By Dan Salazar, Director, Mastercard and Carlos Monteverde, Product Manager, Mastercard Digitizing payroll, mass transit and supply chains encourages use of digital payments and greater access to financial services Image: REUTERS What good is a hammer without a nail – or, for that matter, without a piece of wood? A hammer can be a powerful tool, but alone, it’s just a hunk of metal. Digital payments are no different. Cards […]

The Marketplace Lending Association (MLA) joined as the latest Signatory to the “Guidelines for Investing in Responsible Digital Financial Services.” These guidelines were co-developed by an Investor Working Group of more than 30 members including IFC, CDC and DEG, among others, through feedback and lessons culled from existing global industry principles and frameworks. The MLA represents some of the most prominent online lenders in the US. Names like Prosper, LendingClub, and SoFi […]

By Schan Duff In 2016, the UK Financial Conduct Authority (FCA) pioneered the concept of a market-driven regulatory sandbox with cohorts selected from a general pool of aspiring innovators. Reminiscent of private-sector incubators or accelerators, the FCA’s sandbox model had immediate intuitive appeal for regulators and fintech innovators seeking common ground. Scan the globe today and you will find that most of the active regulatory sandbox programs follow a similar approach. […]

Consultations on setting up new regulations to protect consumers from  unscrupulous lenders. Imagine paying interest rates of between 520 to over 1500 percent over a year on a loan. That’s the unfortunate reality for some Papua New Guineans, who borrow money from unregulated money lenders operating in the country. A review by Bank of Papua New Guinea and IFC, the International Finance Corporation, a member of the World Bank Group, […]

  Gamification is a trendy term in some circles, a magic wand of sorts that suddenly makes finance appealing to the average layman and does wonders to revenue and customer acquisition. A deeper look into the gamification of financial services reveals inherent limitations — but also untapped potential — from both the standpoint of financial literacy and usage. A New Cheat Code? As financial systems diversify and new technologies like […]