Page 104 - ITU-T Focus Group Digital Financial Services – Interoperability

ITU-T Focus Group Digital Financial Services
Interoperability

Executive summary

Interoperability has been understood as a relevant aspect in fostering the financial inclusion efforts made
through the availability of digital financial services (DFS). Despite the fact that some consensus has been
achieved and the regulator can now have an important role in inducing interoperability, the right timing for
and scope of the regulator’s actions is still an open discussion.

The present work provides insights shared by five regulators who participated in the DFS Focus Group WG on
Interoperability. Although it is impossible to generalize conclusions from the survey, some similarities across
the surveyed countries can be observed.

First, before addressing DFS interoperability, the financial and telco regulators need to define their roles and
responsibilities among each other. Second, although regulators generally seem to consider interoperability
an important element in the DFS ecosystem, the current state of interoperability in different countries varies
substantially. Third, positive outcomes are reported—or at least expected—across countries, suggesting that
current policies might persist for the time being. Fourth, authorities seem to be conscious of the fact that any
intervention needs to be considered carefully and take place only when no market-driven solution is leading
to interoperable services.

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