Basic Regulatory Enablers for Digital Financial Services

Digital financial services (DFS) differ from traditional financial services in several ways that have major implications for regulators. The technology enables new operating models that involve a wider range of actors in the chain of financial serv...

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Main Authors:	Staschen, Stefan, Meagher, Patrick
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2018
Subjects:	PAYMENT AND SETTLEMENT SYSTEM FINANCIAL REGULATION DIGITAL FINANCE FINANCIAL SERVICES E-MONEY MOBILE MONEY FINANCIAL CONSUMER PROTECTION
Online Access:	http://documents.worldbank.org/curated/en/692101533183892208/Basic-regulatory-enablers-for-digital-financial-services http://hdl.handle.net/10986/30275

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recordtype	oai_dc
spelling	okr-10986-302752021-05-25T10:54:40Z Basic Regulatory Enablers for Digital Financial Services Staschen, Stefan Meagher, Patrick PAYMENT AND SETTLEMENT SYSTEM FINANCIAL REGULATION DIGITAL FINANCE FINANCIAL SERVICES E-MONEY MOBILE MONEY FINANCIAL CONSUMER PROTECTION Digital financial services (DFS) differ from traditional financial services in several ways that have major implications for regulators. The technology enables new operating models that involve a wider range of actors in the chain of financial services, from design to delivery. The advent of DFS ushers in new providers such as nonbank e-money issuers (EMIs), creates a key role for agents in serving clients, and reaches customers who have otherwise been excluded or underserved. This in turn brings new risks and new ways to mitigate them. For many years now, CGAP has been interested in understanding how these new models are regulated, and how regulation might have to adapt to enable DFS models that have potential to advance financial inclusion. This focus note takes a close look at four building blocks in regulation, which we call basic regulatory enablers, and how they have been implemented in practice. Each of the enablers addresses a specific aspect of creating an enabling and safe regulatory framework for DFS. Our focus is on DFS models that specifically target excluded and underserved market segments. The authors analyze the frameworks adopted by 10 countries in Africa and Asia where CGAP has focused its in-country work on supporting a market systems approach to DFS. 2018-08-21T20:02:01Z 2018-08-21T20:02:01Z 2018-05 Brief http://documents.worldbank.org/curated/en/692101533183892208/Basic-regulatory-enablers-for-digital-financial-services http://hdl.handle.net/10986/30275 English CGAP focus note,no. 109; CGAP Focus Note;No. 109 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Brief
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	PAYMENT AND SETTLEMENT SYSTEM FINANCIAL REGULATION DIGITAL FINANCE FINANCIAL SERVICES E-MONEY MOBILE MONEY FINANCIAL CONSUMER PROTECTION
spellingShingle	PAYMENT AND SETTLEMENT SYSTEM FINANCIAL REGULATION DIGITAL FINANCE FINANCIAL SERVICES E-MONEY MOBILE MONEY FINANCIAL CONSUMER PROTECTION Staschen, Stefan Meagher, Patrick Basic Regulatory Enablers for Digital Financial Services
relation	CGAP focus note,no. 109;
description	Digital financial services (DFS) differ from traditional financial services in several ways that have major implications for regulators. The technology enables new operating models that involve a wider range of actors in the chain of financial services, from design to delivery. The advent of DFS ushers in new providers such as nonbank e-money issuers (EMIs), creates a key role for agents in serving clients, and reaches customers who have otherwise been excluded or underserved. This in turn brings new risks and new ways to mitigate them. For many years now, CGAP has been interested in understanding how these new models are regulated, and how regulation might have to adapt to enable DFS models that have potential to advance financial inclusion. This focus note takes a close look at four building blocks in regulation, which we call basic regulatory enablers, and how they have been implemented in practice. Each of the enablers addresses a specific aspect of creating an enabling and safe regulatory framework for DFS. Our focus is on DFS models that specifically target excluded and underserved market segments. The authors analyze the frameworks adopted by 10 countries in Africa and Asia where CGAP has focused its in-country work on supporting a market systems approach to DFS.
format	Brief
author	Staschen, Stefan Meagher, Patrick
author_facet	Staschen, Stefan Meagher, Patrick
author_sort	Staschen, Stefan
title	Basic Regulatory Enablers for Digital Financial Services
title_short	Basic Regulatory Enablers for Digital Financial Services
title_full	Basic Regulatory Enablers for Digital Financial Services
title_fullStr	Basic Regulatory Enablers for Digital Financial Services
title_full_unstemmed	Basic Regulatory Enablers for Digital Financial Services
title_sort	basic regulatory enablers for digital financial services
publisher	World Bank, Washington, DC
publishDate	2018
url	http://documents.worldbank.org/curated/en/692101533183892208/Basic-regulatory-enablers-for-digital-financial-services http://hdl.handle.net/10986/30275
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Basic Regulatory Enablers for Digital Financial Services

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