
elp-5371	340	163	generic	generic	ADJ
elp-5371	340	164	resolution	resolution	NOUN
elp-5371	340	165	policies	policy	NOUN
elp-5371	340	166	and	and	CCONJ
elp-5371	340	167	practices	practice	NOUN
elp-5371	340	168	,	,	PUNCT
elp-5371	340	169	and	and	CCONJ
elp-5371	340	170	institution	institution	NOUN
elp-5371	340	171	-	-	PUNCT
elp-5371	340	172	specific	specific	ADJ
elp-5371	340	173	resolution	resolution	NOUN
elp-5371	340	174	plans	plan	NOUN
elp-5371	340	175	;	;	PUNCT
elp-5371	340	176			NOUN
elp-5371	340	177	safeguards	safeguard	VERB
elp-5371	340	178	to	to	PART
elp-5371	340	179	ensure	ensure	VERB
elp-5371	340	180	that	that	SCONJ
elp-5371	340	181	resolution	resolution	NOUN
elp-5371	340	182	actions	action	NOUN
elp-5371	340	183	are	be	AUX
elp-5371	340	184	not	not	PART
elp-5371	340	185	used	use	VERB
elp-5371	340	186	in	in	ADP
elp-5371	340	187	an	an	DET
elp-5371	340	188	inappropriate	inappropriate	ADJ
elp-5371	340	189	manner	manner	NOUN
elp-5371	340	190	,	,	PUNCT
elp-5371	340	191	including	include	VERB
elp-5371	340	192	a	a	DET
elp-5371	340	193	general	general	ADJ
elp-5371	340	194	requirement	requirement	NOUN
elp-5371	340	195	to	to	PART
elp-5371	340	196	ensure	ensure	VERB
elp-5371	340	197	that	that	SCONJ
elp-5371	340	198	no	no	DET
elp-5371	340	199	creditor	creditor	NOUN
elp-5371	340	200	is	be	AUX
elp-5371	340	201	left	leave	VERB
elp-5371	340	202	worse	bad	ADJ
elp-5371	340	203	off	off	ADP
elp-5371	340	204	under	under	ADP
elp-5371	340	205	a	a	DET
elp-5371	340	206	resolution	resolution	NOUN
elp-5371	340	207	than	than	SCONJ
elp-5371	340	208	they	they	PRON
elp-5371	340	209	would	would	AUX
elp-5371	340	210	have	have	AUX
elp-5371	340	211	been	be	AUX
elp-5371	340	212	under	under	ADP
elp-5371	340	213	a	a	DET
elp-5371	340	214	conventional	conventional	ADJ
elp-5371	340	215	winding	wind	VERB
elp-5371	340	216	up	up	ADP
elp-5371	340	217	/	/	SYM
elp-5371	340	218	liquidation	liquidation	NOUN
elp-5371	340	219	under	under	ADP
elp-5371	340	220	the	the	DET
elp-5371	340	221	relevant	relevant	ADJ
elp-5371	340	222	country‟s	country‟s	NOUN
elp-5371	340	223	insolvency	insolvency	NOUN
elp-5371	340	224	law	law	NOUN
elp-5371	340	225	.	.	PUNCT
elp-5371	341	1	to	to	ADP
elp-5371	341	2	varying	vary	VERB
elp-5371	341	3	degrees	degree	NOUN
elp-5371	341	4	,	,	PUNCT
elp-5371	341	5	resolution	resolution	NOUN
elp-5371	341	6	authorities	authority	NOUN
elp-5371	341	7	in	in	ADP
elp-5371	341	8	many	many	ADJ
elp-5371	341	9	countries	country	NOUN
elp-5371	341	10	have	have	AUX
elp-5371	341	11	implemented	implement	VERB
elp-5371	341	12	or	or	CCONJ
elp-5371	341	13	are	be	AUX
elp-5371	341	14	in	in	ADP
elp-5371	341	15	the	the	DET
elp-5371	341	16	process	process	NOUN
elp-5371	341	17	of	of	ADP
elp-5371	341	18	implementing	implement	VERB
elp-5371	341	19	resolution	resolution	NOUN
elp-5371	341	20	policies	policy	NOUN
elp-5371	341	21	and	and	CCONJ
elp-5371	341	22	practices	practice	NOUN
elp-5371	341	23	,	,	PUNCT
elp-5371	341	24	including	include	VERB
elp-5371	341	25	institution	institution	NOUN
elp-5371	341	26	-	-	PUNCT
elp-5371	341	27	specific	specific	ADJ
elp-5371	341	28	resolution	resolution	NOUN
elp-5371	341	29	plans	plan	NOUN
elp-5371	341	30	,	,	PUNCT
elp-5371	341	31	in	in	ADP
elp-5371	341	32	broad	broad	ADJ
elp-5371	341	33	alignment	alignment	NOUN
elp-5371	341	34	with	with	ADP
elp-5371	341	35	the	the	DET
elp-5371	341	36	key	key	ADJ
elp-5371	341	37	attributes	attribute	NOUN
elp-5371	341	38	.	.	PUNCT
elp-5371	342	1	this	this	PRON
elp-5371	342	2	has	have	AUX
elp-5371	342	3	typically	typically	ADV
elp-5371	342	4	included	include	VERB
elp-5371	342	5	a	a	DET
elp-5371	342	6	strengthening	strengthening	NOUN
elp-5371	342	7	of	of	ADP
elp-5371	342	8	resolution	resolution	NOUN
elp-5371	342	9	-	-	PUNCT
elp-5371	342	10	related	relate	VERB
elp-5371	342	11	laws	law	NOUN
elp-5371	342	12	,	,	PUNCT
elp-5371	342	13	the	the	DET
elp-5371	342	14	development	development	NOUN
elp-5371	342	15	of	of	ADP
elp-5371	342	16	generic	generic	ADJ
elp-5371	342	17	resolution	resolution	NOUN
elp-5371	342	18	strategies	strategy	NOUN
elp-5371	342	19	,	,	PUNCT
elp-5371	342	20	the	the	DET
elp-5371	342	21	undertaking	undertaking	NOUN
elp-5371	342	22	of	of	ADP
elp-5371	342	23	resolvability	resolvability	NOUN
elp-5371	342	24	assessments	assessment	NOUN
elp-5371	342	25	of	of	ADP
elp-5371	342	26	systemic	systemic	ADJ
elp-5371	342	27	institutions	institution	NOUN
elp-5371	342	28	,	,	PUNCT
elp-5371	342	29	and	and	CCONJ
elp-5371	342	30	the	the	DET
elp-5371	342	31	development	development	NOUN
elp-5371	342	32	of	of	ADP
elp-5371	342	33	resolution	resolution	NOUN
elp-5371	342	34	plans	plan	NOUN
elp-5371	342	35	for	for	ADP
elp-5371	342	36	such	such	ADJ
elp-5371	342	37	institutions	institution	NOUN
elp-5371	342	38	.	.	PUNCT
elp-5371	343	1	domestic	domestic	ADJ
elp-5371	343	2	and	and	CCONJ
elp-5371	343	3	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	343	4	economics	economic	NOUN
elp-5371	343	5	,	,	PUNCT
elp-5371	343	6	law	law	NOUN
elp-5371	343	7	and	and	CCONJ
elp-5371	343	8	policy	policy	NOUN
elp-5371	343	9	vol	vol	NOUN
elp-5371	343	10	.	.	PROPN
elp-5371	344	1	5	5	NUM
elp-5371	344	2	,	,	PUNCT
elp-5371	344	3	no	no	INTJ
elp-5371	344	4	.	.	NOUN
elp-5371	344	5	2	2	NUM
elp-5371	344	6	,	,	PUNCT
elp-5371	344	7	2022	2022	NUM
elp-5371	344	8	51	51	NUM
elp-5371	344	9	published	publish	VERB
elp-5371	344	10	by	by	ADP
elp-5371	344	11	scholink	scholink	PROPN
elp-5371	344	12	inc	inc	PROPN
elp-5371	344	13	.	.	PROPN
elp-5371	344	14	cross	cross	ADJ
elp-5371	344	15	-	-	ADJ
elp-5371	344	16	border	border	ADJ
elp-5371	344	17	cooperation	cooperation	NOUN
elp-5371	344	18	and	and	CCONJ
elp-5371	344	19	coordination	coordination	NOUN
elp-5371	344	20	arrangements	arrangement	NOUN
elp-5371	344	21	have	have	AUX
elp-5371	344	22	also	also	ADV
elp-5371	344	23	been	be	AUX
elp-5371	344	24	strengthened	strengthen	VERB
elp-5371	344	25	for	for	ADP
elp-5371	344	26	resolution	resolution	NOUN
elp-5371	344	27	purposes	purpose	NOUN
elp-5371	344	28	in	in	ADP
elp-5371	344	29	many	many	ADJ
elp-5371	344	30	countries	country	NOUN
elp-5371	344	31	.	.	PUNCT
elp-5371	345	1	for	for	ADP
elp-5371	345	2	the	the	DET
elp-5371	345	3	most	most	ADJ
elp-5371	345	4	part	part	NOUN
elp-5371	345	5	,	,	PUNCT
elp-5371	345	6	these	these	DET
elp-5371	345	7	resolution	resolution	NOUN
elp-5371	345	8	frameworks	framework	NOUN
elp-5371	345	9	have	have	AUX
elp-5371	345	10	been	be	AUX
elp-5371	345	11	designed	design	VERB
elp-5371	345	12	to	to	PART
elp-5371	345	13	apply	apply	VERB
elp-5371	345	14	to	to	ADP
elp-5371	345	15	mainstream	mainstream	NOUN
elp-5371	345	16	banking	banking	NOUN
elp-5371	345	17	(	(	PUNCT
elp-5371	345	18	and	and	CCONJ
elp-5371	345	19	to	to	ADP
elp-5371	345	20	some	some	DET
elp-5371	345	21	extent	extent	NOUN
elp-5371	345	22	,	,	PUNCT
elp-5371	345	23	insurance	insurance	NOUN
elp-5371	345	24	and	and	CCONJ
elp-5371	345	25	financial	financial	ADJ
elp-5371	345	26	market	market	NOUN
elp-5371	345	27	infrastructure	infrastructure	NOUN
elp-5371	345	28	)	)	PUNCT
elp-5371	345	29	without	without	ADP
elp-5371	345	30	specific	specific	ADJ
elp-5371	345	31	regard	regard	NOUN
elp-5371	345	32	for	for	ADP
elp-5371	345	33	fintech	fintech	NOUN
elp-5371	345	34	issues	issue	NOUN
elp-5371	345	35	.	.	PUNCT
elp-5371	346	1	what	what	PRON
elp-5371	346	2	is	be	AUX
elp-5371	346	3	likely	likely	ADJ
elp-5371	346	4	to	to	PART
elp-5371	346	5	be	be	AUX
elp-5371	346	6	needed	need	VERB
elp-5371	346	7	in	in	ADP
elp-5371	346	8	the	the	DET
elp-5371	346	9	next	next	ADJ
elp-5371	346	10	phase	phase	NOUN
elp-5371	346	11	of	of	ADP
elp-5371	346	12	implementation	implementation	NOUN
elp-5371	346	13	of	of	ADP
