Join us here for a series of livestream and pre-recorded sessions and insight videos to discuss the learnings gained over six years of the FISF experience across the eight country support programs and focal knowledge activities!
Join us here for a series of livestream and pre-recorded sessions and insight videos to discuss the learnings gained over six years of the FISF experience across the eight country support programs and focal knowledge activities!
The FISF Learning Series is a program of livestream webinars and pre-recorded presentations aimed at sharing financial inclusion technical knowledge and learnings derived from eight multi-year Financial Inclusion Support Framework (FISF) Country Support Programs and related WBG interventions and partnerships. The primary objective of the series is to share practical knowledge on various development and implementation related aspects of future and ongoing financial inclusion related programs. The series also features a mix of webinars and capacity building sessions focused on the FISF Knowledge Activity - Addressing Consumer Risks in Digital Finance. Based on the technical notes developed under this work stream, the following topics will be covered:
The series – which marks the conclusion of the eight-year FISF program – will bring together a mix of World Bank technical specialists and consultants who are subject matter experts. The sessions will also feature case studies and insights from partners and clients globally.
The FISF Learning Series is open to a global audience of development partners, practitioners and the general public interested in financial inclusion reform efforts.
The FISF Learning Series is made possible by the generous support from the Bill and Melinda Gates Foundation and the Ministry of Foreign Affairs of the Kingdom of the Netherlands. The support is provided through the FISF program.
Live Sessions: |
April 22, 2021 | 8:00 am – 10:00 am ET |
Consumer Risks in FintechDescription: Fintech is increasingly recognized as a key enabler for financial sectors and financial worldwide. With its benefits, however, fintech products also pose a range of risks to consumers that need to be mitigated in order for fintech to truly benefit consumers. The COVID-19 pandemic has further accelerated the widespread transition of consumers to digital financial services (DFS)/fintech while highlighting, as well as benefits, how consumer risks can increase in times of crisis and economic stress. Authorities responsible for FCP are increasingly faced with the challenge of identifying new or changed risks to consumers generated by fintech and developing measures to address them, including through developing or adapting regulation. The task of regulators in developing countries is even more difficult when attempting to tackle this new challenge while having to implement baseline FCP frameworks at the same time. The WB’s new policy research paper titled ‘Consumer Risks in Fintech: New Manifestations of Consumer Risks and Emerging Regulatory Approaches’ is intended to provide such authorities with a resource synthesizing the kinds of regulatory measures that are being relied on internationally to address new or changed risks for consumers arising from several examples of fintech offerings that can address some of the most basic needs of first-time – and thus inexperienced – financial consumers, namely making payments, borrowing or saving or investing money.
This session explored new manifestations of consumer risks posed by digital microcredit and e-money offerings and emerging regulatory responses and country approaches intended to address those risks.
This session explored new manifestations of consumer risks posed by P2P lending and crowdfunding offerings and emerging regulatory responses and country approaches intended to address those risks. Opening Remarks: Mahesh Uttamchandani (Practice Manager, World Bank Group)
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April 27, 2021 | 9:00 am – 10:30 am ET |
The Next Wave of Suptech Innovation: Suptech Solutions for Prudential and Market Conduct SupervisionDescription: The rapid expansion of fintech and digital financial services around the world has provided many benefits but has also presented supervisors with new challenges, including the need to oversee new financial services entities, protect millions of new users, and address new or enhanced risks including those related to AML/CFT and to consumers. Supervisors must often deal with these challenges with limited capacity and resources. In addition, the COVID-19 pandemic has created a new urgency for supervision and oversight to be able to be conducted remotely. It has increased pressure on supervisors to react faster, requiring tailored policy decisions to stabilize the financial sector and protect consumers.
(1) A Roadmap to Suptech Solutions: As the amount of information necessary to conduct proper identification of risks in financial sector keep growing - especially in a post crisis period - while acceptable reaction times for supervisors become shorter, the implementation of suptech solutions has become a key strategic priority for many supervisors. However, doing it right is not an easy task. To help financial sector supervisors forge their understanding of suptech solutions and provide practical information on how to implement them, the World Bank has recently launched a guide that outlines specific protocols on the development of suptech strategies, an overview of the different governance models used globally, and a step-by-step guide on the implementation of the strategy with a focus on technology for prudential uses. The presentation focused on key aspects that should be considered by the supervisors before and during the implementation of suptech solutions. (2) The Next Wave of Suptech Innovation: Suptech Solutions for Market Conduct Supervision is intended to assist financial sector authorities seeking to leverage suptech for financial consumer protection. The note provides concrete examples of 18 innovative technology solutions being utilized for market conduct supervisory activities across 14 different countries in order to increase the efficiency and effectiveness of market conduct supervision. The presentation explored concrete examples of suptech solutions currently being deployed in four main areas: 1. Solutions for regulatory reporting by supervised entities 2. Solutions for collection and processing of complaints data 3. Solutions for non-traditional market monitoring 4. Solutions for document and business analysis
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May 26, 2021 | 8:30 am – 10:00 am ET |
Driving Women’s Financial Inclusion through DataDescription: Despite advances in financial inclusion across the globe, gender gaps persist with 4 in 10 women in the developing world lacking access to financial services of any kind. The availability of data and an understanding of how to capitalize on this data to improve financial access underpins policy decisions vis-à-vis financial inclusion, helping regulators and financial service providers design policies and set targets as per market needs. In this milieu, gender-disaggregated data becomes increasingly crucial for measuring women’s financial access and advocating for women-centric policies/strategies.
