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題名 Regulatory Handbook: The Enabling Regulation of Digital Financial Services
作者 Malady, Louise
Buckley, Ross P.
臧正運
Tsang, Cheng-Yun
貢獻者 法學院
關鍵詞 Financial inclusion, digital financial services, regulation, poverty reduction, FATF, AML/TF, customer due diligence
日期 2015-12
上傳時間 27-Aug-2018 16:21:39 (UTC+8)
摘要 Financial inclusion is now a significant international policy goal. In developing countries, over one billion people are currently excluded from the financial system. Digital financial services (DFS) offer an effective means to include these people in the formal financial system and to thereby improve standards of living and reduce poverty. In order for DFS to promote financial inclusion, regulation must be enabling and supportive of innovation and highly cost-effective. This involves taking a proportionate, risk-based approach tailored to the local environment – not simply applying existing regulatory frameworks to DFS. DFS are essentially retail payment systems. Payment services are critical to financial inclusion; for without payment services financial services cannot be delivered. In the design of legal and regulatory frameworks, regulators must now consider financial inclusion objectives alongside safety and efficiency objectives. The successful regulation of DFS requires a fresh approach from central banks and regulators. In addition to developing enabling, risk-based DFS regulations, regulators should promote financial literacy, and work with DFS providers to create new products that are directly responsive to market need in their countries. This calls for a major reassessment of the role of central banks, requiring them, for instance, to understand the detailed needs and demand of consumers in their country for DFS. Regulators need to understand the risks inherent in different DFS models. DFS transactions are unique in that they usually involve agents and collaboration among a bank and telecommunications company. Unlike traditional banking, customer funds in DFS are not typically deposits and are not safeguarded by prudential regulation or deposit insurance. DFS models can subject customer funds to a range of risks, including insolvency, liquidity and operational risks of the provider but also the agent. Understanding these risks is essential to developing effective and enabling regulation for DFS.
關聯 UNSW Law Research Paper No. 2016-05
資料類型 article
dc.contributor 法學院
dc.creator (作者) Malady, Louiseen_US
dc.creator (作者) Buckley, Ross P.en_US
dc.creator (作者) 臧正運zh_TW
dc.creator (作者) Tsang, Cheng-Yunen_US
dc.date (日期) 2015-12
dc.date.accessioned 27-Aug-2018 16:21:39 (UTC+8)-
dc.date.available 27-Aug-2018 16:21:39 (UTC+8)-
dc.date.issued (上傳時間) 27-Aug-2018 16:21:39 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/119638-
dc.description.abstract (摘要) Financial inclusion is now a significant international policy goal. In developing countries, over one billion people are currently excluded from the financial system. Digital financial services (DFS) offer an effective means to include these people in the formal financial system and to thereby improve standards of living and reduce poverty. In order for DFS to promote financial inclusion, regulation must be enabling and supportive of innovation and highly cost-effective. This involves taking a proportionate, risk-based approach tailored to the local environment – not simply applying existing regulatory frameworks to DFS. DFS are essentially retail payment systems. Payment services are critical to financial inclusion; for without payment services financial services cannot be delivered. In the design of legal and regulatory frameworks, regulators must now consider financial inclusion objectives alongside safety and efficiency objectives. The successful regulation of DFS requires a fresh approach from central banks and regulators. In addition to developing enabling, risk-based DFS regulations, regulators should promote financial literacy, and work with DFS providers to create new products that are directly responsive to market need in their countries. This calls for a major reassessment of the role of central banks, requiring them, for instance, to understand the detailed needs and demand of consumers in their country for DFS. Regulators need to understand the risks inherent in different DFS models. DFS transactions are unique in that they usually involve agents and collaboration among a bank and telecommunications company. Unlike traditional banking, customer funds in DFS are not typically deposits and are not safeguarded by prudential regulation or deposit insurance. DFS models can subject customer funds to a range of risks, including insolvency, liquidity and operational risks of the provider but also the agent. Understanding these risks is essential to developing effective and enabling regulation for DFS.en_US
dc.format.extent 123 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) UNSW Law Research Paper No. 2016-05
dc.subject (關鍵詞) Financial inclusion, digital financial services, regulation, poverty reduction, FATF, AML/TF, customer due diligenceen_US
dc.title (題名) Regulatory Handbook: The Enabling Regulation of Digital Financial Servicesen_US
dc.type (資料類型) article