This little bundle of joy is buried in plain sight at the International Monetary Fund website:
(fintech is financial technology)
What is Really New in Fintech
By Arnoud Boot, Peter Hoffmann, Luc Laeven, Lev Ratnovski
The financial industry is undergoing rapid technological change. Traditional banks face competition from online start-ups with no physical branches. Social media and other digital platforms are expanding into payments and credit. The increase in demand for digital services triggered by COVID-19 is turbo-charging this transformation. The confluence we are witnessing is driving fintech innovation and raises important questions. What are the transformative aspects of recent financial innovation that can uproot finance as we know it? Which new policy challenges will the transformation of finance bring?
And here, they lay the groundwork:
New types of information
The most transformative information innovation is the increase in use of new types of data coming from the digital footprint of customers’ various online activities—mainly for credit-worthiness analysis.
Credit scoring using so-called hard information (income, employment time, assets and debts) is nothing new. Typically, the more data is available, the more accurate is the assessment. But this method has two problems. First, hard information tends to be “procyclical”: it boosts credit expansion in good times but exacerbates contraction during downturns.
And Ka-Boom:
Fintech resolves the dilemma by tapping various nonfinancial data: the type of browser and hardware used to access the internet, the history of online searches and purchases. Recent research documents that, once powered by artificial intelligence and machine learning, these alternative data sources are often superior than traditional credit assessment methods, and can advance financial inclusion, by, for example, enabling more credit to informal workers and households and firms in rural areas.
Emphasis mine.
Let me run that by you again: "the type of browser and hardware used to access the internet, the history of online searches and purchases"
So you are proposing to base my financial credit rating on what I search for on the internet? Fuck you!
And, you are proposing to monitor my purchases on the internet? Fuck you!
This is the face of the one world totalitarian government that the Chinese are so rabidly pushing. All of the useful idiots and fellow travelers in the West are slurping this up like it was mother's milk. Fools.
This is not a conspiracy theory, this is straight out of the mouthpiece of the International Monetary Fund. Their website. Look at the URL in the link: IMF.ORG
Leave a comment