Page 45 - The Digital Financial Services (DFS) Ecosystem

ITU-T Focus Group Digital Financial Services
Ecosystem

• Intersections with other authorities: how to properly engage and interact with the competition authorities
and consumer protection authorities

3.4 Cross Country Considerations for a Memorandum of Understanding

As national digital payment systems develop and cross-border low-value digital payments scale, regulators may
consider drafting an agreement (in the form of a memorandum of understanding) to foster this potential and
promote collaboration. If and when this occurs, the following sections should be included:

• Introduction: the introduction outlines the background to the current situation, describes the need and
rationale for an MOU, outlines what players or authorities are involved, and the implications of such an
agreement.

• Purpose: the purpose is indented to be a concise statement that describes the intention of the MOU,
how those involved will use the new capability, including under what circumstances.

• Scope: the scope section of the MOU should include when the policies described in the agreement do
and do not apply and to whom the policies do and do not implicate.

• Policy: this section explains what policies have been agreed to by the players involved. Definitions tend
to be beneficial to ensure clarity.
• Structure: the structure of the agreement outlines how players intend to work together, including who will
be the key points of contact, how often to meet, what the workflow looks like and how to communicate
with one another.

• Obligations: as its name implies, this section includes obligations of those included in the agreement. For
example, what trainings need to be completed, what party is financial responsible for different aspects
of the agreement, how maintenance and oversight will occur, and how to update the MOU.

33