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Challenges and issues: Digital Financial Services

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This presentation highlights the latest issues and challenges facing various digital financial service models, products and services.

Veröffentlicht in: Wirtschaft & Finanzen
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Challenges and issues: Digital Financial Services

  1. 1. CURRENT CHALLENGES & ISSUES FOR DFS JOHN V OWENS
  2. 2. INTEROPERABILITY
  3. 3. NIGERIA CASE STUDY – A TALE OF TWO USE CASES • Read the case study on page 4 in the AFI report http://www.afi- global.org/sites/default/files/publications/140904_mfswg_guideline_note_no .15.pdf • What is the level of interoperability in your market?
  4. 4. E-MONEY ISSUERS Some of the other important issues around non-bank e-money issuers are around: • Protection of e-money funds • Whether e-money issues can pay or distribute interest • Whether e-money accounts should be covered under deposit insurance • How to support e-money cross border remittances/payments
  5. 5. PROTECTION OF E-MONEY FUNDS E-money fund safeguarding measures are in place to protect customer funds and to ensure that funds are available when customers need these funds. These protections include regulations that govern e-money: • Liquidity • Restrictions on the use of funds • Diversification of funds • Fund isolation through trusts or other mechanisms
  6. 6. DISTRIBUTION OF E-MONEY DIVIDENDS/INTEREST While e-money has normally been considered as a non-deposit taking service focused on payments, it is clear that an increasing number of clients are holding funds in e-money accounts. In markets where banks and other deposit taking institutions are not able to reach all customers and with rising balances being held in these accounts, some regulators are beginning to consider allow e-money issuers to distribute interest earned in trust accounts to individual e-money account holders.
  7. 7. DEPOSIT PROTECTION INSURANCE
  8. 8. CROSS-BORDER REMITTANCES & PAYMENTS EMIs can facilitate the sending and/or receiving of cross- border payments in a number of ways, including the following: 1. Connecting to a global, regional or national remittance service provider (RSP) 2. Connecting to a mobile money transfer hub 3. Connecting to individual EMIs directly 4. Connecting to affiliate EMIs
  9. 9. OTHER AREAS OF RISK & NEW DEVELOPMENTS • Use of agents & third-party intermediaries • New alternative non-bank lenders including P2P and crowdfunding models • Alternative data – privacy issues • Development of global fintech guidelines for regulators • Cryptocurrency & blockchain technologies
  10. 10. CLASS EXERCISE Using the current issues and challenges for overseeing DFS in this section, please compare your own market and list the most pressing issues and challenges in your market.
  11. 11. Thanks johnvowens@me.com Twitter: @jvowens

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