Digital ID and financial inclusion

Rod Dubitsky and Sian Williams

Contents

Foreword

Preface

Preface

Introduction: Suptech/regtech defined: Payments, sandboxes and beyond

1.

The uncertain prudential treatment of cryptoassets

2.

US regulatory certainty versus uncertainty for crypto and blockchain

3.

Bermuda: Suptech and regtech supporting the risk-based approach

4.

Suptech: A new era of supervisory philosophy

5.

Cloud computing in the financial sector: A global perspective

6.

DeFi protocol risks: The paradox of cryptofinance

7.

IT transformation in the Prudential Authority of South Africa: A case study

8.

Making the vision a reality: Perspectives from the Monetary Authority of Singapore

9.

Lessons from Hong Kong through the lens of the HKMA

10.

Technological change: Is it different this time?

11.

The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision

12.

China’s financing opening up and regulatory convergence with the world

13.

Disclosures and market discipline: The promise of regtech

14.

Regtech and new derivatives developments

15.

Fintech and regtech: Leading the evolution and regulation of alternative investments

16.

The role of artificial intelligence and big data in investment management

17.

The promise and challenges of machine learning in finance

18.

Data privacy and alternative data

19.

Digital ID and financial inclusion

20.

Strategic technology: Regulation and innovation of CBDCs

21.

Regulatory sandboxes: Innovation and financial inclusion

22.

Technology and sandbox development innovation in a transitional market: A case study

23.

Developing the regulatory ecosystem: The evolution of stablecoin

24.

Central bank digital currency, regtech and suptech

25.

Digital dollar: Cryptocurrency for everyday commerce

26.

CFTC regtech implications for virtual currency trading

27.

Fintech, regtech, suptech and central bank decision making

“Before we didn’t have any freedom and respect. With an ID, I can work and get the money and freedom to spend for the family. I feel much better about it now that I am earning and it is not just my husband supporting us.” (Ruma, garment factory worker, Bangladesh; Smertnik and Bailur, 2019)

This chapter will address the critical regulatory, social and technical issues surrounding digital ID (D-ID) and financial inclusion. It will examine the relevant technical standards, scope of D-ID, benefits and use cases, as well as highlighting several case studies from around the world.

The United Nations Sustainable Development Goals (SDGs) set in 2015 call for providing legal identity for all by 2030. As the scale of the challenge, providing over one billion of the world’s most excluded people with a legal identity, cannot be achieved through paper documents alone, D-ID systems will be essential in ensuring full legal identity coverage in that timeframe. Further, as service provision across all sectors moves increasingly online, D-ID systems have become critical to achieving financial inclusion goals via the ability to be remotely and more readily verified. The Covid pandemic has

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