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The rise of financial technology


IMG_2388Paul Schulte’s book “The Next Revolution in our Credit Driven Economy: The Advent of Financial Technology” explores the ways in which credit is being choked off by the excessive credit creation of the 2000s, and shows how these crises were predictable and indeed, how the financial system was designed to create black swans.

In the wake of the global financial crises, thousands of talented people were fired from financial institutions. These people decided to harness the many new technologies that were being created and replicated the services of traditional investment and commercial banks as well as money management and credit ratings.

The world of financial technology was revolutionizing the ways we created credit and the ways in which financial services were melding with social IMG_2389networks, sensor data, and browsing to offer specific products based upon people’s actions, lifestyle choices and relationships.

Paul Schulte, chairman of Schulte Research and former head of global strategy for CCB Intl. Securities, created the Far East Research for Credit Suisse from scratch in 1992 and created the Asian strategy and the bank’s team for Lehman Brothers in 2005. He also spent 17 years teaching in MBA programmes including courses in capital markets, financial technology, corporate credit and banking at HKU, UST, Northwestern, FGV (Rio), London Business School, Fudan (Shanghai), Tsinghua (Beijing), NYU and Tufts.

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