elp-5371	346	14	resolution	resolution	NOUN
elp-5371	346	15	frameworks	framework	NOUN
elp-5371	346	16	is	be	AUX
elp-5371	346	17	the	the	DET
elp-5371	346	18	assessment	assessment	NOUN
elp-5371	346	19	of	of	ADP
elp-5371	346	20	the	the	DET
elp-5371	346	21	extent	extent	NOUN
elp-5371	346	22	to	to	PART
elp-5371	346	23	which	which	PRON
elp-5371	346	24	fintech	fintech	NOUN
elp-5371	346	25	developments	development	NOUN
elp-5371	346	26	might	might	AUX
elp-5371	346	27	change	change	VERB
elp-5371	346	28	some	some	DET
elp-5371	346	29	aspects	aspect	NOUN
elp-5371	346	30	of	of	ADP
elp-5371	346	31	resolution	resolution	NOUN
elp-5371	346	32	.	.	PUNCT
elp-5371	347	1	in	in	ADP
elp-5371	347	2	most	most	ADJ
elp-5371	347	3	respects	respect	NOUN
elp-5371	347	4	,	,	PUNCT
elp-5371	347	5	it	it	PRON
elp-5371	347	6	is	be	AUX
elp-5371	347	7	likely	likely	ADJ
elp-5371	347	8	that	that	SCONJ
elp-5371	347	9	the	the	DET
elp-5371	347	10	principles	principle	NOUN
elp-5371	347	11	and	and	CCONJ
elp-5371	347	12	practicalities	practicality	NOUN
elp-5371	347	13	of	of	ADP
elp-5371	347	14	resolution	resolution	NOUN
elp-5371	347	15	will	will	AUX
elp-5371	347	16	not	not	PART
elp-5371	347	17	be	be	AUX
elp-5371	347	18	significantly	significantly	ADV
elp-5371	347	19	altered	alter	VERB
elp-5371	347	20	by	by	ADP
elp-5371	347	21	fintech	fintech	NOUN
elp-5371	347	22	.	.	PUNCT
elp-5371	348	1	however	however	ADV
elp-5371	348	2	,	,	PUNCT
elp-5371	348	3	some	some	DET
elp-5371	348	4	aspects	aspect	NOUN
elp-5371	348	5	of	of	ADP
elp-5371	348	6	fintech	fintech	NOUN
elp-5371	348	7	might	might	AUX
elp-5371	348	8	require	require	VERB
elp-5371	348	9	special	special	ADJ
elp-5371	348	10	attention	attention	NOUN
elp-5371	348	11	in	in	ADP
elp-5371	348	12	a	a	DET
elp-5371	348	13	resolution	resolution	NOUN
elp-5371	348	14	context	context	NOUN
elp-5371	348	15	.	.	PUNCT
elp-5371	349	1	this	this	PRON
elp-5371	349	2	is	be	AUX
elp-5371	349	3	likely	likely	ADJ
elp-5371	349	4	to	to	PART
elp-5371	349	5	be	be	AUX
elp-5371	349	6	the	the	DET
elp-5371	349	7	case	case	NOUN
elp-5371	349	8	for	for	ADP
elp-5371	349	9	non	non	ADJ
elp-5371	349	10	-	-	ADJ
elp-5371	349	11	bank	bank	ADJ
elp-5371	349	12	financial	financial	ADJ
elp-5371	349	13	intermediation	intermediation	NOUN
elp-5371	349	14	to	to	ADP
elp-5371	349	15	the	the	DET
elp-5371	349	16	extent	extent	NOUN
elp-5371	349	17	that	that	SCONJ
elp-5371	349	18	such	such	ADJ
elp-5371	349	19	institutions	institution	NOUN
elp-5371	349	20	become	become	VERB
elp-5371	349	21	systemically	systemically	ADV
elp-5371	349	22	significant	significant	ADJ
elp-5371	349	23	,	,	PUNCT
elp-5371	349	24	either	either	CCONJ
elp-5371	349	25	individually	individually	ADV
elp-5371	349	26	or	or	CCONJ
elp-5371	349	27	collectively	collectively	ADV
elp-5371	349	28	(	(	PUNCT
elp-5371	349	29	e.g.	e.g.	ADV
elp-5371	349	30	,	,	PUNCT
elp-5371	349	31	due	due	ADP
elp-5371	349	32	to	to	ADP
elp-5371	349	33	network	network	NOUN
elp-5371	349	34	platform	platform	NOUN
elp-5371	349	35	contagion	contagion	NOUN
elp-5371	349	36	risks	risk	NOUN
elp-5371	349	37	)	)	PUNCT
elp-5371	349	38	.	.	PUNCT
elp-5371	350	1	in	in	ADP
elp-5371	350	2	this	this	DET
elp-5371	350	3	case	case	NOUN
elp-5371	350	4	,	,	PUNCT
elp-5371	350	5	it	it	PRON
elp-5371	350	6	will	will	AUX
elp-5371	350	7	be	be	AUX
elp-5371	350	8	necessary	necessary	ADJ
elp-5371	350	9	for	for	SCONJ
elp-5371	350	10	the	the	DET
elp-5371	350	11	authorities	authority	NOUN
elp-5371	350	12	in	in	ADP
elp-5371	350	13	question	question	NOUN
elp-5371	350	14	to	to	PART
elp-5371	350	15	consider	consider	VERB
elp-5371	350	16	the	the	DET
elp-5371	350	17	need	need	NOUN
elp-5371	350	18	to	to	PART
elp-5371	350	19	develop	develop	VERB
elp-5371	350	20	effective	effective	ADJ
elp-5371	350	21	resolution	resolution	NOUN
elp-5371	350	22	frameworks	framework	NOUN
elp-5371	350	23	for	for	ADP
elp-5371	350	24	application	application	NOUN
elp-5371	350	25	to	to	ADP
elp-5371	350	26	non	non	ADJ
elp-5371	350	27	-	-	ADJ
elp-5371	350	28	bank	bank	ADJ
elp-5371	350	29	financial	financial	ADJ
elp-5371	350	30	institutions	institution	NOUN
elp-5371	350	31	,	,	PUNCT
elp-5371	350	32	such	such	ADJ
elp-5371	350	33	as	as	ADP
elp-5371	350	34	mobile	mobile	ADJ
elp-5371	350	35	payment	payment	NOUN
elp-5371	350	36	system	system	NOUN
elp-5371	350	37	providers	provider	NOUN
elp-5371	350	38	and	and	CCONJ
elp-5371	350	39	p2p	p2p	NOUN
elp-5371	350	40	platforms	platform	NOUN
elp-5371	350	41	,	,	PUNCT
elp-5371	350	42	so	so	SCONJ
elp-5371	350	43	as	as	SCONJ
elp-5371	350	44	to	to	PART
elp-5371	350	45	enable	enable	VERB
elp-5371	350	46	financial	financial	ADJ
elp-5371	350	47	distress	distress	NOUN
elp-5371	350	48	and	and	CCONJ
elp-5371	350	49	failure	failure	NOUN
elp-5371	350	50	events	event	NOUN
elp-5371	350	51	to	to	PART
elp-5371	350	52	be	be	AUX
elp-5371	350	53	managed	manage	VERB
elp-5371	350	54	in	in	ADP
elp-5371	350	55	a	a	DET
elp-5371	350	56	manner	manner	NOUN
elp-5371	350	57	consistent	consistent	ADJ
elp-5371	350	58	with	with	ADP
elp-5371	350	59	maintaining	maintain	VERB
elp-5371	350	60	the	the	DET
elp-5371	350	61	stability	stability	NOUN
elp-5371	350	62	of	of	ADP
elp-5371	350	63	the	the	DET
elp-5371	350	64	financial	financial	ADJ
elp-5371	350	65	system	system	NOUN
elp-5371	350	66	.	.	PUNCT
elp-5371	351	1	similarly	similarly	ADV
elp-5371	351	2	,	,	PUNCT
elp-5371	351	3	it	it	PRON
elp-5371	351	4	will	will	AUX
elp-5371	351	5	be	be	AUX
elp-5371	351	6	necessary	necessary	ADJ
elp-5371	351	7	for	for	SCONJ
elp-5371	351	8	the	the	DET
elp-5371	351	9	authorities	authority	NOUN
elp-5371	351	10	to	to	PART
elp-5371	351	11	assess	assess	VERB
elp-5371	351	12	the	the	DET
elp-5371	351	13	possible	possible	ADJ
elp-5371	351	14	modifications	modification	NOUN
elp-5371	351	15	needed	need	VERB
elp-5371	351	16	to	to	ADP
elp-5371	351	17	resolvability	resolvability	NOUN
elp-5371	351	18	assessments	assessment	NOUN
elp-5371	351	19	and	and	CCONJ
elp-5371	351	20	resolution	resolution	NOUN
elp-5371	351	21	plans	plan	NOUN
elp-5371	351	22	to	to	PART
elp-5371	351	23	deal	deal	VERB
elp-5371	351	24	with	with	ADP
elp-5371	351	25	cyber	cyber	ADJ
elp-5371	351	26	risk	risk	NOUN
elp-5371	351	27	events	event	NOUN
elp-5371	351	28	where	where	SCONJ
elp-5371	351	29	these	these	PRON
elp-5371	351	30	cause	cause	VERB
elp-5371	351	31	a	a	DET
elp-5371	351	32	bank	bank	NOUN
elp-5371	351	33	or	or	CCONJ
elp-5371	351	34	other	other	ADJ
elp-5371	351	35	financial	financial	ADJ
elp-5371	351	36	institution	institution	NOUN
elp-5371	351	37	to	to	PART
elp-5371	351	38	become	become	VERB
elp-5371	351	39	non	non	ADJ
elp-5371	351	40	-	-	ADJ
elp-5371	351	41	viable	viable	ADJ
elp-5371	351	42	.	.	PUNCT
elp-5371	352	1	in	in	ADP
elp-5371	352	2	this	this	DET
elp-5371	352	3	case	case	NOUN
elp-5371	352	4	,	,	PUNCT
elp-5371	352	5	consideration	consideration	NOUN
elp-5371	352	6	would	would	AUX
elp-5371	352	7	need	need	VERB
elp-5371	352	8	to	to	PART
elp-5371	352	9	be	be	AUX
elp-5371	352	10	given	give	VERB
elp-5371	352	11	to	to	ADP
elp-5371	352	12	a	a	DET
elp-5371	352	13	number	number	NOUN
elp-5371	352	14	of	of	ADP
elp-5371	352	15	factors	factor	NOUN
elp-5371	352	16	,	,	PUNCT
elp-5371	352	17	such	such	ADJ
elp-5371	352	18	as	as	ADP
elp-5371	352	19	how	how	SCONJ
elp-5371	352	20	cyber	cyber	ADJ
elp-5371	352	21	risk	risk	NOUN
elp-5371	352	22	-	-	PUNCT
elp-5371	352	23	impacted	impact	VERB
elp-5371	352	24	critical	critical	ADJ
elp-5371	352	25	functions	function	NOUN
elp-5371	352	26	and	and	CCONJ
elp-5371	352	27	services	service	NOUN
elp-5371	352	28	can	can	AUX
elp-5371	352	29	be	be	AUX
elp-5371	352	30	restored	restore	VERB
elp-5371	352	31	to	to	ADP
elp-5371	352	32	a	a	DET
