We have covered a lot of material already to give you a thorough understanding of financial crisis in history and how they have shaped financial regulation. We took a deeper look at the global financial crisis, and you have learned how a bank balance sheet works, what the difference between banks and so-called shadow banks is, and why we regulate banks the way we do. In particularly, you have learned about how coordination issues can lead to bank runs and how capital regulation can help to align the incentives between depositors, the people who give their money to a bank, and the bank managers. We have seen how banking regulation emerged, and you have learned what the global regulatory framework for banks called Basel III is all about. We have also discussed how strict regulation that is enacted as the consequence of a financial crisis can lead to the emergence of new financial institutions that avoid having to comply with existing regulation. This week we will dive deeper into how exactly these new fintech companies are regulated around the world. You will learn about the regulatory environment for fintechs in the United States, China, Brazil, and South Africa. You will meet Arif Ismail, the head of the South African Reserve Banks fintech unit. We will chat with Arif about the approach the South has taken to fintech regulation. You will also meet our guest lecturer Professor Michael Wong, a leading fintech expert from the City University of Hong Kong. Michael will give us a first-hand account of the regulatory environment in China. Before we go into the details of fintech regulation around the world, we have to take care of one order of business law. That is, we need to tell you about one of the most exciting new financial instruments fintech companies use to finance themselves, Initial Coin Offerings. An Initial Coin Offerings or ICO, is the sale of a token by a company that uses blockchain. There are several different types of coins sometimes also called tokens and we will discuss the two most important ones, security tokens and utility tokens. Before we start this exciting week, our very first order of business is to talk about, why emerging countries are different from industrialized countries. The reality in emerging markets where many people live with very limited means are excluded from traditional banking systems. It's important to understand before we discuss the regulatory framework for fintech companies in these markets. We have a lot of material to cover, so let's get started.