DITF402-FINTECH PAYMENTS AND REGULATIONS

Description

SESSION	JUL-AUG 2024
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	IV
COURSE CODE & NAME	DITF402 FINTECH PAYMENTS AND REGULATIONS

 

 

Assignment Set – 1

 

1. Why is PayPal considered to be a revolution in the FinTech field?

Ans 1.

PayPal, founded in 1998, is widely recognized as a transformative force in the financial technology (FinTech) industry. Its innovative approach to online payments redefined how individuals and businesses transact in the digital age. PayPal’s success lies in its ability to simplify and secure financial transactions while addressing the limitations of traditional banking systems.

Simplification of

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2. What advantages does blockchain technology bring to Financial Services?

Ans 2.

Blockchain technology has emerged as a disruptive force in financial services, offering a secure, transparent, and decentralized framework for managing financial transactions and data. Its unique attributes address many limitations of traditional financial systems and open new possibilities for innovation and

 

3. What are decentralized applications (dApps) and smart contracts?

Ans 3.

Decentralized applications (dApps) and smart contracts are two integral components of blockchain technology that have transformed the way digital solutions are built and executed. Together, they form the backbone of many blockchain-based ecosystems, driving innovation in industries ranging from

 

Assignment Set – 2

 

4. How do smart contracts contribute to the development of the metaverse? Discuss the advantages and applications of smart contracts in the context of the metaverse. 5+5

Ans 4.

Smart contracts play a pivotal role in the development of the metaverse by enabling automated, transparent, and secure interactions within this immersive digital ecosystem. The metaverse, a virtual space where users can interact in real time through avatars, relies on blockchain technology to support

 

5. How does RegTech help in reducing compliance-related errors and costs?

Ans 5.

How Does RegTech Help in Reducing Compliance-Related Errors and Costs?

Regulatory Technology, or RegTech, is a branch of financial technology designed to assist businesses in complying with regulations more efficiently and cost-effectively. By leveraging advanced technologies such as artificial intelligence (AI), machine learning (ML), big data, and blockchain, RegTech streamlines compliance processes, reduces human errors, and minimizes costs.

Automation of Compliance

 

 

6. How do AI and ML enhance Know Your Customer (KYC) processes?

Ans 6.

Artificial Intelligence (AI) and Machine Learning (ML) have transformed Know Your Customer (KYC) processes, making them more efficient, accurate, and scalable. KYC is a critical requirement for financial institutions to verify the identity of customers, assess risks, and prevent fraudulent activities. Traditional KYC processes are often manual, time-consuming, and prone to errors. AI and ML technologies address these challenges by automating and enhancing various