elp-5371	352	33	secure	secure	ADJ
elp-5371	352	34	and	and	CCONJ
elp-5371	352	35	viable	viable	ADJ
elp-5371	352	36	state	state	NOUN
elp-5371	352	37	,	,	PUNCT
elp-5371	352	38	either	either	CCONJ
elp-5371	352	39	within	within	ADP
elp-5371	352	40	the	the	DET
elp-5371	352	41	existing	exist	VERB
elp-5371	352	42	financial	financial	ADJ
elp-5371	352	43	institution	institution	NOUN
elp-5371	352	44	or	or	CCONJ
elp-5371	352	45	by	by	ADP
elp-5371	352	46	being	be	AUX
elp-5371	352	47	transferred	transfer	VERB
elp-5371	352	48	to	to	ADP
elp-5371	352	49	another	another	DET
elp-5371	352	50	entity	entity	NOUN
elp-5371	352	51	or	or	CCONJ
elp-5371	352	52	via	via	ADP
elp-5371	352	53	secured	secure	VERB
elp-5371	352	54	backup	backup	NOUN
elp-5371	352	55	systems	system	NOUN
elp-5371	352	56	.	.	PUNCT
elp-5371	353	1	similarly	similarly	ADV
elp-5371	353	2	,	,	PUNCT
elp-5371	353	3	consideration	consideration	NOUN
elp-5371	353	4	will	will	AUX
elp-5371	353	5	need	need	VERB
elp-5371	353	6	to	to	PART
elp-5371	353	7	be	be	AUX
elp-5371	353	8	given	give	VERB
elp-5371	353	9	to	to	ADP
elp-5371	353	10	how	how	SCONJ
elp-5371	353	11	fmi	fmi	PROPN
elp-5371	353	12	resolution	resolution	NOUN
elp-5371	353	13	strategies	strategy	NOUN
elp-5371	353	14	would	would	AUX
elp-5371	353	15	be	be	AUX
elp-5371	353	16	implemented	implement	VERB
elp-5371	353	17	in	in	ADP
elp-5371	353	18	a	a	DET
elp-5371	353	19	situation	situation	NOUN
elp-5371	353	20	where	where	SCONJ
elp-5371	353	21	one	one	NUM
elp-5371	353	22	or	or	CCONJ
elp-5371	353	23	more	more	ADJ
elp-5371	353	24	fmi	fmi	PROPN
elp-5371	353	25	providers	provider	NOUN
elp-5371	353	26	has	have	AUX
elp-5371	353	27	been	be	AUX
elp-5371	353	28	severely	severely	ADV
elp-5371	353	29	impacted	impact	VERB
elp-5371	353	30	by	by	ADP
elp-5371	353	31	a	a	DET
elp-5371	353	32	cyber	cyber	NOUN
elp-5371	353	33	risk	risk	NOUN
elp-5371	353	34	event	event	NOUN
elp-5371	353	35	.	.	PUNCT
elp-5371	354	1	these	these	DET
elp-5371	354	2	issues	issue	NOUN
elp-5371	354	3	raise	raise	VERB
elp-5371	354	4	an	an	DET
elp-5371	354	5	important	important	ADJ
elp-5371	354	6	question	question	NOUN
elp-5371	354	7	as	as	ADP
elp-5371	354	8	to	to	ADP
elp-5371	354	9	the	the	DET
elp-5371	354	10	adequacy	adequacy	NOUN
elp-5371	354	11	of	of	ADP
elp-5371	354	12	operational	operational	ADJ
elp-5371	354	13	risk	risk	NOUN
elp-5371	354	14	firewalls	firewall	NOUN
elp-5371	354	15	between	between	ADP
elp-5371	354	16	different	different	ADJ
elp-5371	354	17	entities	entity	NOUN
elp-5371	354	18	in	in	ADP
elp-5371	354	19	financial	financial	ADJ
elp-5371	354	20	conglomerates	conglomerate	NOUN
elp-5371	354	21	and	and	CCONJ
elp-5371	354	22	fmis	fmi	NOUN
elp-5371	354	23	,	,	PUNCT
elp-5371	354	24	and	and	CCONJ
elp-5371	354	25	how	how	SCONJ
elp-5371	354	26	critical	critical	ADJ
elp-5371	354	27	functions	function	NOUN
elp-5371	354	28	and	and	CCONJ
elp-5371	354	29	systems	system	NOUN
elp-5371	354	30	can	can	AUX
elp-5371	354	31	best	well	ADV
elp-5371	354	32	be	be	AUX
elp-5371	354	33	protected	protect	VERB
elp-5371	354	34	from	from	ADP
elp-5371	354	35	cyber	cyber	ADJ
elp-5371	354	36	risk	risk	NOUN
elp-5371	354	37	events	event	NOUN
elp-5371	354	38	that	that	PRON
elp-5371	354	39	originate	originate	VERB
elp-5371	354	40	in	in	ADP
elp-5371	354	41	non	non	ADJ
elp-5371	354	42	-	-	ADJ
elp-5371	354	43	critical	critical	ADJ
elp-5371	354	44	systems	system	NOUN
elp-5371	354	45	,	,	PUNCT
elp-5371	354	46	but	but	CCONJ
elp-5371	354	47	which	which	PRON
elp-5371	354	48	could	could	AUX
elp-5371	354	49	be	be	AUX
elp-5371	354	50	transmitted	transmit	VERB
elp-5371	354	51	to	to	ADP
elp-5371	354	52	critical	critical	ADJ
elp-5371	354	53	functions	function	NOUN
elp-5371	354	54	and	and	CCONJ
elp-5371	354	55	systems	system	NOUN
elp-5371	354	56	.	.	PUNCT
elp-5371	355	1	these	these	PRON
elp-5371	355	2	are	be	AUX
elp-5371	355	3	still	still	ADV
elp-5371	355	4	relatively	relatively	ADV
elp-5371	355	5	new	new	ADJ
elp-5371	355	6	and	and	CCONJ
elp-5371	355	7	evolving	evolve	VERB
elp-5371	355	8	issues	issue	NOUN
elp-5371	355	9	.	.	PUNCT
elp-5371	356	1	it	it	PRON
elp-5371	356	2	will	will	AUX
elp-5371	356	3	take	take	VERB
elp-5371	356	4	time	time	NOUN
elp-5371	356	5	for	for	SCONJ
elp-5371	356	6	the	the	DET
elp-5371	356	7	authorities	authority	NOUN
elp-5371	356	8	to	to	PART
elp-5371	356	9	assess	assess	VERB
elp-5371	356	10	the	the	DET
elp-5371	356	11	implications	implication	NOUN
elp-5371	356	12	of	of	ADP
elp-5371	356	13	fintech	fintech	NOUN
elp-5371	356	14	for	for	ADP
elp-5371	356	15	resolution	resolution	NOUN
elp-5371	356	16	strategies	strategy	NOUN
elp-5371	356	17	,	,	PUNCT
elp-5371	356	18	resolvability	resolvability	NOUN
elp-5371	356	19	assessments	assessment	NOUN
elp-5371	356	20	and	and	CCONJ
elp-5371	356	21	resolution	resolution	NOUN
elp-5371	356	22	planning	planning	NOUN
elp-5371	356	23	.	.	PUNCT
elp-5371	357	1	however	however	ADV
elp-5371	357	2	,	,	PUNCT
elp-5371	357	3	it	it	PRON
elp-5371	357	4	will	will	AUX
elp-5371	357	5	be	be	AUX
elp-5371	357	6	increasingly	increasingly	ADV
elp-5371	357	7	important	important	ADJ
elp-5371	357	8	for	for	SCONJ
elp-5371	357	9	fintech	fintech	NOUN
elp-5371	357	10	issues	issue	NOUN
elp-5371	357	11	to	to	PART
elp-5371	357	12	be	be	AUX
elp-5371	357	13	factored	factor	VERB
elp-5371	357	14	into	into	ADP
elp-5371	357	15	resolvability	resolvability	NOUN
elp-5371	357	16	assessments	assessment	NOUN
elp-5371	357	17	and	and	CCONJ
elp-5371	357	18	resolution	resolution	NOUN
elp-5371	357	19	planning	planning	NOUN
elp-5371	357	20	,	,	PUNCT
elp-5371	357	21	given	give	VERB
elp-5371	357	22	the	the	DET
elp-5371	357	23	increasing	increase	VERB
elp-5371	357	24	threat	threat	NOUN
elp-5371	357	25	posed	pose	VERB
elp-5371	357	26	by	by	ADP
elp-5371	357	27	cyber	cyber	ADJ
elp-5371	357	28	risk	risk	NOUN
elp-5371	357	29	and	and	CCONJ
elp-5371	357	30	some	some	DET
elp-5371	357	31	other	other	ADJ
elp-5371	357	32	fintech	fintech	NOUN
elp-5371	357	33	developments	development	NOUN
elp-5371	357	34	.	.	PUNCT
elp-5371	358	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	358	2	economics	economic	NOUN
elp-5371	358	3	,	,	PUNCT
elp-5371	358	4	law	law	NOUN
elp-5371	358	5	and	and	CCONJ
elp-5371	358	6	policy	policy	NOUN
elp-5371	358	7	vol	vol	NOUN
elp-5371	358	8	.	.	PROPN
elp-5371	359	1	5	5	NUM
elp-5371	359	2	,	,	PUNCT
elp-5371	359	3	no	no	INTJ
elp-5371	359	4	.	.	NOUN
elp-5371	359	5	2	2	NUM
elp-5371	359	6	,	,	PUNCT
elp-5371	359	7	2022	2022	NUM
elp-5371	359	8	52	52	NUM
elp-5371	359	9	published	publish	VERB
elp-5371	359	10	by	by	ADP
elp-5371	359	11	scholink	scholink	PROPN
elp-5371	359	12	inc	inc	PROPN
elp-5371	359	13	.	.	PROPN
elp-5371	359	14	6	6	NUM
elp-5371	360	1	.	.	X
elp-5371	360	2	conclusion	conclusion	NOUN
elp-5371	360	3	this	this	DET
elp-5371	360	4	paper	paper	NOUN
elp-5371	360	5	has	have	AUX
elp-5371	360	6	looked	look	VERB
elp-5371	360	7	at	at	ADP
elp-5371	360	8	the	the	DET
elp-5371	360	9	tools	tool	NOUN
elp-5371	360	10	available	available	ADJ
elp-5371	360	11	to	to	ADP
elp-5371	360	12	regulatory	regulatory	ADJ
elp-5371	360	13	and	and	CCONJ
elp-5371	360	14	supervisory	supervisory	ADJ
elp-5371	360	15	authorities	authority	NOUN
elp-5371	360	16	to	to	PART
elp-5371	360	17	strengthen	strengthen	VERB
elp-5371	360	18	the	the	DET
elp-5371	360	19	regulation	regulation	NOUN
elp-5371	360	20	and	and	CCONJ
elp-5371	360	21	supervision	supervision	NOUN
elp-5371	360	22	of	of	ADP
elp-5371	360	23	fintech	fintech	NOUN
elp-5371	360	24	in	in	ADP
elp-5371	360	25	areas	area	NOUN
elp-5371	360	26	where	where	SCONJ
elp-5371	360	27	fintech	fintech	NOUN
elp-5371	360	28	risks	risk	NOUN
elp-5371	360	29	pose	pose	VERB
elp-5371	360	30	a	a	DET
