Smart Contract Technology and Financial Inclusion

Smart Contract Technology and Financial Inclusion

FinTech Note is a World Bank Group (WBG) series that explores the role of FinTech (the confluence of 'finance' and 'technology') in economic development, with an emphasis on financial inclusion. The purpose of this note is three...

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Bibliographic Details
Main Author: World Bank Group
Format: Working Paper
Language:English
Published: World Bank, Washington, DC 2020
Subjects:
FINANCIAL INCLUSION
SMART CONTRACTS
FINANCIAL TECHNOLOGY
FINTECH
CONSUMER PROTECTION
MICROFINANCE
Online Access:http://documents.worldbank.org/curated/en/710151588785681400/Smart-Contract-Technology-and-Financial-Inclusion
http://hdl.handle.net/10986/33723
id okr-10986-33723
recordtype oai_dc
spelling okr-10986-337232021-09-16T18:15:45Z Smart Contract Technology and Financial Inclusion World Bank Group FINANCIAL INCLUSION SMART CONTRACTS FINANCIAL TECHNOLOGY FINTECH CONSUMER PROTECTION MICROFINANCE FinTech Note is a World Bank Group (WBG) series that explores the role of FinTech (the confluence of 'finance' and 'technology') in economic development, with an emphasis on financial inclusion. The purpose of this note is threefold. First, by bringing together in single resource key technological, economic, and legal aspects of smart contracts (sections 3-5), the note serves as a high-level reference on the basic elements of smart contracts. It equips local policymakers and WBG staff with the requisite foundation to effectively brainstorm about smart contracts' productive use in local economies. Second, the note discusses select policy considerations (section 6) that local authorities, standard setting bodies, and international organizations will need to evaluate in order to ensure smart contracts' responsible and effective deployment in retail and micro, small, and medium enterprise (MSME) finance. The note focuses on financial consumer protection, customer due diligence, key legal determinations, standardization and vetting, and data source automation. Finally, the note analyzes smart contracts’ potential applications in retail and MSME finance (section 7), focusing on supply chain finance, insurance, and consumer credit. It discusses the extent to which smart contracts could facilitate incremental financial inclusion gains and the changes they would introduce to these products. To this end, the Annex further examines the changes smart contracts could bring to two specific microfinance products, a weather index insurance policy and a mobile money-based, short-term unsecured loan. 2020-05-08T15:36:59Z 2020-05-08T15:36:59Z 2020-05-01 Working Paper http://documents.worldbank.org/curated/en/710151588785681400/Smart-Contract-Technology-and-Financial-Inclusion http://hdl.handle.net/10986/33723 English Fintech Note;No. 6 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Working Paper
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic FINANCIAL INCLUSION
SMART CONTRACTS
FINANCIAL TECHNOLOGY
FINTECH
CONSUMER PROTECTION
MICROFINANCE
spellingShingle FINANCIAL INCLUSION
SMART CONTRACTS
FINANCIAL TECHNOLOGY
FINTECH
CONSUMER PROTECTION
MICROFINANCE
World Bank Group
Smart Contract Technology and Financial Inclusion
relation Fintech Note;No. 6
description FinTech Note is a World Bank Group (WBG) series that explores the role of FinTech (the confluence of 'finance' and 'technology') in economic development, with an emphasis on financial inclusion. The purpose of this note is threefold. First, by bringing together in single resource key technological, economic, and legal aspects of smart contracts (sections 3-5), the note serves as a high-level reference on the basic elements of smart contracts. It equips local policymakers and WBG staff with the requisite foundation to effectively brainstorm about smart contracts' productive use in local economies. Second, the note discusses select policy considerations (section 6) that local authorities, standard setting bodies, and international organizations will need to evaluate in order to ensure smart contracts' responsible and effective deployment in retail and micro, small, and medium enterprise (MSME) finance. The note focuses on financial consumer protection, customer due diligence, key legal determinations, standardization and vetting, and data source automation. Finally, the note analyzes smart contracts’ potential applications in retail and MSME finance (section 7), focusing on supply chain finance, insurance, and consumer credit. It discusses the extent to which smart contracts could facilitate incremental financial inclusion gains and the changes they would introduce to these products. To this end, the Annex further examines the changes smart contracts could bring to two specific microfinance products, a weather index insurance policy and a mobile money-based, short-term unsecured loan.
format Working Paper
author World Bank Group
author_facet World Bank Group
author_sort World Bank Group
title Smart Contract Technology and Financial Inclusion
title_short Smart Contract Technology and Financial Inclusion
title_full Smart Contract Technology and Financial Inclusion
title_fullStr Smart Contract Technology and Financial Inclusion
title_full_unstemmed Smart Contract Technology and Financial Inclusion
title_sort smart contract technology and financial inclusion
publisher World Bank, Washington, DC
publishDate 2020
url http://documents.worldbank.org/curated/en/710151588785681400/Smart-Contract-Technology-and-Financial-Inclusion
http://hdl.handle.net/10986/33723
_version_ 1764479378920570880

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