Digital financial services

We believe that governments can make smart policy decisions to enable innovative, safe and inclusive digital financial services (DFS).

Overview

The G20 defines digital financial services (DFS) as financial products and services – including payments, transfers, savings, credit, insurance, securities, financial planing and account statements – delivered via digital/electronic technology such as e-money (initiated either online or on a mobile phone), payment cards and a regular bank account.

DFS can help people gain greater control over their finances, increase their ability to support their families, and improve their lives. It can provide opportunities for people to: 

Pay for services, such as healthcare and education, in cost-efficient, secure and reliable ways;
Save in a safe place;
Borrow money to start and expand their businesses;
Insure against external shocks, such as medical emergencies and natural disasters.

When governments license and regulate financial services providers, they set and enforce rules that encourage innovation while managing financial stability, market integrity, and consumer protection. And when governments work together to align these rules across countries (“regional harmonisation”), they can unlock financial inclusion at a large scale.

We work closely with our counterparts in government to improve policies and regulations for DFS, which we believe is a catalyst for achieving the Sustainable Development Goals (SDGs).