elp-5371	360	31	potential	potential	ADJ
elp-5371	360	32	threat	threat	NOUN
elp-5371	360	33	to	to	ADP
elp-5371	360	34	financial	financial	ADJ
elp-5371	360	35	stability	stability	NOUN
elp-5371	360	36	and	and	CCONJ
elp-5371	360	37	to	to	ADP
elp-5371	360	38	consumers	consumer	NOUN
elp-5371	360	39	of	of	ADP
elp-5371	360	40	financial	financial	ADJ
elp-5371	360	41	services	service	NOUN
elp-5371	360	42	.	.	PUNCT
elp-5371	361	1	in	in	ADP
elp-5371	361	2	doing	do	VERB
elp-5371	361	3	so	so	ADV
elp-5371	361	4	,	,	PUNCT
elp-5371	361	5	four	four	NUM
elp-5371	361	6	key	key	ADJ
elp-5371	361	7	themes	theme	NOUN
elp-5371	361	8	have	have	AUX
elp-5371	361	9	emerged	emerge	VERB
elp-5371	361	10	.	.	PUNCT
elp-5371	362	1	first	first	ADV
elp-5371	362	2	,	,	PUNCT
elp-5371	362	3	a	a	DET
elp-5371	362	4	carefully	carefully	ADV
elp-5371	362	5	considered	consider	VERB
elp-5371	362	6	balance	balance	NOUN
elp-5371	362	7	needs	need	VERB
elp-5371	362	8	to	to	PART
elp-5371	362	9	be	be	AUX
elp-5371	362	10	drawn	draw	VERB
elp-5371	362	11	to	to	PART
elp-5371	362	12	embrace	embrace	VERB
elp-5371	362	13	the	the	DET
elp-5371	362	14	benefits	benefit	NOUN
elp-5371	362	15	of	of	ADP
elp-5371	362	16	fintech	fintech	NOUN
elp-5371	362	17	while	while	SCONJ
elp-5371	362	18	addressing	address	VERB
elp-5371	362	19	the	the	DET
elp-5371	362	20	potential	potential	ADJ
elp-5371	362	21	risks	risk	NOUN
elp-5371	362	22	.	.	PUNCT
elp-5371	363	1	an	an	DET
elp-5371	363	2	appropriate	appropriate	ADJ
elp-5371	363	3	balance	balance	NOUN
elp-5371	363	4	needs	need	VERB
elp-5371	363	5	to	to	PART
elp-5371	363	6	be	be	AUX
elp-5371	363	7	struck	strike	VERB
elp-5371	363	8	between	between	ADP
elp-5371	363	9	the	the	DET
elp-5371	363	10	promotion	promotion	NOUN
elp-5371	363	11	of	of	ADP
elp-5371	363	12	financial	financial	ADJ
elp-5371	363	13	stability	stability	NOUN
elp-5371	363	14	,	,	PUNCT
elp-5371	363	15	on	on	ADP
elp-5371	363	16	the	the	DET
elp-5371	363	17	one	one	NUM
elp-5371	363	18	hand	hand	NOUN
elp-5371	363	19	,	,	PUNCT
elp-5371	363	20	and	and	CCONJ
elp-5371	363	21	financial	financial	ADJ
elp-5371	363	22	system	system	NOUN
elp-5371	363	23	efficiency	efficiency	NOUN
elp-5371	363	24	and	and	CCONJ
elp-5371	363	25	innovation	innovation	NOUN
elp-5371	363	26	,	,	PUNCT
elp-5371	363	27	on	on	ADP
elp-5371	363	28	the	the	DET
elp-5371	363	29	other	other	ADJ
elp-5371	363	30	.	.	PUNCT
elp-5371	364	1	this	this	PRON
elp-5371	364	2	suggests	suggest	VERB
elp-5371	364	3	the	the	DET
elp-5371	364	4	need	need	NOUN
elp-5371	364	5	for	for	SCONJ
elp-5371	364	6	financial	financial	ADJ
elp-5371	364	7	supervisors	supervisor	NOUN
elp-5371	364	8	and	and	CCONJ
elp-5371	364	9	regulators	regulator	NOUN
elp-5371	364	10	to	to	PART
elp-5371	364	11	further	far	ADV
elp-5371	364	12	deepen	deepen	VERB
elp-5371	364	13	their	their	PRON
elp-5371	364	14	understanding	understanding	NOUN
elp-5371	364	15	of	of	ADP
elp-5371	364	16	the	the	DET
elp-5371	364	17	benefits	benefit	NOUN
elp-5371	364	18	and	and	CCONJ
elp-5371	364	19	risks	risk	NOUN
elp-5371	364	20	associated	associate	VERB
elp-5371	364	21	with	with	ADP
elp-5371	364	22	fintech	fintech	NOUN
elp-5371	364	23	across	across	ADP
elp-5371	364	24	the	the	DET
elp-5371	364	25	financial	financial	ADJ
elp-5371	364	26	system	system	NOUN
elp-5371	364	27	,	,	PUNCT
elp-5371	364	28	to	to	PART
elp-5371	364	29	have	have	VERB
elp-5371	364	30	a	a	DET
elp-5371	364	31	clearly	clearly	ADV
elp-5371	364	32	defined	define	VERB
elp-5371	364	33	public	public	ADJ
elp-5371	364	34	policy	policy	NOUN
elp-5371	364	35	rationale	rationale	NOUN
elp-5371	364	36	for	for	ADP
elp-5371	364	37	regulatory	regulatory	ADJ
elp-5371	364	38	intervention	intervention	NOUN
elp-5371	364	39	,	,	PUNCT
elp-5371	364	40	to	to	PART
elp-5371	364	41	have	have	VERB
elp-5371	364	42	well	well	ADV
elp-5371	364	43	-	-	PUNCT
elp-5371	364	44	specified	specify	VERB
elp-5371	364	45	regulatory	regulatory	ADJ
elp-5371	364	46	objectives	objective	NOUN
elp-5371	364	47	,	,	PUNCT
elp-5371	364	48	and	and	CCONJ
elp-5371	364	49	to	to	PART
elp-5371	364	50	ensure	ensure	VERB
elp-5371	364	51	that	that	SCONJ
elp-5371	364	52	a	a	DET
elp-5371	364	53	proportionate	proportionate	ADJ
elp-5371	364	54	regulatory	regulatory	ADJ
elp-5371	364	55	response	response	NOUN
elp-5371	364	56	is	be	AUX
elp-5371	364	57	applied	apply	VERB
elp-5371	364	58	based	base	VERB
elp-5371	364	59	on	on	ADP
elp-5371	364	60	robust	robust	ADJ
elp-5371	364	61	cost	cost	NOUN
elp-5371	364	62	/	/	SYM
elp-5371	364	63	benefit	benefit	NOUN
elp-5371	364	64	analysis	analysis	NOUN
elp-5371	364	65	.	.	PUNCT
elp-5371	365	1	in	in	ADP
elp-5371	365	2	this	this	DET
elp-5371	365	3	context	context	NOUN
elp-5371	365	4	,	,	PUNCT
elp-5371	365	5	it	it	PRON
elp-5371	365	6	is	be	AUX
elp-5371	365	7	important	important	ADJ
elp-5371	365	8	that	that	SCONJ
elp-5371	365	9	regulation	regulation	NOUN
elp-5371	365	10	of	of	ADP
elp-5371	365	11	financial	financial	ADJ
elp-5371	365	12	services	service	NOUN
elp-5371	365	13	is	be	AUX
elp-5371	365	14	based	base	VERB
elp-5371	365	15	on	on	ADP
elp-5371	365	16	sound	sound	ADJ
elp-5371	365	17	principles	principle	NOUN
elp-5371	365	18	of	of	ADP
elp-5371	365	19	competitive	competitive	ADJ
elp-5371	365	20	neutrality	neutrality	NOUN
elp-5371	365	21	and	and	CCONJ
elp-5371	365	22	consistency	consistency	NOUN
elp-5371	365	23	,	,	PUNCT
elp-5371	365	24	such	such	ADJ
elp-5371	365	25	that	that	SCONJ
elp-5371	365	26	similar	similar	ADJ
elp-5371	365	27	types	type	NOUN
elp-5371	365	28	of	of	ADP
elp-5371	365	29	financial	financial	ADJ
elp-5371	365	30	services	service	NOUN
elp-5371	365	31	and	and	CCONJ
elp-5371	365	32	entities	entity	NOUN
elp-5371	365	33	are	be	AUX
elp-5371	365	34	regulated	regulate	VERB
elp-5371	365	35	on	on	ADP
elp-5371	365	36	a	a	DET
elp-5371	365	37	consistent	consistent	ADJ
elp-5371	365	38	basis	basis	NOUN
elp-5371	365	39	—	—	PUNCT
elp-5371	365	40	i.e.	i.e.	X
elp-5371	365	41	,	,	PUNCT
elp-5371	365	42	“	"	PUNCT
elp-5371	365	43	substance	substance	NOUN
elp-5371	365	44	over	over	ADP
elp-5371	365	45	form	form	NOUN
elp-5371	365	46	”	"	PUNCT
elp-5371	365	47	.	.	PUNCT
elp-5371	366	1	second	second	ADJ
elp-5371	366	2	,	,	PUNCT
elp-5371	366	3	the	the	DET
elp-5371	366	4	use	use	NOUN
elp-5371	366	5	of	of	ADP
elp-5371	366	6	regtech	regtech	NOUN
elp-5371	366	7	and	and	CCONJ
elp-5371	366	8	suptech	suptech	NOUN
elp-5371	366	9	could	could	AUX
elp-5371	366	10	improve	improve	VERB
elp-5371	366	11	supervision	supervision	NOUN
elp-5371	366	12	and	and	CCONJ
elp-5371	366	13	support	support	VERB
elp-5371	366	14	forward	forward	ADV
elp-5371	366	15	-	-	PUNCT
elp-5371	366	16	looking	look	VERB
elp-5371	366	17	,	,	PUNCT
elp-5371	366	18	judgement	judgement	NOUN
elp-5371	366	19	based	base	VERB
elp-5371	366	20	,	,	PUNCT
elp-5371	366	21	supervision	supervision	NOUN
elp-5371	366	22	and	and	CCONJ
elp-5371	366	23	policymaking	policymaking	NOUN
elp-5371	366	24	.	.	PUNCT
elp-5371	367	1	however	however	ADV
elp-5371	367	2	,	,	PUNCT
elp-5371	367	3	in	in	ADP
elp-5371	367	4	order	order	NOUN
elp-5371	367	5	to	to	PART
elp-5371	367	6	be	be	AUX
elp-5371	367	7	able	able	ADJ
elp-5371	367	8	to	to	PART
elp-5371	367	9	achieve	achieve	VERB
elp-5371	367	10	this	this	PRON
elp-5371	367	11	,	,	PUNCT
elp-5371	367	12	supervisory	supervisory	ADJ
elp-5371	367	13	authorities	authority	NOUN
elp-5371	367	14	need	need	VERB
elp-5371	367	15	to	to	PART
elp-5371	367	16	strengthen	strengthen	VERB
elp-5371	367	17	the	the	DET
elp-5371	367	18	skill	skill	NOUN
elp-5371	367	19	sets	set	NOUN
elp-5371	367	20	of	of	ADP
elp-5371	367	21	supervisors	supervisor	NOUN
elp-5371	367	22	,	,	PUNCT
elp-5371	367	23	and	and	CCONJ
elp-5371	367	24	to	to	PART
