Page 34 - The Digital Financial Services (DFS) Ecosystem

ITU-T Focus Group Digital Financial Services
Ecosystem

Executive Summary

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.

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