Financial Consumer Protection and Fintech : An Overview of New Manifestations of Consumer Risks and Emerging Regulatory Approaches
This note provides: (1) an overview of new manifestations of consumer risks that are significant and cross-cutting across four key fintech products: digital microcredit, P2PL, investment-based crowdfunding, and e-money; and (2) examples of emerging...
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| Format: | Technical Note |
| Language: | English |
| Published: |
Washington, DC
2022
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| Online Access: | http://documents.worldbank.org/curated/en/099735204212299868/P17300605103480e90baef084f653576421 http://hdl.handle.net/10986/37339 |
| Summary: | This note provides: (1) an overview
of new manifestations of consumer risks that are significant
and cross-cutting across four key fintech products: digital
microcredit, P2PL, investment-based crowdfunding, and
e-money; and (2) examples of emerging regulatory approaches
to target such risks. This note is based on a more detailed
recently published WBG Policy Research Paper titled Consumer
Risks in Fintech, New Manifestations of Consumer Risks and
Emerging Regulatory Approaches. The research paper delves
more deeply into each of the four key fintech products and
their associated risks. The appendix provides an overview of
product-specific risks for which more information can be
found in the research paper. The primary focus and objective
of this note, and the paper on which it is based, is to
inform authorities’ development of regulatory policy. The
examples included here are intended to assist regulators
considering potential FCP regulatory approaches to fintech.
However, it is hoped that the discussion of manifestations
of consumer risks in a fintech context can also assist
authorities with related key areas, such as market conduct supervision. |
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