elp-5371	367	25	continue	continue	VERB
elp-5371	367	26	to	to	PART
elp-5371	367	27	enhance	enhance	VERB
elp-5371	367	28	their	their	PRON
elp-5371	367	29	approaches	approach	NOUN
elp-5371	367	30	to	to	ADP
elp-5371	367	31	risk	risk	NOUN
elp-5371	367	32	-	-	PUNCT
elp-5371	367	33	based	base	VERB
elp-5371	367	34	supervision	supervision	NOUN
elp-5371	367	35	.	.	PUNCT
elp-5371	368	1	regtech	regtech	PROPN
elp-5371	368	2	and	and	CCONJ
elp-5371	368	3	suptech	suptech	NOUN
elp-5371	368	4	should	should	AUX
elp-5371	368	5	not	not	PART
elp-5371	368	6	be	be	AUX
elp-5371	368	7	seen	see	VERB
elp-5371	368	8	as	as	ADP
elp-5371	368	9	substitutes	substitute	NOUN
elp-5371	368	10	for	for	ADP
elp-5371	368	11	conventional	conventional	ADJ
elp-5371	368	12	supervision	supervision	NOUN
elp-5371	368	13	.	.	PUNCT
elp-5371	369	1	these	these	DET
elp-5371	369	2	new	new	ADJ
elp-5371	369	3	technologies	technology	NOUN
elp-5371	369	4	need	need	VERB
elp-5371	369	5	to	to	PART
elp-5371	369	6	be	be	AUX
elp-5371	369	7	harnessed	harness	VERB
elp-5371	369	8	in	in	ADP
elp-5371	369	9	ways	way	NOUN
elp-5371	369	10	that	that	PRON
elp-5371	369	11	supplement	supplement	VERB
elp-5371	369	12	and	and	CCONJ
elp-5371	369	13	strengthen	strengthen	VERB
elp-5371	369	14	existing	exist	VERB
elp-5371	369	15	risk	risk	NOUN
elp-5371	369	16	-	-	PUNCT
elp-5371	369	17	based	base	VERB
elp-5371	369	18	supervisory	supervisory	ADJ
elp-5371	369	19	frameworks	framework	NOUN
elp-5371	369	20	,	,	PUNCT
elp-5371	369	21	and	and	CCONJ
elp-5371	369	22	where	where	SCONJ
elp-5371	369	23	supervisory	supervisory	ADJ
elp-5371	369	24	judgement	judgement	NOUN
elp-5371	369	25	remains	remain	VERB
elp-5371	369	26	a	a	DET
elp-5371	369	27	key	key	ADJ
elp-5371	369	28	factor	factor	NOUN
elp-5371	369	29	in	in	ADP
elp-5371	369	30	achieving	achieve	VERB
elp-5371	369	31	desired	desire	VERB
elp-5371	369	32	regulatory	regulatory	ADJ
elp-5371	369	33	outcomes	outcome	NOUN
elp-5371	369	34	.	.	PUNCT
elp-5371	370	1	third	third	ADV
elp-5371	370	2	,	,	PUNCT
elp-5371	370	3	a	a	DET
elp-5371	370	4	key	key	ADJ
elp-5371	370	5	element	element	NOUN
elp-5371	370	6	in	in	ADP
elp-5371	370	7	the	the	DET
elp-5371	370	8	effective	effective	ADJ
elp-5371	370	9	regulation	regulation	NOUN
elp-5371	370	10	of	of	ADP
elp-5371	370	11	fintech	fintech	NOUN
elp-5371	370	12	will	will	AUX
elp-5371	370	13	be	be	AUX
elp-5371	370	14	the	the	DET
elp-5371	370	15	promotion	promotion	NOUN
elp-5371	370	16	of	of	ADP
elp-5371	370	17	robust	robust	ADJ
elp-5371	370	18	governance	governance	NOUN
elp-5371	370	19	and	and	CCONJ
elp-5371	370	20	risk	risk	NOUN
elp-5371	370	21	management	management	NOUN
elp-5371	370	22	frameworks	framework	NOUN
elp-5371	370	23	in	in	ADP
elp-5371	370	24	providers	provider	NOUN
elp-5371	370	25	of	of	ADP
elp-5371	370	26	financial	financial	ADJ
elp-5371	370	27	services	service	NOUN
elp-5371	370	28	—	—	PUNCT
elp-5371	370	29	whether	whether	SCONJ
elp-5371	370	30	they	they	PRON
elp-5371	370	31	be	be	VERB
elp-5371	370	32	mainstream	mainstream	ADJ
elp-5371	370	33	financial	financial	ADJ
elp-5371	370	34	institutions	institution	NOUN
elp-5371	370	35	or	or	CCONJ
elp-5371	370	36	newly	newly	ADV
elp-5371	370	37	established	establish	VERB
elp-5371	370	38	digital	digital	ADJ
elp-5371	370	39	financial	financial	ADJ
elp-5371	370	40	service	service	NOUN
elp-5371	370	41	entities	entity	NOUN
elp-5371	370	42	.	.	PUNCT
elp-5371	371	1	this	this	PRON
elp-5371	371	2	will	will	AUX
elp-5371	371	3	include	include	VERB
elp-5371	371	4	the	the	DET
elp-5371	371	5	need	need	NOUN
elp-5371	371	6	for	for	SCONJ
elp-5371	371	7	regulators	regulator	NOUN
elp-5371	371	8	to	to	PART
elp-5371	371	9	place	place	VERB
elp-5371	371	10	emphasis	emphasis	NOUN
elp-5371	371	11	on	on	ADP
elp-5371	371	12	the	the	DET
elp-5371	371	13	quality	quality	NOUN
elp-5371	371	14	of	of	ADP
elp-5371	371	15	financial	financial	ADJ
elp-5371	371	16	institution	institution	NOUN
elp-5371	371	17	boards	board	NOUN
elp-5371	371	18	,	,	PUNCT
elp-5371	371	19	risk	risk	NOUN
elp-5371	371	20	management	management	NOUN
elp-5371	371	21	frameworks	framework	NOUN
elp-5371	371	22	,	,	PUNCT
elp-5371	371	23	internal	internal	ADJ
elp-5371	371	24	audit	audit	NOUN
elp-5371	371	25	,	,	PUNCT
elp-5371	371	26	stress	stress	NOUN
elp-5371	371	27	testing	testing	NOUN
elp-5371	371	28	arrangements	arrangement	NOUN
elp-5371	371	29	,	,	PUNCT
elp-5371	371	30	and	and	CCONJ
elp-5371	371	31	contingency	contingency	NOUN
elp-5371	371	32	plans	plan	NOUN
elp-5371	371	33	.	.	PUNCT
elp-5371	372	1	fourth	fourth	ADJ
elp-5371	372	2	,	,	PUNCT
elp-5371	372	3	further	further	ADJ
elp-5371	372	4	attention	attention	NOUN
elp-5371	372	5	needs	need	VERB
elp-5371	372	6	to	to	PART
elp-5371	372	7	be	be	AUX
elp-5371	372	8	given	give	VERB
elp-5371	372	9	to	to	ADP
elp-5371	372	10	how	how	SCONJ
elp-5371	372	11	financial	financial	ADJ
elp-5371	372	12	authorities	authority	NOUN
elp-5371	372	13	respond	respond	VERB
elp-5371	372	14	to	to	ADP
elp-5371	372	15	emerging	emerge	VERB
elp-5371	372	16	stress	stress	NOUN
elp-5371	372	17	and	and	CCONJ
elp-5371	372	18	institutional	institutional	ADJ
elp-5371	372	19	non	non	NOUN
elp-5371	372	20	-	-	NOUN
elp-5371	372	21	viability	viability	NOUN
elp-5371	372	22	in	in	ADP
elp-5371	372	23	a	a	DET
elp-5371	372	24	digital	digital	ADJ
elp-5371	372	25	environment	environment	NOUN
elp-5371	372	26	.	.	PUNCT
elp-5371	373	1	this	this	PRON
elp-5371	373	2	is	be	AUX
elp-5371	373	3	especially	especially	ADV
elp-5371	373	4	relevant	relevant	ADJ
elp-5371	373	5	for	for	ADP
elp-5371	373	6	non	non	ADJ
elp-5371	373	7	-	-	ADJ
elp-5371	373	8	bank	bank	ADJ
elp-5371	373	9	financial	financial	ADJ
elp-5371	373	10	intermediation	intermediation	NOUN
elp-5371	373	11	,	,	PUNCT
elp-5371	373	12	which	which	PRON
elp-5371	373	13	could	could	AUX
elp-5371	373	14	increasingly	increasingly	ADV
elp-5371	373	15	pose	pose	VERB
elp-5371	373	16	a	a	DET
elp-5371	373	17	risk	risk	NOUN
elp-5371	373	18	to	to	ADP
elp-5371	373	19	financial	financial	ADJ
elp-5371	373	20	stability	stability	NOUN
elp-5371	373	21	,	,	PUNCT
elp-5371	373	22	and	and	CCONJ
elp-5371	373	23	cyber	cyber	ADJ
elp-5371	373	24	risks	risk	NOUN
elp-5371	373	25	,	,	PUNCT
elp-5371	373	26	which	which	PRON
elp-5371	373	27	are	be	AUX
elp-5371	373	28	an	an	DET
elp-5371	373	29	increasing	increase	VERB
elp-5371	373	30	potential	potential	ADJ
elp-5371	373	31	threat	threat	NOUN
elp-5371	373	32	to	to	ADP
elp-5371	373	33	financial	financial	ADJ
elp-5371	373	34	institution	institution	NOUN
elp-5371	373	35	viability	viability	NOUN
elp-5371	373	36	and	and	CCONJ
elp-5371	373	37	financial	financial	ADJ
elp-5371	373	38	stability	stability	NOUN
elp-5371	373	39	.	.	PUNCT
elp-5371	374	1	in	in	ADP
elp-5371	374	2	this	this	DET
elp-5371	374	3	context	context	NOUN
elp-5371	374	4	,	,	PUNCT
elp-5371	374	5	financial	financial	ADJ
elp-5371	374	6	authorities	authority	NOUN
elp-5371	374	7	need	need	VERB
elp-5371	374	8	to	to	PART
elp-5371	374	9	pay	pay	VERB
elp-5371	374	10	particular	particular	ADJ
elp-5371	374	11	attention	attention	NOUN
elp-5371	374	12	to	to	ADP
elp-5371	374	13	their	their	PRON
elp-5371	374	14	early	early	ADJ
elp-5371	374	15	intervention	intervention	NOUN
elp-5371	374	16	frameworks	framework	NOUN
elp-5371	374	17	for	for	ADP
elp-5371	374	18	dealing	deal	VERB
elp-5371	374	19	with	with	ADP
elp-5371	374	20	emerging	emerge	VERB
elp-5371	374	21	stress	stress	NOUN
elp-5371	374	22	and	and	CCONJ
elp-5371	374	23	resolution	resolution	NOUN
elp-5371	374	24	arrangements	arrangement	NOUN
elp-5371	374	25	for	for	ADP
elp-5371	374	26	addressing	address	VERB
elp-5371	374	27	institutional	institutional	ADJ
elp-5371	374	28	non	non	NOUN
