As of 1 April 2021, Emanuel van Praag has been appointed Professor of Financial Technology (FinTech) and Law (0.4fte) at Erasmus School of Law. The effects of technological developments, including the use of big data and open banking in the financial sector, require a clear legal framework. The appointment makes it possible to conduct multidisciplinary research on this with a good understanding of technologies. Because of his role as practicing lawyer with HVG Law LLP Emanuel has good insight into the latest developments in the financial industry.
Van Praag has extensive knowledge of (European) Financial Law and is an expert in financial technology and in approaching new business models and techniques from a legal perspective. He has been connected to Erasmus School of Law for the past two years. He has been involved in the teaching of the course ‘Financial Technology and Law’, and he has supervised several students during their master thesis. In addition, he has been a senior fellow at the International Centre for Financial law and Governance (ICFG) for the past two years and a part of his new research within the chair will be embodied in the ICFG. Van Praag was also Head of Regulatory Compliance at the former FinTech company Pritle and has written many (scientific) publications. His most significant contributions are his preliminary advice about the regulation of the payment industry and the onset of open banking (PSD2) and his article ‘The financial consumer in the era of big data’.
In addition to this position at Erasmus School of Law, Van Praag continues his work at HVG Law LLP as a Financial Regulatory Law lawyer. He has over thirteen years of experience within the legal field and financial sector. He has always combined his work in academia with his professional practice, and he will continue this after his appointment. He aims to close the gap between practice and academia by implementing his experiences in the education of Erasmus School of Law.
Significant developments in the financial sector
The financial sector conveys three big technological developments: the increasing use of big data, the ever-growing computer power leading to far-reaching automation of processes, and the introduction and use of other emerging technologies. These developments bring radical change to the way in which financial institutions operate and cooperate. An important consequence of these developments is that financial institutions and other entities respond to and build on each other’s products, data and services; the phenomenon known as open banking. Technology also allows entities outside of the financial sector to enter this market. The shift from human contact, decisions and knowledge to automated processes, algorithms, online services and big data leads to new legal issues regarding policy, regulation and supervision. FinTech can also be found within the payment industry. This industry is evolving from a side activity for credit institutions to an independent branch of financial services. The chair ‘Financial Technology and Law’ makes it possible to research the legal framework surrounding these technological and market developments.
Innovative and multidisciplinary research
As Professor of ‘Financial Technology and Law’, Van Praag will focus on the use of big data by financial institutions and the increased cooperation between financial institutions and the entry of non-financial institutions into the payment industry. “Big data, open banking and the payment industry are constantly changing and are extremely interesting. I look forward to studying these topics in an academic environment alongside my professional practice.”
Dean of Erasmus School of Law, Professor Suzan Stoter, is happy with the appointment: “With the appointment of Van Praag Erasmus School of Law shows that it is operating at the forefront of studying academic issues in combination with the ever-growing technological developments within the financial sector.”
The ‘Financial Technology and Law’ chair fits within the ambition of Erasmus School of Law to conduct research on regulatory issues within the financial sector and to further position and professionalise the field in cooperation with the adjacent disciplines of Erasmus School of Economics and Rotterdam School of Management.
The Board of Erasmus School of Law congratulates Emanuel van Praag on this appointment and wishes him good luck with his activities.