cat/documentation-and-compliance
During the Global SME Finance Forum 2018, Matthias Kröner, CEO of FIDOR Bank talked about open banking, APIs, social banking, and the failings of traditional banks regarding applications.
Sixteenth in a series of annual reports comparing business regulation in 190 economies, Doing Business 2019 measures aspects of regulation affecting 10 areas of everyday business activity:
As of 2018, the number of countries publicly committed to promoting financial inclusion tops 90 and continues to grow. Many of these countries’ financial regulators and supervisors are explicitly tasked with implementing policies and strategies on financial inclusion (I) alongside their core responsibilities for promoting micro- and macroprudential stability (S), financial integrity (I), and protecting financial consumers (P), collectively referred to as I-SIP.
Mobile phones are helping millions of low-income customers to access financial services for the first time, but they are also exposing them to new cyber threats they could never have imagined. The Serianu 2017 Africa Cyber Security Report estimates that cybercrime in mobile-based transactions costs businesses $140 million per year in Africa. Why is this becoming more common? And what can providers and policy makers do to prevent it? The author offers some simple measures that providers and policy makers can adopt to protect other mobile financial services users from cyberattacks.
Medici examines the widening financial gap in India and their lack of push for institutional credit for consumers. With consumer debt to GDP at only 17 percent, India falls behind major economies of Asia Pacific.
According to the article, “In the absence of institutional credit at fair interest rates for a majority of the population, people at the bottom of the pyramid are left devoid of opportunities and fail to be included in the financial system.”
Key contributing factors to this issue of financial inclusion include:
Small and medium sized businesses’ ability to participate in international markets and global value chains has not been fully developed. A new report, from Business at OECD and B20 and sponsored by the SME Finance Forum, calls on G20 leaders to follow four core recommendations to this end:
A report from Kapronasia examines how banks and financial institutions are reacting to growing financial challenges. Problem areas for financial institutions include, third party non-bank financials threatening traditional banks and institutions, trade tensions between the U.S. and China and the U.S. and Canada, interest rates and regulations.
Key findings in the report included:
The Asia Security Industry and Financial Markets Association (ASIFMA) released a report outlining the leading principles for regulation of outsourcing for regulated securities. The report surveyed across jurisdictions from Hong Kong, Singapore, Japan, Australia, UK and the USA. Nine leading principles from the report included:
Women, Business and the Law (WBL) is a World Bank Group project collecting unique data on the laws and regulations that restrict women's economic opportunities. Since 2009, WBL has enhanced the study of gender equality and informed discussions on improving women's prosperity. The dataset offers objective and measurable benchmarks for global progress toward gender equality. Comparable across economies, the data is useful for research and policy discussions on improving women's economic outcomes.
IFC, a member of the World Bank Group helps regulators to tackle challenges faced by them and promote financial inclusion says, Rachel Freeman from IFC and the World Bank Group. She shares the challenges faced by regulators and whether fintechs need sandboxes to grow. View her insights on these topics in this video during the Money 20/20 event, and also find out what IFC is doing to strengthen fintechs and banks.