elp-5371	374	29	-	-	NOUN
elp-5371	374	30	viability	viability	NOUN
elp-5371	374	31	,	,	PUNCT
elp-5371	374	32	with	with	ADP
elp-5371	374	33	particular	particular	ADJ
elp-5371	374	34	focus	focus	NOUN
elp-5371	374	35	on	on	ADP
elp-5371	374	36	the	the	DET
elp-5371	374	37	strategies	strategy	NOUN
elp-5371	374	38	for	for	ADP
elp-5371	374	39	dealing	deal	VERB
elp-5371	374	40	with	with	ADP
elp-5371	374	41	risk	risk	NOUN
elp-5371	374	42	events	event	NOUN
elp-5371	374	43	associated	associate	VERB
elp-5371	374	44	with	with	ADP
elp-5371	374	45	fintech	fintech	NOUN
elp-5371	374	46	,	,	PUNCT
elp-5371	374	47	such	such	ADJ
elp-5371	374	48	as	as	ADP
elp-5371	374	49	severe	severe	ADJ
elp-5371	374	50	cyber	cyber	NOUN
elp-5371	374	51	attack	attack	NOUN
elp-5371	374	52	scenarios	scenario	NOUN
elp-5371	374	53	and	and	CCONJ
elp-5371	374	54	stress	stress	NOUN
elp-5371	374	55	events	event	NOUN
elp-5371	374	56	in	in	ADP
elp-5371	374	57	under	under	ADV
elp-5371	374	58	-	-	PUNCT
elp-5371	374	59	regulated	regulate	VERB
elp-5371	374	60	non	non	ADJ
elp-5371	374	61	-	-	ADJ
elp-5371	374	62	bank	bank	ADJ
elp-5371	374	63	financial	financial	ADJ
elp-5371	374	64	intermediation	intermediation	NOUN
elp-5371	374	65	.	.	PUNCT
elp-5371	375	1	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	375	2	economics	economic	NOUN
elp-5371	375	3	,	,	PUNCT
elp-5371	375	4	law	law	NOUN
elp-5371	375	5	and	and	CCONJ
elp-5371	375	6	policy	policy	NOUN
elp-5371	375	7	vol	vol	NOUN
elp-5371	375	8	.	.	PROPN
elp-5371	376	1	5	5	NUM
elp-5371	376	2	,	,	PUNCT
elp-5371	376	3	no	no	INTJ
elp-5371	376	4	.	.	NOUN
elp-5371	376	5	2	2	NUM
elp-5371	376	6	,	,	PUNCT
elp-5371	376	7	2022	2022	NUM
elp-5371	376	8	53	53	NUM
elp-5371	376	9	published	publish	VERB
elp-5371	376	10	by	by	ADP
elp-5371	376	11	scholink	scholink	PROPN
elp-5371	376	12	inc	inc	PROPN
elp-5371	376	13	.	.	PROPN
elp-5371	376	14	references	references	PROPN
elp-5371	376	15	adrian	adrian	PROPN
elp-5371	376	16	,	,	PUNCT
elp-5371	376	17	t.	t.	PROPN
elp-5371	376	18	,	,	PUNCT
elp-5371	376	19	&	&	CCONJ
elp-5371	376	20	mancini	mancini	PROPN
elp-5371	376	21	-	-	PROPN
elp-5371	376	22	griffoli	griffoli	PROPN
elp-5371	376	23	,	,	PUNCT
elp-5371	376	24	t.	t.	PROPN
elp-5371	376	25	(	(	PUNCT
elp-5371	376	26	february	february	PROPN
elp-5371	376	27	2021	2021	NUM
elp-5371	376	28	)	)	PUNCT
elp-5371	376	29	.	.	PUNCT
elp-5371	377	1	public	public	ADJ
elp-5371	377	2	and	and	CCONJ
elp-5371	377	3	private	private	ADJ
elp-5371	377	4	money	money	NOUN
elp-5371	377	5	can	can	AUX
elp-5371	377	6	coexist	coexist	VERB
elp-5371	377	7	in	in	ADP
elp-5371	377	8	the	the	DET
elp-5371	377	9	digital	digital	ADJ
elp-5371	377	10	age	age	NOUN
elp-5371	377	11	.	.	PUNCT
elp-5371	378	1	andolfatto	andolfatto	PROPN
elp-5371	378	2	,	,	PUNCT
elp-5371	378	3	d.	d.	PROPN
elp-5371	378	4	(	(	PUNCT
elp-5371	378	5	2018	2018	NUM
elp-5371	378	6	)	)	PUNCT
elp-5371	378	7	.	.	PUNCT
elp-5371	379	1	assessing	assess	VERB
elp-5371	379	2	the	the	DET
elp-5371	379	3	impact	impact	NOUN
elp-5371	379	4	of	of	ADP
elp-5371	379	5	central	central	ADJ
elp-5371	379	6	bank	bank	NOUN
elp-5371	379	7	digital	digital	ADJ
elp-5371	379	8	currency	currency	NOUN
elp-5371	379	9	on	on	ADP
elp-5371	379	10	private	private	ADJ
elp-5371	379	11	banks	bank	NOUN
elp-5371	379	12	.	.	PUNCT
elp-5371	380	1	federal	federal	PROPN
elp-5371	380	2	reserve	reserve	PROPN
elp-5371	380	3	bank	bank	PROPN
elp-5371	380	4	of	of	ADP
elp-5371	380	5	st	st	PROPN
elp-5371	380	6	.	.	PROPN
elp-5371	380	7	louis	louis	PROPN
elp-5371	380	8	working	working	PROPN
elp-5371	380	9	paper	paper	NOUN
elp-5371	380	10	2018	2018	NUM
elp-5371	380	11	-	-	PUNCT
elp-5371	380	12	026c	026c	NOUN
elp-5371	380	13	.	.	PUNCT
elp-5371	381	1	https://doi.org/10.20955/wp.2018.026	https://doi.org/10.20955/wp.2018.026	PROPN
elp-5371	381	2	auer	auer	PROPN
elp-5371	381	3	,	,	PUNCT
elp-5371	381	4	r.	r.	PROPN
elp-5371	381	5	(	(	PUNCT
elp-5371	381	6	2019	2019	NUM
elp-5371	381	7	)	)	PUNCT
elp-5371	381	8	.	.	PUNCT
elp-5371	382	1	beyond	beyond	ADP
elp-5371	382	2	the	the	DET
elp-5371	382	3	doomsday	doomsday	NOUN
elp-5371	382	4	economics	economic	NOUN
elp-5371	382	5	of	of	ADP
elp-5371	382	6	“	"	PUNCT
elp-5371	382	7	proof	proof	NOUN
elp-5371	382	8	-	-	PUNCT
elp-5371	382	9	of	of	ADP
elp-5371	382	10	-	-	PUNCT
elp-5371	382	11	work	work	NOUN
elp-5371	382	12	”	"	PUNCT
elp-5371	382	13	in	in	ADP
elp-5371	382	14	cryptocurrencies	cryptocurrencie	NOUN
elp-5371	382	15	.	.	PUNCT
elp-5371	383	1	in	in	ADP
elp-5371	383	2	bank	bank	PROPN
elp-5371	383	3	for	for	ADP
elp-5371	383	4	international	international	ADJ
elp-5371	383	5	settlements	settlement	NOUN
elp-5371	383	6	,	,	PUNCT
elp-5371	383	7	working	working	NOUN
elp-5371	383	8	paper	paper	NOUN
elp-5371	383	9	no	no	INTJ
elp-5371	383	10	.	.	PUNCT
elp-5371	384	1	765	765	NUM
elp-5371	384	2	.	.	PUNCT
elp-5371	385	1	https://doi.org/10.24149/gwp355	https://doi.org/10.24149/gwp355	PROPN
elp-5371	385	2	bank	bank	NOUN
elp-5371	385	3	for	for	ADP
elp-5371	385	4	international	international	ADJ
elp-5371	385	5	settlements	settlement	NOUN
elp-5371	385	6	.	.	PUNCT
elp-5371	386	1	(	(	PUNCT
elp-5371	386	2	april	april	PROPN
elp-5371	386	3	2022	2022	NUM
elp-5371	386	4	)	)	PUNCT
elp-5371	386	5	.	.	PUNCT
elp-5371	387	1	cbdcs	cbdc	NOUN
elp-5371	387	2	in	in	ADP
elp-5371	387	3	emerging	emerge	VERB
elp-5371	387	4	market	market	NOUN
elp-5371	387	5	economies	economy	NOUN
elp-5371	387	6	.	.	PUNCT
elp-5371	388	1	bech	bech	PROPN
elp-5371	388	2	,	,	PUNCT
elp-5371	388	3	m.	m.	NOUN
elp-5371	388	4	l.	l.	PROPN
elp-5371	388	5	,	,	PUNCT
elp-5371	388	6	&	&	CCONJ
elp-5371	388	7	rodney	rodney	PROPN
elp-5371	388	8	,	,	PUNCT
elp-5371	388	9	g.	g.	PROPN
elp-5371	388	10	(	(	PUNCT
elp-5371	388	11	2017	2017	NUM
elp-5371	388	12	)	)	PUNCT
elp-5371	388	13	.	.	PUNCT
elp-5371	389	1	central	central	PROPN
elp-5371	389	2	bank	bank	PROPN
elp-5371	389	3	cryptocurrencies	cryptocurrencie	NOUN
elp-5371	389	4	.	.	PUNCT
elp-5371	390	1	bank	bank	NOUN
elp-5371	390	2	for	for	ADP
elp-5371	390	3	international	international	ADJ
elp-5371	390	4	settlements	settlement	NOUN
elp-5371	390	5	quarterly	quarterly	ADJ
elp-5371	390	6	review	review	NOUN
elp-5371	390	7	.	.	PUNCT
elp-5371	391	1	bigtech	bigtech	NOUN
elp-5371	391	2	firms	firm	NOUN
elp-5371	391	3	in	in	ADP
elp-5371	391	4	finance	finance	NOUN
elp-5371	391	5	in	in	ADP
elp-5371	391	6	emerging	emerge	VERB
elp-5371	391	7	market	market	NOUN
elp-5371	391	8	and	and	CCONJ
elp-5371	391	9	developing	develop	VERB
elp-5371	391	10	economies	economy	NOUN
elp-5371	391	11	:	:	PUNCT
elp-5371	391	12	market	market	NOUN
elp-5371	391	13	developments	development	NOUN
elp-5371	391	14	and	and	CCONJ
elp-5371	391	15	potential	potential	ADJ
elp-5371	391	16	financial	financial	ADJ
elp-5371	391	17	stability	stability	NOUN
elp-5371	391	18	implications	implication	NOUN
elp-5371	391	19	.	.	PUNCT
elp-5371	392	1	(	(	PUNCT
elp-5371	392	2	october	october	PROPN
elp-5371	392	3	2020b	2020b	NUM
elp-5371	392	4	)	)	PUNCT
elp-5371	392	5	.	.	PUNCT
elp-5371	393	1	board	board	PROPN
elp-5371	393	2	,	,	PUNCT
elp-5371	393	3	c.	c.	PROPN
elp-5371	393	4	,	,	PUNCT
elp-5371	393	5	&	&	CCONJ
elp-5371	393	6	wehrli	wehrli	PROPN
elp-5371	393	7	,	,	PUNCT
elp-5371	393	8	a.	a.	NOUN
elp-5371	393	9	(	(	PUNCT
elp-5371	393	10	2021	2021	NUM
elp-5371	393	11	)	)	PUNCT
elp-5371	393	12	.	.	PUNCT
elp-5371	394	1	ready	ready	ADJ
elp-5371	394	2	,	,	PUNCT
elp-5371	394	3	steady	steady	ADJ
elp-5371	394	4	,	,	PUNCT
elp-5371	394	5	go?—results	go?—result	NOUN
elp-5371	394	6	of	of	ADP
elp-5371	394	7	the	the	DET
elp-5371	394	8	third	third	ADJ
elp-5371	394	9	bis	bis	ADJ
elp-5371	394	10	survey	survey	NOUN
elp-5371	394	11	on	on	ADP
elp-5371	394	12	central	central	ADJ
