Financial services provide opportunities often taken for granted in developed countries, including the ability to readily make payments, save and invest for the future, insure against misfortune and borrow to grow one’s business.
However, in developing countries around two billion people lack financial services. In most of these countries, more people have a mobile phone than a bank account. Innovators are making use of this unprecedented access to affordable technology to deliver digital financial services (DFS) to the previously unbanked at an impressive rate.
The UNSW Digital Financial Services Research Team is conducting in-depth and pioneering research into the regulation of digital financial services with support from the Australian Research Council (ARC) and the United Nations Capital Development Fund.
This project is being undertaken by the world’s first and, we believe, only university-based research team delving into the regulation of digital financial services and FinTech.
For a detailed summary of the project, please CLICK HERE
For an overview of our Regulatory Diagnostic Toolkit for this project, please CLICK HERE
For a full list of our project's outputs please use the "Resource Filter" on this page.
The regulatory changes and technological developments following the 2008 Global Financial Crisis are fundamentally changing the nature of financial markets, services and institutions. At the juncture of these two phenomena lies regulatory technology or ‘RegTech’ – the use of technology, particularly information technology, in the context of regulatory monitoring, reporting and compliance.
A customers’ journey is the path the customer travels to satisfy their needs and wants and will typically consist of several separate processes. FinTech product and service developers in advanced economies often understand how difficult many customers find their journey with banks and have been able the make the journey more pleasant and seamless.
Digital Financial Services in the Pacific: Experiences and Regulatory Issues identifies mobile banking and the use of technology as a particularly effective way to enhance access to financial services in a region beset by challenging geography and poor infrastructure.
RegTech today offers very substantial cost savings but we shouldn’t satisfy ourselves with these. RegTech implemented with the right vision and purpose, accepting that “people are too big to be failed”, can bring about the stability that our financial systems have been lacking since liberalization began in the 1970s.
The UNSW Digital Financial Services Research Team, in collaboration with UNCDF, developed a Regulatory Diagnostic Toolkit (RDT) for digital financial services (DFS) and piloted the application of the RDT in Solomon Islands. The RDT enables regulators to assess the “health” of their regulatory environment in view of their objectives for DFS.
In August, the UNSW Digital Financial Services Diagnostic Team (UNSW DFS Diagnostic Team) visited Honiara for the second time this year on a project designed to assist in closing this "gap" in the provision of financial services, and increase financial inclusion.
Dr Cheng-Yun Tsang presented on "Global Development of Financial Regulatory Sandbox" at a semianr on "FinTech Innovation Experiment and Sandbox" co-hosted by FinTech Research Center of National Chengchi Univeristy and Taiwan Academy of Banking and Finance on March 1, 2017.
Dr Cheng-Yun Tsang presented on the panel of "Digital Financial Services & Financial Stability" at a Global Conference on "Maximizing the Power of Financial Access: Finding an Optimal Balance between Financial Inclusion and Financial Stability" hosted by AFI and Bank Indonesia.
Dr Cheng-Yun Tsang presented on the panel of "Proportionate Approach for Global Financial Stability Standards" at a Global Conference on "Maximizing the Power of Financial Access: Finding an Optimal Balance between Financial Inclusion and Financial Stability" hosted by AFI and Bank Indonesia.