Page 112 - FerMUN 2020 - Futurecasters Global Young Visionaries Summit, 8th-10th January 2020
P. 112
COUNCIL: The International Telecommunication Union 1
ISSUE: Setting quality and accountability standards for the development of digital financial
services
SUBMITTED BY: Switzerland
COSIGNATORS: Apple, Australia, Colombia, DRC, Finland, France, Germany, Google, India,
Indonesia, Israel, Italy, Japan, Kenya, Mexico, Netherlands, Norway, Russia, Singapore, South
Korea, Spain, Sweden, United Kingdom, USA
The International Telecommunication Union committee 1,
Alarmed by the lack of security of digital financial services causing fraud, corruption,
cybercrimes, etc.,
Aware of the superficial exploitation of this digital platform due to its novelty and
recency,
Recalling the lack of customer information when they perform financial actions using
digital means during numerical financial actions, leading to legal troubles,
Stressing the responsibility of companies in the face of these difficulties, their lack of
capital to solve them and their refusal to cooperate,
Alarmed by the lack of security accompanying digital financial services, leading to
communication failures, identity theft, lack of price transparency, lack of customer access to
redress and fraud, but also money laundering, financing of terrorism, problems of cyber attacks
and even cyber crime,
Aware of the superficial exploitation of this digital platform which is very recent and
needs to be regulated urgently and conscientiously,
Recalling the lack of information transmitted to customers during digital financial
actions leading to legislative turmoil,
Stressing the responsibility of companies in the face of these difficulties, their lack of
investment to resolve them and their timid efforts to cooperate in a transparent and effective
manner,
1. Further recommends the implementation of :
a. USSD, 4G and 5G standards, SMS but also the standards governing payment
and money transfer applications,
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