elp-5371	394	13	bank	bank	NOUN
elp-5371	394	14	digital	digital	ADJ
elp-5371	394	15	currency	currency	NOUN
elp-5371	394	16	.	.	PUNCT
elp-5371	395	1	in	in	ADP
elp-5371	395	2	bank	bank	PROPN
elp-5371	395	3	for	for	ADP
elp-5371	395	4	international	international	ADJ
elp-5371	395	5	settlements	settlement	NOUN
elp-5371	395	6	,	,	PUNCT
elp-5371	395	7	working	work	VERB
elp-5371	395	8	paper	paper	NOUN
elp-5371	395	9	no	no	INTJ
elp-5371	395	10	.	.	PROPN
elp-5371	395	11	114	114	NUM
elp-5371	395	12	.	.	PUNCT
elp-5371	395	13	crisis	crisis	NOUN
elp-5371	395	14	binder	binder	NOUN
elp-5371	395	15	.	.	PUNCT
elp-5371	396	1	(	(	PUNCT
elp-5371	396	2	october	october	PROPN
elp-5371	396	3	2019	2019	NUM
elp-5371	396	4	)	)	PUNCT
elp-5371	396	5	.	.	PUNCT
elp-5371	397	1	designing	design	VERB
elp-5371	397	2	and	and	CCONJ
elp-5371	397	3	implementing	implement	VERB
elp-5371	397	4	a	a	DET
elp-5371	397	5	systemic	systemic	ADJ
elp-5371	397	6	financial	financial	ADJ
elp-5371	397	7	crisis	crisis	NOUN
elp-5371	397	8	management	management	NOUN
elp-5371	397	9	simulation	simulation	NOUN
elp-5371	397	10	.	.	PUNCT
elp-5371	398	1	(	(	PUNCT
elp-5371	398	2	march	march	PROPN
elp-5371	398	3	2020	2020	NUM
elp-5371	398	4	)	)	PUNCT
elp-5371	398	5	.	.	PUNCT
elp-5371	399	1	financial	financial	ADJ
elp-5371	399	2	stability	stability	PROPN
elp-5371	399	3	board	board	PROPN
elp-5371	399	4	.	.	PUNCT
elp-5371	400	1	(	(	PUNCT
elp-5371	400	2	february	february	NOUN
elp-5371	400	3	2022	2022	NUM
elp-5371	400	4	)	)	PUNCT
elp-5371	400	5	.	.	PUNCT
elp-5371	401	1	assessment	assessment	NOUN
elp-5371	401	2	of	of	ADP
elp-5371	401	3	risks	risk	NOUN
elp-5371	401	4	to	to	ADP
elp-5371	401	5	financial	financial	ADJ
elp-5371	401	6	stability	stability	NOUN
elp-5371	401	7	from	from	ADP
elp-5371	401	8	crypto	crypto	NOUN
elp-5371	401	9	-	-	NOUN
elp-5371	401	10	assets	asset	NOUN
elp-5371	401	11	.	.	PUNCT
elp-5371	402	1	financial	financial	ADJ
elp-5371	402	2	stability	stability	NOUN
elp-5371	402	3	implications	implication	NOUN
elp-5371	402	4	from	from	ADP
elp-5371	402	5	fintech	fintech	NOUN
elp-5371	402	6	supervisory	supervisory	ADJ
elp-5371	402	7	and	and	CCONJ
elp-5371	402	8	regulatory	regulatory	ADJ
elp-5371	402	9	issues	issue	NOUN
elp-5371	402	10	that	that	PRON
elp-5371	402	11	merit	merit	NOUN
elp-5371	402	12	authorities	authority	NOUN
elp-5371	402	13	’	'	PUNCT
elp-5371	402	14	attention	attention	NOUN
elp-5371	402	15	.	.	PUNCT
elp-5371	403	1	(	(	PUNCT
elp-5371	403	2	june	june	PROPN
elp-5371	403	3	2017	2017	NUM
elp-5371	403	4	)	)	PUNCT
elp-5371	403	5	.	.	PUNCT
elp-5371	404	1	fintech	fintech	NOUN
elp-5371	404	2	and	and	CCONJ
elp-5371	404	3	market	market	NOUN
elp-5371	404	4	structure	structure	NOUN
elp-5371	404	5	in	in	ADP
elp-5371	404	6	the	the	DET
elp-5371	404	7	covid-19	covid-19	PROPN
elp-5371	404	8	.	.	PUNCT
elp-5371	405	1	(	(	PUNCT
elp-5371	405	2	march	march	PROPN
elp-5371	405	3	2022	2022	NUM
elp-5371	405	4	)	)	PUNCT
elp-5371	405	5	.	.	PUNCT
elp-5371	406	1	guide	guide	VERB
elp-5371	406	2	to	to	ADP
elp-5371	406	3	supervision	supervision	NOUN
elp-5371	406	4	in	in	ADP
elp-5371	406	5	the	the	DET
elp-5371	406	6	covid-19	covid-19	PROPN
elp-5371	406	7	world	world	NOUN
elp-5371	406	8	.	.	PUNCT
elp-5371	407	1	(	(	PUNCT
elp-5371	407	2	september	september	PROPN
elp-5371	407	3	2020	2020	NUM
elp-5371	407	4	)	)	PUNCT
elp-5371	407	5	.	.	PUNCT
elp-5371	408	1	international	international	ADJ
elp-5371	408	2	monetary	monetary	ADJ
elp-5371	408	3	fund	fund	PROPN
elp-5371	408	4	and	and	CCONJ
elp-5371	408	5	world	world	PROPN
elp-5371	408	6	bank	bank	PROPN
elp-5371	408	7	group	group	NOUN
elp-5371	408	8	.	.	PUNCT
elp-5371	409	1	(	(	PUNCT
elp-5371	409	2	october	october	PROPN
elp-5371	409	3	2018	2018	NUM
elp-5371	409	4	)	)	PUNCT
elp-5371	409	5	.	.	PUNCT
elp-5371	410	1	the	the	DET
elp-5371	410	2	bali	bali	PROPN
elp-5371	410	3	fintech	fintech	PROPN
elp-5371	410	4	agenda	agenda	NOUN
elp-5371	410	5	:	:	PUNCT
elp-5371	410	6	a	a	DET
elp-5371	410	7	blueprint	blueprint	NOUN
elp-5371	410	8	for	for	ADP
elp-5371	410	9	successfully	successfully	ADV
elp-5371	410	10	harnessing	harness	VERB
elp-5371	410	11	fintech	fintech	NOUN
elp-5371	410	12	’s	’s	PART
elp-5371	410	13	opportunities	opportunity	NOUN
elp-5371	410	14	.	.	PUNCT
elp-5371	411	1	oecd	oecd	PROPN
elp-5371	411	2	.	.	PUNCT
elp-5371	412	1	(	(	PUNCT
elp-5371	412	2	february	february	PROPN
elp-5371	412	3	2020	2020	NUM
elp-5371	412	4	)	)	PUNCT
elp-5371	412	5	.	.	PUNCT
elp-5371	413	1	digital	digital	ADJ
elp-5371	413	2	disruption	disruption	NOUN
elp-5371	413	3	in	in	ADP
elp-5371	413	4	banking	banking	NOUN
elp-5371	413	5	and	and	CCONJ
elp-5371	413	6	its	its	PRON
elp-5371	413	7	impact	impact	NOUN
elp-5371	413	8	on	on	ADP
elp-5371	413	9	competition	competition	NOUN
elp-5371	413	10	.	.	PUNCT
elp-5371	414	1	regulation	regulation	NOUN
elp-5371	414	2	,	,	PUNCT
elp-5371	414	3	supervision	supervision	NOUN
elp-5371	414	4	and	and	CCONJ
elp-5371	414	5	oversight	oversight	NOUN
elp-5371	414	6	of	of	ADP
elp-5371	414	7	“	"	PUNCT
elp-5371	414	8	global	global	ADJ
elp-5371	414	9	stablecoin	stablecoin	NOUN
elp-5371	414	10	”	"	PUNCT
elp-5371	414	11	arrangements	arrangement	NOUN
elp-5371	414	12	final	final	ADJ
elp-5371	414	13	report	report	NOUN
elp-5371	414	14	and	and	CCONJ
elp-5371	414	15	high	high	ADJ
elp-5371	414	16	-	-	PUNCT
elp-5371	414	17	level	level	NOUN
elp-5371	414	18	recommendations	recommendation	NOUN
elp-5371	414	19	.	.	PUNCT
elp-5371	415	1	(	(	PUNCT
elp-5371	415	2	october	october	PROPN
elp-5371	415	3	2020c	2020c	NUM
elp-5371	415	4	)	)	PUNCT
elp-5371	415	5	.	.	PUNCT
elp-5371	416	1	statista	statista	NOUN
elp-5371	416	2	.	.	PUNCT
elp-5371	417	1	(	(	PUNCT
elp-5371	417	2	2020	2020	NUM
elp-5371	417	3	)	)	PUNCT
elp-5371	417	4	.	.	PUNCT
elp-5371	418	1	share	share	NOUN
elp-5371	418	2	of	of	ADP
elp-5371	418	3	selected	select	VERB
elp-5371	418	4	payment	payment	NOUN
elp-5371	418	5	methods	method	NOUN
elp-5371	418	6	as	as	ADP
elp-5371	418	7	percentage	percentage	NOUN
elp-5371	418	8	of	of	ADP
elp-5371	418	9	total	total	ADJ
elp-5371	418	10	e	e	ADJ
elp-5371	418	11	-	-	NOUN
elp-5371	418	12	commerce	commerce	NOUN
elp-5371	418	13	transaction	transaction	NOUN
elp-5371	418	14	volume	volume	NOUN
elp-5371	418	15	worldwide	worldwide	ADV
elp-5371	418	16	in	in	ADP
elp-5371	418	17	2020	2020	NUM
elp-5371	418	18	,	,	PUNCT
elp-5371	418	19	by	by	ADP
elp-5371	418	20	region	region	NOUN
elp-5371	418	21	.	.	PUNCT
elp-5371	419	1	the	the	DET
elp-5371	419	2	future	future	NOUN
elp-5371	419	3	of	of	ADP
elp-5371	419	4	monetary	monetary	ADJ
elp-5371	419	5	system	system	NOUN
elp-5371	419	6	bis	bis	VERB
elp-5371	419	7	annual	annual	ADJ
elp-5371	419	8	economic	economic	ADJ
elp-5371	419	9	report	report	NOUN
elp-5371	419	10	.	.	PUNCT
elp-5371	420	1	(	(	PUNCT
elp-5371	420	2	june	june	PROPN
elp-5371	420	3	2022	2022	NUM
elp-5371	420	4	)	)	PUNCT
elp-5371	420	5	.	.	PUNCT
elp-5371	421	1	iii	iii	X
elp-5371	421	2	.	.	PUNCT
elp-5371	422	1	the	the	DET
elp-5371	422	2	use	use	NOUN
elp-5371	422	3	of	of	ADP
elp-5371	422	4	supervisory	supervisory	ADJ
elp-5371	422	5	and	and	CCONJ
elp-5371	422	6	regulatory	regulatory	ADJ
elp-5371	422	7	technology	technology	NOUN
elp-5371	422	8	by	by	ADP
elp-5371	422	9	authorities	authority	NOUN
elp-5371	422	10	and	and	CCONJ
elp-5371	422	11	regulated	regulated	ADJ
elp-5371	422	12	institutions	institution	NOUN
elp-5371	422	13	market	market	NOUN
elp-5371	422	14	developments	development	NOUN
elp-5371	422	15	and	and	CCONJ
elp-5371	422	16	financial	financial	ADJ
elp-5371	422	17	stability	stability	NOUN
elp-5371	422	18	implications	implication	NOUN
elp-5371	422	19	.	.	PUNCT
elp-5371	423	1	(	(	PUNCT
