Regulation in the Digital Financial Services Ecosystem

May 6, 2016

Regulations may enable or thwart a healthy digital financial services ecosystem and therefore the potential to realize the goals of financial inclusion. Moreover, given the complexity of the DFS regulatory environment, it remains imperative that the two sector authorities involved in these efforts – financial services and telecommunication – collaborate to address these issues. As a result, the DFS Ecosystem working group drafted ‘Regulation in the DFS Ecosystem’ paper. This paper outlines the categories of regulation, defines the corresponding sub-issues or topics and highlights the financial inclusion of each topic. Key categories include

  1. agents,
  2. consumer protection,
  3. market access,
  4. payments systems,
  5. risk management and
  6. other related issues.

This paper also addresses key issues related to managing the regulatory environment. It outlines a survey of how regulators currently work together, provide a draft memorandum of understanding template for Authorities in a given country to formally outline joint goals and methods of working together, and outline considerations if regulators are interested in formalizing cross-border collaborations.

This Technical Report was written by the following authors, contributors and reviewers: Cecily Northup, Carol Coye Benson, Leon Perlman, Thomas Lammer, Sacha Polverini, Paul Shoust, Mariachiara Malaguti, Kathryn Imboden, Jami Solli, Marusa Vasconcelos Freire, Ashwini Sathnur, Ivo Jenik, Kennedy Komba, Ivan Ssettimba, Abdul N. Musoke, Md Rashed, Simone di Castri, Nathalie Feingold, Members of the Interoperability Working Group, Members of the Consumer Protection Working Group and Members of the DFS Ecosystem Working Group.

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