Page 42 - The Digital Financial Services (DFS) Ecosystem

ITU-T Focus Group Digital Financial Services
Ecosystem

3.3.4 Principles

This collaboration aims to abide by the following principles as allowed by law:

• Digital financial services providers and participants will experience a more coordinated effort through
harmonious regulations that are clearly communicated

• End users, particularly the unbanked, will be empowered to use digital financial services, recognizing
such services are secure and end users are appropriately protected

This collaboration aims to achieve the following outcomes as allowed by law:
• Implementing effective measures to combat the financing of terrorism, money laundering and fraud,
including
i. Facilitating the discovery of and actions against non-compliance or fraudulent practices

ii. Conducting training and awareness programs on cyber security for participants and end users
iii. Ensuring the imposition of effective sanctions
• Fostering competition and promoting a level playing field for all participants of a digital financial services
ecosystem including
i. Enabling equitable access to the telecommunications network

ii. Preventing anti-competitive practices
• Promoting interoperability and interconnectivity of digital financial services participants
• Ensuring transactional points, including agents, adhere to relevant regulatory and supervisory
requirements
• Ensuring appropriate mechanisms are in place to identify, assess, monitor and control risks related to
digital financial services
• Fostering consumer protection and creating an enabling framework to ensure
i. Services are delivered in a fair and transparent manner

ii. Appropriate mechanisms exist to address end user complaints
iii. Appropriate financial literacy programs exists
iv. Participants can accurately track and provide proof of transactions

v. End user data and identity is protected and kept confidential
vi. End user mobility (e.g. no minimum barriers for switching products and/or services providers)

3.3.5 Promotion of a coordinated framework

The Authorities agree to work together to promote a coordinated framework for the regulation and supervision
of digital financial services in <Country>. Such collaboration will include but not be limited to:
• Regulating and supervising providers to ensure digital financial services are provided in a safe, sound and
sustainable manner that promotes financial inclusion.
i. Collaborating to determine supervision, reporting, research, monitoring and record-keeping
requirements
ii. Establishing appropriate systems and clear procedures for the supervision of digital financial services

iii. Developing standards and guidelines as deemed necessary
iv. Implementing strategies and policies aimed at enhancing financial inclusion through digital financial
services

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