Consumer Risks in Fintech : New Manifestations of Consumer Risks and Emerging Regulatory Approaches

Fintech is increasingly recognized as a key enabler for financial sectors worldwide, enabling more efficient and competitive financial markets while expanding access to finance for traditionally underserved consumers. A critical challenge for polic...

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Main Author:	World Bank
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2021
Subjects:	FINTECH CONSUMER PROTECTION FINANCIAL REGULATION FINANCIAL TECHNOLOGY DIGITAL MICROCREDIT DIGITAL FINANCIAL SERVICES FINANCIAL DISCLOSURE PEER LENDING CROWDFUNDING E-MONEY CONSUMER RISK
Online Access:	http://documents.worldbank.org/curated/en/515771621921739154/Consumer-Risks-in-Fintech-New-Manifestations-of-Consumer-Risks-and-Emerging-Regulatory-Approaches-Policy-Research-Paper http://hdl.handle.net/10986/35699

id	okr-10986-35699
recordtype	oai_dc
spelling	okr-10986-356992021-06-09T05:11:10Z Consumer Risks in Fintech : New Manifestations of Consumer Risks and Emerging Regulatory Approaches World Bank FINTECH CONSUMER PROTECTION FINANCIAL REGULATION FINANCIAL TECHNOLOGY DIGITAL MICROCREDIT DIGITAL FINANCIAL SERVICES FINANCIAL DISCLOSURE PEER LENDING CROWDFUNDING E-MONEY CONSUMER RISK Fintech is increasingly recognized as a key enabler for financial sectors worldwide, enabling more efficient and competitive financial markets while expanding access to finance for traditionally underserved consumers. A critical challenge for policy makers is to harness the benefits and opportunities of fintech while managing its risks, including for consumers. The COVID-19 pandemic further accelerated the widespread transition of consumers to fintech and digital financial services, highlighting their significant benefits while also demonstrating how risks to consumers can increase in times of crisis and economic stress. This paper (1) identifies a range of consumer risks posed by fintech, focusing on four key fintech products (digital microcredit, peer-to-peer lending, investment-based crowdfunding, and e-money) and (2) discusses consumer protection regulatory approaches emerging internationally for policy makers to consider when developing regulatory policy to target such risks. Examples of regulatory approaches are drawn from country examples and international literature. The paper also discusses a range of implementation considerations. 2021-06-08T16:00:39Z 2021-06-08T16:00:39Z 2021-04 Report http://documents.worldbank.org/curated/en/515771621921739154/Consumer-Risks-in-Fintech-New-Manifestations-of-Consumer-Risks-and-Emerging-Regulatory-Approaches-Policy-Research-Paper http://hdl.handle.net/10986/35699 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Other Financial Accountability Study
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	FINTECH CONSUMER PROTECTION FINANCIAL REGULATION FINANCIAL TECHNOLOGY DIGITAL MICROCREDIT DIGITAL FINANCIAL SERVICES FINANCIAL DISCLOSURE PEER LENDING CROWDFUNDING E-MONEY CONSUMER RISK
spellingShingle	FINTECH CONSUMER PROTECTION FINANCIAL REGULATION FINANCIAL TECHNOLOGY DIGITAL MICROCREDIT DIGITAL FINANCIAL SERVICES FINANCIAL DISCLOSURE PEER LENDING CROWDFUNDING E-MONEY CONSUMER RISK World Bank Consumer Risks in Fintech : New Manifestations of Consumer Risks and Emerging Regulatory Approaches
description	Fintech is increasingly recognized as a key enabler for financial sectors worldwide, enabling more efficient and competitive financial markets while expanding access to finance for traditionally underserved consumers. A critical challenge for policy makers is to harness the benefits and opportunities of fintech while managing its risks, including for consumers. The COVID-19 pandemic further accelerated the widespread transition of consumers to fintech and digital financial services, highlighting their significant benefits while also demonstrating how risks to consumers can increase in times of crisis and economic stress. This paper (1) identifies a range of consumer risks posed by fintech, focusing on four key fintech products (digital microcredit, peer-to-peer lending, investment-based crowdfunding, and e-money) and (2) discusses consumer protection regulatory approaches emerging internationally for policy makers to consider when developing regulatory policy to target such risks. Examples of regulatory approaches are drawn from country examples and international literature. The paper also discusses a range of implementation considerations.
format	Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Consumer Risks in Fintech : New Manifestations of Consumer Risks and Emerging Regulatory Approaches
title_short	Consumer Risks in Fintech : New Manifestations of Consumer Risks and Emerging Regulatory Approaches
title_full	Consumer Risks in Fintech : New Manifestations of Consumer Risks and Emerging Regulatory Approaches
title_fullStr	Consumer Risks in Fintech : New Manifestations of Consumer Risks and Emerging Regulatory Approaches
title_full_unstemmed	Consumer Risks in Fintech : New Manifestations of Consumer Risks and Emerging Regulatory Approaches
title_sort	consumer risks in fintech : new manifestations of consumer risks and emerging regulatory approaches
publisher	World Bank, Washington, DC
publishDate	2021
url	http://documents.worldbank.org/curated/en/515771621921739154/Consumer-Risks-in-Fintech-New-Manifestations-of-Consumer-Risks-and-Emerging-Regulatory-Approaches-Policy-Research-Paper http://hdl.handle.net/10986/35699
_version_	1764483580375859200

Consumer Risks in Fintech : New Manifestations of Consumer Risks and Emerging Regulatory Approaches

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