Regulation and Supervision

A specialized regulatory window for nonbank e-money issuers (EMIs) is one of four basic regulatory enablers for inclusive digital financial services in emerging markets and developing economies (EMDEs) (Staschen and Meagher 2018). For the purposes of this guide, EMI is defined as any regulated entity—bank and nonbank—that is dedicated to issuing e-money or similar stored-value accounts, even if it trades under a different name such as a limited-purpose bank or payments bank.

McKinsey reached out to the CEOs of three innovative fintechs—Ping Identity, Plaid, and Tink—for their perspectives on global prospects for open banking. While these firms address varying perceived pain points in financial services and pursue different business models, common themes emerged across the three interviews. The implications for banks and other traditional financial services firms are far reaching, and warrant thorough strategic analysis.

A new report published today by Simon Walker, former Director-General of the Institute of Directors, recommends new routes for Small and Medium-sized Enterprises to challenge banks without going to court.

In the fifth edition of the Africa Cyber Security Report themed ‘Demystifying Africa’s Cyber Security Poverty Line’, the authors take a deeper look at the financial limitations impacting many African organizations. They also provide a comprehensive analysis of the top cyber security questions for board members and executives. This report comes at a time when African organizations are grappling with evolutionary changes in their social, technological, economic and regulatory environments. 

A new labor policy in Australia will provide SMEs free legal advice to resolve tax related issues. 

According to the article, Labor will provide four million dollars over four years to create 10 tax clinics across the country. The policy will provide assistance and advice to vulnerable taxpayers and SMEs.

The International Monetary Fund released a report detailing the global financial conditions in emerging market economies, policy credibility in emerging markets and global regulatory reform 10 years after the global financial crisis. 

Issues examined in the report included the growing trade tensions in emerging market economies and the global banking sector. Despite the strength in this sector before the crisis, the banking system faces, highly indebted borrowers, opaque and illiquid assets and foreign currency rollover risks. 

Efforts towards improving economic growth through SMEs are moving towards the Middle East and North African (MENA) territories, according to the article.

Due to the failing oil reserves and revenues, MENA governments have changed their focus towards SMEs for economic growth, through long term programs and plans. 

According to the article, the SME industry in the MENA area is estimated at $1 trillion and has a vital role in promoting competitiveness, productivity and providing employment opportunities. 

Fintech companies are on the rise in Germany. The country reached record levels of $650 million in fintech investments, according to the German Fintech Report. Although experiencing regulatory and funding challenges, Germany continues to progress. Twelve leaders in the German fintech marketplace provide insight on their fintech industry.

Key findings in the report included:

Five Nordic countries: Denmark, Finland, Iceland and Norway partnered to provide insight on the investment landscape, regulatory environment and opportunities and challenges in fintech they are faced with in their region. 

Key findings in the report included: