**4. Financial stability implications of Fintech, the war in Ukraine, and the rise of Chinese overseas lending**

The financial stability risks posed by Fintech and the war in Ukraine are relatively novel. The current level of digitization and technological innovations in financial activities—Fintech in short—is a relatively new phenomenon and the Russian invasion of Ukraine was a largely unanticipated event at the beginning of 2022. Chinese overseas lending expanded vigorously during the last decade, and as of 2017, it became the largest global official lender.
