金融科技的颠覆性有多强大？

1 Chapter 17 USING FINTECH IN SOVEREIGN WEALTH FUND OPERATIONS HUGO BENEDETTI Assistant Professor ESE Business School, Universidad de los Andes (Chile) FRANCISCO PAVLIC Researcher ESE Business School, Universidad de los Andes (Chile) KEYWORDS: Fintech, artificial intelligence, machine learning, big data, blockchain. ABSTRACT This chapter reviews financial technology in sovereign wealth fund operations. Fintech refers to technologies that transform financial processes, business models, applications, services, or products. The chapter describes three leading technological fields: big data, blockchain, and artificial intelligence/machine learning. Next, it presents fintech applications throughout the operation process of SWFs, both in terms of front-office activities such as deal sourcing, market research, financial analysis, risk management, portfolio optimization, voting, and governance of SWF’s portfolio investments, and back-office activities such as accounting, compliance, reporting, and transparency. Lastly, the chapter discusses next-generation fintech applications and potential challenges. INTRODUCTION In the last two decades, sovereign wealth funds (SWFs) have emerged as major investors in the global asset management context. Despite lacking a universal definition, Bahoo et al. (2020, p. 8) define SWFs as "investment funds that are directly or indirectly owned, controlled and/or monitored by a government organization or arrangement (national or sub-national)." These funds can have different goals like stabilization, savings, revenue generation, and domestic development. However, they all have no explicit liabilities to their owners other than internal to the government (Kotter and Lel, 2011). This characteristic distinguishes them from other public 2 institutions like pension funds, with clear liabilities to their pensioners, and central banks, with high liquidity requirements. Thus, SWFs can support long-term investments with low liquidity requirements. This feature distinguishes them from private financial institutions and makes them desirable investors for certain companies (Engel et al., 2016). SWFs can be divided into five categories based on their mission and on the definitions of the Santiago Principles and the International Monetary Fund (IMF): (1) stabilization funds, (2) saving funds, (3) development funds, (4) reserve investment corporations, and (5) pension reserve funds. These five groups are not mutually exclusive, as some SWFs have multiple goals. In addition, a SWF’s mission influences its investment approach (e.g., "active" or "passive"), portfolio composition across asset classes, and investment strategies related to using external asset managers or direct investment through in-house teams (International Forum of Sovereign Wealth Funds 2020). For example, SWFs, such as those of Singapore, Norway, and the United Arab Emirates (UAE), are active and trade consistently and in larger quantities than others, such a