About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

132 Banking L.J. 35 (2015)

handle is hein.journals/blj132 and id is 39 raw text is: The New Regulatory Frontier: Building Consumer Demand for Digital Financial Services-Part II Ross P Buckley and Louise Malady* Digitalfinancial services (DFS) are held out as key financial solutions for improving financial inclusion. However, targeted end-users often offer little in the way of obvious profitable opportunities and so market forces alone are not enough to ensure the supply of services and products which match end-users' means, needs or wants. As a result DFS in emerging markets may suffer from limited uptake and usage, with consequently little effect on financial inclusion. In emerging markets, financial regulators have been focusing on supporting the success of DFS largely through institutional and regulatory framework efforts. This two-part article argues that financial regulators must first work to understand and build consumer demand for DFS rather than purely focusing on developing enabling regulatory frameworks. This requires a change in mind-set for financial regulators who are more familiar with promoting financial stability, safety and efficiency. The authors explore this changing role for financial regulators and recommend that regulators particularly focus on building consumer demand through promoting partnerships in DFS as a means ofpromoting financial inclusion. In addition, the authors highlight that partnerships introduce collaboration risks and heighten consumer risks; requiring regulators to adjust regulatory frameworks to ensure such risks are identified and mitigated. The first part of this article, which appeared in the November/December 2014 issue ofThe Banking Law Journal, provided an introduction to the topic, regulatory background, and a section on understanding consumer demand. Part two of this article discusses building consumer demand and the authors' conclusions. BUILDING CONSUMER DEMAND Regulators can encourage the development of successful and sustainable Ross P. Buckley is Scientia professor of law and CIFR King & Wood Mallesons chair of International Finance Law at the University of New South Wales, Australia. Louise Malady is a senior research fellow at the University of New South Wales, Australia. This research is supported by the Centre for International Finance and Regulation, UNCDF, Standard Chartered Bank, and the University of New South Wales. The authors would like to thank Jonathan Greenacre for his helpful comments and Ross Willing, Nicole Mazurek, and Samuel Gerber for excellent research assistance. All responsibility lies with the authors.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most