elp-5371	423	2	october	october	PROPN
elp-5371	423	3	2020a	2020a	NUM
elp-5371	423	4	)	)	PUNCT
elp-5371	423	5	.	.	PUNCT
elp-5371	424	1	toronto	toronto	PROPN
elp-5371	424	2	centre	centre	PROPN
elp-5371	424	3	.	.	PUNCT
elp-5371	425	1	(	(	PUNCT
elp-5371	425	2	august	august	PROPN
elp-5371	425	3	2017	2017	NUM
elp-5371	425	4	)	)	PUNCT
elp-5371	425	5	.	.	PUNCT
elp-5371	426	1	fintech	fintech	NOUN
elp-5371	426	2	,	,	PUNCT
elp-5371	426	3	regtech	regtech	NOUN
elp-5371	426	4	and	and	CCONJ
elp-5371	426	5	suptech	suptech	NOUN
elp-5371	426	6	:	:	PUNCT
elp-5371	426	7	what	what	PRON
elp-5371	426	8	they	they	PRON
elp-5371	426	9	mean	mean	VERB
elp-5371	426	10	for	for	ADP
elp-5371	426	11	financial	financial	ADJ
elp-5371	426	12	supervision	supervision	NOUN
elp-5371	426	13	.	.	PUNCT
elp-5371	427	1	https://doi.org/10.20955/wp.2018.026	https://doi.org/10.20955/wp.2018.026	PROPN
elp-5371	427	2	https://www.bis.org/publ/work765.pdf	https://www.bis.org/publ/work765.pdf	NOUN
elp-5371	428	1	https://doi.org/10.24149/gwp355	https://doi.org/10.24149/gwp355	PROPN
elp-5371	428	2	https://www.bis.org/publ/qtrpdf/r_qt1709f.pdf	https://www.bis.org/publ/qtrpdf/r_qt1709f.pdf	NOUN
elp-5371	428	3	https://www.bis.org/publ/bppdf/bispap114.pdf	https://www.bis.org/publ/bppdf/bispap114.pdf	PROPN
elp-5371	428	4	https://www.bis.org/publ/bppdf/bispap114.pdf	https://www.bis.org/publ/bppdf/bispap114.pdf	PROPN
elp-5371	428	5	https://res.torontocentre.org/guidedocs/designing%20and%20implementing%20a%20systemic%20financial%20crisis%20management%20simulation%20final.pdf	https://res.torontocentre.org/guidedocs/designing%20and%20implementing%20a%20systemic%20financial%20crisis%20management%20simulation%20final.pdf	NOUN
elp-5371	428	6	https://www.fsb.org/wp-content/uploads/r270617.pdf	https://www.fsb.org/wp-content/uploads/r270617.pdf	NOUN
elp-5371	428	7	https://www.fsb.org/wp-content/uploads/r270617.pdf	https://www.fsb.org/wp-content/uploads/r270617.pdf	NOUN
elp-5371	428	8	http://www.oecd.org/daf/competition/digital-disruption-in-financial-markets.htm	http://www.oecd.org/daf/competition/digital-disruption-in-financial-markets.htm	PROPN
elp-5371	428	9	www.scholink.org/ojs/index.php/elp	www.scholink.org/ojs/index.php/elp	NOUN
elp-5371	428	10	economics	economic	NOUN
elp-5371	428	11	,	,	PUNCT
elp-5371	428	12	law	law	NOUN
elp-5371	428	13	and	and	CCONJ
elp-5371	428	14	policy	policy	NOUN
elp-5371	428	15	vol	vol	NOUN
elp-5371	428	16	.	.	PROPN
elp-5371	429	1	5	5	NUM
elp-5371	429	2	,	,	PUNCT
elp-5371	429	3	no	no	INTJ
elp-5371	429	4	.	.	NOUN
elp-5371	429	5	2	2	NUM
elp-5371	429	6	,	,	PUNCT
elp-5371	429	7	2022	2022	NUM
elp-5371	429	8	54	54	NUM
elp-5371	429	9	published	publish	VERB
elp-5371	429	10	by	by	ADP
elp-5371	429	11	scholink	scholink	PROPN
elp-5371	429	12	inc	inc	PROPN
elp-5371	429	13	.	.	PROPN
elp-5371	429	14	notes	note	NOUN
elp-5371	429	15	note	note	VERB
elp-5371	429	16	1	1	NUM
elp-5371	429	17	.	.	PUNCT
elp-5371	430	1	in	in	ADP
elp-5371	430	2	this	this	DET
elp-5371	430	3	paper	paper	NOUN
elp-5371	430	4	,	,	PUNCT
elp-5371	430	5	we	we	PRON
elp-5371	430	6	use	use	VERB
elp-5371	430	7	the	the	DET
elp-5371	430	8	fsb	fsb	ADJ
elp-5371	430	9	definition	definition	NOUN
elp-5371	430	10	of	of	ADP
elp-5371	430	11	fintech	fintech	NOUN
elp-5371	430	12	:	:	PUNCT
elp-5371	430	13	“	"	PUNCT
elp-5371	430	14	technologically	technologically	ADV
elp-5371	430	15	enabled	enable	VERB
elp-5371	430	16	innovation	innovation	NOUN
elp-5371	430	17	in	in	ADP
elp-5371	430	18	financial	financial	ADJ
elp-5371	430	19	services	service	NOUN
elp-5371	430	20	that	that	PRON
elp-5371	430	21	could	could	AUX
elp-5371	430	22	result	result	VERB
elp-5371	430	23	in	in	ADP
elp-5371	430	24	new	new	ADJ
elp-5371	430	25	business	business	NOUN
elp-5371	430	26	models	model	NOUN
elp-5371	430	27	,	,	PUNCT
elp-5371	430	28	applications	application	NOUN
elp-5371	430	29	,	,	PUNCT
elp-5371	430	30	processes	process	NOUN
elp-5371	430	31	or	or	CCONJ
elp-5371	430	32	products	product	NOUN
elp-5371	430	33	with	with	ADP
elp-5371	430	34	an	an	DET
elp-5371	430	35	associated	associated	ADJ
elp-5371	430	36	material	material	NOUN
elp-5371	430	37	effect	effect	NOUN
elp-5371	430	38	on	on	ADP
elp-5371	430	39	financial	financial	ADJ
elp-5371	430	40	markets	market	NOUN
elp-5371	430	41	and	and	CCONJ
elp-5371	430	42	institutions	institution	NOUN
elp-5371	430	43	and	and	CCONJ
elp-5371	430	44	the	the	DET
elp-5371	430	45	provision	provision	NOUN
elp-5371	430	46	of	of	ADP
elp-5371	430	47	financial	financial	ADJ
elp-5371	430	48	services	service	NOUN
elp-5371	430	49	.	.	PUNCT
elp-5371	430	50	”	"	PUNCT
elp-5371	431	1	note	note	VERB
elp-5371	431	2	2	2	NUM
elp-5371	431	3	.	.	PUNCT
elp-5371	431	4	toronto	toronto	PROPN
elp-5371	431	5	centre	centre	PROPN
elp-5371	431	6	(	(	PUNCT
elp-5371	431	7	2020	2020	NUM
elp-5371	431	8	)	)	PUNCT
elp-5371	431	9	note	note	VERB
elp-5371	431	10	3	3	NUM
elp-5371	431	11	.	.	PROPN
elp-5371	431	12	toronto	toronto	PROPN
elp-5371	431	13	centre	centre	PROPN
elp-5371	431	14	(	(	PUNCT
elp-5371	431	15	2017	2017	NUM
elp-5371	431	16	)	)	PUNCT
elp-5371	431	17	note	note	VERB
elp-5371	431	18	4	4	NUM
elp-5371	431	19	.	.	NOUN
elp-5371	431	20	auer	auer	NOUN
elp-5371	431	21	(	(	PUNCT
elp-5371	431	22	2019	2019	NUM
elp-5371	431	23	)	)	PUNCT
elp-5371	431	24	note	note	NOUN
elp-5371	431	25	5	5	NUM
elp-5371	431	26	.	.	PUNCT
elp-5371	431	27	financial	financial	ADJ
elp-5371	431	28	stability	stability	PROPN
elp-5371	431	29	board	board	NOUN
elp-5371	431	30	(	(	PUNCT
elp-5371	431	31	2020b	2020b	NUM
elp-5371	431	32	)	)	PUNCT
elp-5371	431	33	note	note	VERB
elp-5371	431	34	6	6	NUM
elp-5371	431	35	.	.	PUNCT
elp-5371	432	1	adrian	adrian	PROPN
elp-5371	432	2	&	&	CCONJ
elp-5371	432	3	mancini	mancini	PROPN
elp-5371	432	4	-	-	PROPN
elp-5371	432	5	griffoli	griffoli	PROPN
elp-5371	432	6	(	(	PUNCT
elp-5371	432	7	2021	2021	NUM
elp-5371	432	8	)	)	PUNCT
elp-5371	432	9	note	note	VERB
elp-5371	432	10	7	7	NUM
elp-5371	432	11	.	.	PUNCT
elp-5371	432	12	financial	financial	ADJ
elp-5371	432	13	stability	stability	PROPN
elp-5371	432	14	board	board	NOUN
elp-5371	432	15	(	(	PUNCT
elp-5371	432	16	2020c	2020c	NUM
elp-5371	432	17	)	)	PUNCT
elp-5371	432	18	note	note	VERB
elp-5371	432	19	8	8	NUM
elp-5371	432	20	.	.	PUNCT
elp-5371	433	1	condruta	condruta	NOUN
elp-5371	433	2	and	and	CCONJ
elp-5371	433	3	wehrli	wehrli	ADJ
elp-5371	433	4	(	(	PUNCT
elp-5371	433	5	2021	2021	NUM
elp-5371	433	6	)	)	PUNCT
elp-5371	433	7	note	note	VERB
elp-5371	433	8	9	9	NUM
elp-5371	433	9	.	.	PUNCT
elp-5371	433	10	financial	financial	ADJ
elp-5371	433	11	stability	stability	PROPN
elp-5371	433	12	board	board	NOUN
elp-5371	433	13	(	(	PUNCT
elp-5371	433	14	2017	2017	NUM
elp-5371	433	15	)	)	PUNCT
elp-5371	433	16	note	note	NOUN
elp-5371	433	17	10	10	NUM
elp-5371	433	18	.	.	PUNCT
elp-5371	434	1	statista	statista	PROPN
elp-5371	434	2	(	(	PUNCT
elp-5371	434	3	2020	2020	NUM
elp-5371	434	4	)	)	PUNCT
elp-5371	434	5	note	note	VERB
elp-5371	434	6	11	11	NUM
elp-5371	434	7	.	.	NOUN
elp-5371	434	8	1	1	NUM
elp-5371	434	9	financial	financial	ADJ
elp-5371	434	10	stability	stability	NOUN
elp-5371	434	11	board	board	NOUN
elp-5371	434	12	(	(	PUNCT
elp-5371	434	13	2020a	2020a	NOUN
elp-5371	434	14	&	&	CCONJ
elp-5371	434	15	2020b	2020b	NUM
elp-5371	434	16	)	)	PUNCT
elp-5371	434	17	note	note	VERB
elp-5371	434	18	12	12	NUM
elp-5371	434	19	.	.	PUNCT
elp-5371	435	1	international	international	ADJ
elp-5371	435	2	monetary	monetary	ADJ
elp-5371	435	3	fund	fund	NOUN
elp-5371	435	4	and	and	CCONJ
elp-5371	435	5	world	world	PROPN
elp-5371	435	6	bank	bank	PROPN
elp-5371	435	7	group	group	NOUN
elp-5371	435	8	(	(	PUNCT
elp-5371	435	9	2018	2018	NUM
elp-5371	435	10	)	)	PUNCT