Page 4 - Unlicensed Digital Investment Schemes (UDIS)

DISCLAIMER
The Financial Inclusion Global Initiative (FIGI) is a three-year program imple-
mented in partnership by the World Bank Group (WBG), the Committee on
Payments and Market Infrastructure (CPMI), and the International Telecommu-
nication Union (ITU) funded by the Bill & Melinda Gates Foundation (BMGF)
to support and accelerate the implementation of country-led reform actions
to meet national financial inclusion targets, and ultimately the global ‘Univer-
sal Financial Access 2020’ goal. FIGI funds national implementations in three
countries—China, Egypt and Mexico; supports working groups to tackle three
sets of outstanding challenges for reaching universal financial access: (1) the
Electronic Payment Acceptance Working Group (led by the WBG), (2) The
Digital ID for Financial Services Working Group (led by the WBG), and (3)
The Security, Infrastructure and Trust Working Group (led by the ITU); and
hosts three annual symposia to gather national authorities, the private sector,
and the engaged public on relevant topics and to share emerging insights from
the working groups and country programs.

This report is a product of the FIGI Security, Infrastructure and Trust Working
Group, led by the International Telecommunication Union.
The findings, interpretations, and conclusions expressed in this work do not
necessarily reflect the views of the Financial Inclusion Global Initiative part-
ners including the Committee on Payment and Market Infrastructures, the
Bill & Melinda Gates Foundation, the International Telecommunication Union, or
the World Bank (including its Board of Executive Directors or the governments
they represent). The mention of specific companies or of certain manufacturers’
products does not imply that they are endorsed or recommended by ITU in pref-
erence to others of a similar nature that are not mentioned. Errors and omissions
excepted, the names of proprietary products are distinguished by initial capital
letters. The FIGI partners do not guarantee the accuracy of the data included in
this work. The boundaries, colours, denominations, and other information shown
on any map in this work do not imply any judgment on the part of the FIGI part-
ners concerning the legal status of any country, territory, city or area or of its
authorities or the endorsement or acceptance of such boundaries.

© ITU 2020
Some rights reserved. This work is licensed to the public through a Creative Commons
Attribution-Non-Commercial-Share Alike 3.0 IGO license (CC BY-NC-SA 3.0 IGO).
Under the terms of this licence, you may copy, redistribute and adapt the work for non-commer-
cial purposes, provided the work is appropriately cited. In any use of this work, there should be
no suggestion that ITU or other FIGI partners endorse any specific organization, products or ser-
vices. The unauthorized use of the ITU and other FIGI partners’ names or logos is not permitted.
If you adapt the work, then you must license your work under the same or equivalent Creative
Commons licence. If you create a translation of this work, you should add the following disclaimer
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