Chair and Moderator: Margaret Miller (Lead Financial Sector Economist, World Bank)
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May 27, 2021 | 8:30 am – 10:00 am ET |
Digitizing Government Payments: Lessons from FISF and BeyondDescription: Governments are often the largest users of a country’s payment systems. Hence improvements in government payments and collections have a substantial impact on government efficiency, public welfare and the broader economy. Additionally, the government can also utilize its role to promote financial inclusion by influencing the choice of the payment medium.
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June 10, 2021 | 8:00 am – 9:30 am ET |
Protecting Consumer Data in Opening BankingDescription: Open banking increases transparency in financial markets, by making data more widely shared, but it also creates concerns with personal data protection and privacy. Explicit consent addresses the inherent tension which exists in the use of personal data for commercial purposes – such as open banking – by enabling consumers to exert some control over the use of their data. While consent is a core part of the legal and regulatory framework for open banking, clear guidance on how to implement consent is frequently lacking, including how to meet legal requirements under relevant laws for data protection and privacy. There are also valid concerns on the limitations to consent, since many consumers simply “tick the box” and don’t fully understand the implications of contracting a financial product or service for access to, and use of, their data. In this session we discussed the role of consent in open banking, how it can be strengthened and other possible complementary approaches for protecting consumer data and privacy. Speakers: Margaret Miller (Lead Financial Sector Economist, World Bank), David Medine (Data Protection and Cybersecurity Consultant), Malavika Raghavan (Senior Fellow, Future of Privacy Forum) |
June 24, 2021 | 8:30 am – 10:30 am ET |
Retail Payment System Governance: Keeping Pace with Evolving MarketsDescription: Rapid growth and innovation in retail payments have drawn renewed attention to the framework and arrangements for governance of retail payment systems. The mandates of retail payment systems have gained importance as the digital economy has expanded. The changes in market structure, competition, and notions of dynamic efficiency, as well as the ongoing need to enhance inclusion and participation in the economy, underline the important public-sector interests at stake. The governance framework and arrangements for such institutions are hence matters of interest to both the private and the public sector and warrant ongoing management and review. Effective governance arrangements are critical to the pursuit of the key policy objectives of ensuring the safety, reliability, and efficiency of payment systems and their broader role in supporting sector economic activity. This virtual seminar provided a forum for presentation of a new World Bank paper on retail payment system governance and discussion with leading practitioners. Among other topics, governance aspects of fast payment systems were discussed.
Moderator: Holti Banka (Financial Sector Specialist, World Bank) Speakers: Peter Møller Jensen (Senior Legal Advisor, World Bank), Ivan Mortimer-Schutts (Senior Operations Officer, IFC), Maha Bahou (CEO, Jordan Payments and Clearing Company), Fred Bar (Industry expert - European payments industry), Christopher Hamilton (Strategic Advisor and Consultant - National financial infrastructure) |
Pre-recorded Sessions:(Videos will be posted here as and when available and may be watched at the convenience of the audience) |
Developing and Operationalizing an NFISThese training sessions are based on the Toolkit on Developing and Operationalizing a National Financial Inclusion Strategy (NFIS). View NFIS Toolkit This 3-part session explores:
Presenters: Helen Luskin Gradstein (Financial Sector Specialist, World Bank) and Douglas Randall (Financial Sector Specialist, World Bank) |
Leveraging Geospatial Technology for Financial InclusionThis session explores how geospatial technology can be used not only to map financial access points but as a tool for financial sector authorities to identify gaps in existing coverage and build related interventions. The session aims to provide authorities and other stakeholders practical guidance for leveraging geospatial tools to inform financial inclusion policymaking. The session draws from a World Bank publication on leveraging geospatial technology for financial inclusion and the work that was conducted as a part of the FISF program in Pakistan and Ethiopia.
Presenters: Helen Luskin Gradstein (Financial Sector Specialist, World Bank) and Imtiaz Ul-Haq (Economist, IFC) |
Building a Financial Education Approach: A Starting Point for Financial Sector AuthoritiesThis presentation explores financial education and the role of financial sector authorities, with a particular focus on identifying and mitigating core consumer risks as an overarching goal and guiding principle. The session aims to answer the following questions:
The session explores global good practices and explain evidence to date. Presenters: Margaret J Miller (Lead Financial Sector Specialist, World Bank) and Helen Luskin Gradstein (Financial Sector Specialist, World Bank) |
Case Studies and Insights Featuring Partners and Client Countries
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