Insurance technology, better known as Insurtech, is a rapidly growing industry that is beginning to disrupt traditional insurance provision in advanced and emerging economies alike, and is creating opportunities and challenges for incumbents, start-ups, and investors. The opportunity offered by insurtech is particularly significant in emerging markets, where a large “protection gap” exists due to low insurance penetration. This has major development implications due to the fact that economic growth […]
In many emerging economies, digital financial services markets are limited to one or two major providers, reducing innovation, customer choice and potentially facilitating monopolistic or cartelistic behavior. Why are DFS markets prone to concentration? Is this a problem? In this primer, CGAP applies a framework to help answer these questions and demonstrate how regulation can have a substantial impact on competitive dynamics in the DFS marketplace. The paper also proposes regulatory […]
The Bali Fintech Agenda (BFA) was approved last year by the IMF and World Bank Group. It lays out key issues to consider in how technological innovation is changing the provision of financial services with implications for economic efficiency and growth, financial stability, inclusion, and integrity. In approving the BFA, IMF Executive Directors asked staff to review fintech developments and consider their implications within the mandates of the IMF and […]
Around the world, nearly 1 billion people live without access to electricity, and about 840 million more live with unreliable and intermittent service from electric grids. For many of them, fossil fuel backup generators are the only source of power. But these machines offer a problematic, intermediate solution: their cost of operation is high, they fill neighborhoods and cities with noise pollution, and the exhaust is hazardous to health and […]
The Global Microscope assesses the enabling environment for financial inclusion across 5 categories and 55 countries. In this 2019 edition, the EIU examines how countries are promoting financial inclusion for both women and men, 11 new gender-focused indicators have been added to the framework. The Microscope was originally developed for countries in the Latin American and Caribbean regions in 2007 and was expanded into a global study in 2009. Most […]
In the wake of the fourth industrial revolution, startups and the technology sector need to be a critical part of the Cambodian economy to achieve aspirations of becoming an upper-middle income economy by 2030. Although the country has experienced strong GDP growth of 7% per annum, its primary growth sectors are at risk. With an economy dominated by agriculture, textile and manufacturing, the country needs to look to alternative sectors […]
This document provides firms offering financial products and services with a set of foundational principles on the responsible use of artificial intelligence and data analytics (AIDA). The Principles also help firms to strengthen internal governance around data management and use, fostering greater public confidence and trust in the use of AIDA. Originally published on MAS’s website.
The IFC’s inaugural SME business banking survey launched in 2018 posed questions to better understand what the biggest issues SME banking leaders are grappling with and where they see opportunities to run innovative, competitive and sustainable SME banking units.
A priority of the UNSGSA’s advocacy on technology-enabled innovation in financial services is to encourage good regulatory practices for FinTech. To ensure that FinTech is inclusive, safe, and responsible, it is vital that regulators have access to reputable advice when assessing, selecting, and implementing regulatory options. Over the past three years, regulators in advanced, emerging, and developing economies have developed a number of promising initiatives to regulate and adapt regulatory […]
The Special Advocate’s new annual report highlights key areas of focus, initiatives and country visits over the last year, as well as features a special section focusing on a decade of progress in financial inclusion. See more on UNSGSA’s website.