Oversight Issues in Mobile Payments
Oversight Issues in Mobile Payments

Author: Tanai Khiaonarong

Publisher: International Monetary Fund

Published: 2014-07-15

Total Pages: 35

ISBN-13: 1498331572

DOWNLOAD EBOOK

This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.

Payment Services
Payment Services

Author: Casanova, John

Publisher: Edward Elgar Publishing

Published: 2022-02-15

Total Pages: 400

ISBN-13: 1839107987

DOWNLOAD EBOOK

The rise of Fintech and crypto-assets in the payments sector presents new opportunities and challenges for firms, regulators and policymakers, and the law is continually changing to keep pace with these developments. This book provides an overview and practical examination of key areas of payments law and regulation in the EU and UK, as well as introductions to analogous legal regimes in the United States, Hong Kong, Singapore and sub-Saharan Africa.

Electronic Payment Systems
Electronic Payment Systems

Author: Edward A. Morse

Publisher: American Bar Association

Published: 2018

Total Pages: 0

ISBN-13: 9781634259620

DOWNLOAD EBOOK

This guide explores innovations and the legal and technological questions presented in the banking and payment systems industry. Written by experts in the field, this book provides a topical discussion of the principal electronic payment systems utilized today and how they are ever changing to keep current with changes in technology.

FinTech
FinTech

Author: Jelena Madir

Publisher: Edward Elgar Publishing

Published: 2024-05-02

Total Pages: 719

ISBN-13: 1035314754

DOWNLOAD EBOOK

This fully revised and updated third edition provides a practical examination of legal and regulatory issues in FinTech, a sector whose rapid rise in recent years has produced opportunities for innovation but has also raised new challenges. Featuring insights from over 40 experts from 10 countries, this book analyses the statutory aspects of technology-enabled developments in banking and considers the impact these changes will have on the legal profession.

Digital Innovation in Financial Services
Digital Innovation in Financial Services

Author: Phoebus L. Athanassiou

Publisher: Kluwer Law International B.V.

Published: 2016-04-24

Total Pages: 306

ISBN-13: 9041187820

DOWNLOAD EBOOK

Consumer behaviour is rapidly trending towards the use of digital devices as instruments through which to transact day-to-day business. This original and timely book shows how this trend creates new opportunities not only for retail consumers but also for financial service providers, regulators and central banks. The author offers a comprehensive overview of these opportunities and their countervailing legal and regulatory challenges. The author describes and analyses in unprecedented detail the application of digital financial innovation (FinTech), and some of its core manifestations, including virtual currencies, Blockchain and distributed ledger technologies to the delivery of financial services, in areas such as: – payments; – securities clearing and settlement; – central banking; – real-time access to financial information; – instant completion of core financial transactions; – data validation and reconciliation processes; and – digital contracting (smart contracts). Also clarified are the legal and other barriers to be overcome – including cybersecurity and risks to privacy – before any widespread adoption of digital innovation in the highly regulated financial sector context can occur. As an informed assessment of the legal merits and risks of technological innovation for financial service providers and central banks, and as a contribution to establishing a conceptual framework within which to analyse and better understand the applications of digital innovation to the financial sector, this practical work is bound to be welcomed by legal practitioners and legal scholars alike with an interest in financial services. Policymakers and regulators will also appreciate its guidance on how to temper the less benevolent aspects of FinTech with targeted, risk-focused regulation, so as to promote innovation and preserve the potential benefits for financial markets and their participants alike.

Fintech and Payments Regulation: Analytical Framework
Fintech and Payments Regulation: Analytical Framework

Author: Mr.Tanai Khiaonarong

Publisher: International Monetary Fund

Published: 2020-05-29

Total Pages: 38

ISBN-13: 1513531492

DOWNLOAD EBOOK

Financial technology (Fintech) has prompted authorities to consider their potential financial stability benefits, risks, and effective regulation. Recent developments suggest that regulatory approaches and their legal foundations need to augment entity-based regulation with increasing focus on activities and risks as market structure changes. This paper draws on recent international experiences in modernizing legal and regulatory frameworks for payment services. An analytical framework based on a four-step process is proposed—(i) identifying payment activities; (ii) licensing entities and designating systems; (iii) analyzing and managing risks, and (iv) promoting legal certainty. As payment activities evolve and potential systemic risks heighten, adherence to international standards and additional regulatory requirements should be warranted.

Law and Regulation of Mobile Payment Systems
Law and Regulation of Mobile Payment Systems

Author: Joy Malala

Publisher: Routledge

Published: 2017-11-28

Total Pages: 154

ISBN-13: 1351728571

DOWNLOAD EBOOK

Over the last ten years mobile payment systems have revolutionised banking in some countries in Africa. In Kenya the introduction of M-Pesa, a new financial services model, has transformed the banking and financial services industry. Giving the unbanked majority access to the financial services market it has attracted over 18 million subscribers which is remarkable given that fewer than 4 million people in Kenya have bank accounts. This book addresses the legal and regulatory issues arising out of the introduction of M-Pesa in Kenya and its drive towards financial inclusion. It considers the interaction between regulation and technological innovation with a particular focus on the regulatory tools, institutional arrangements and government decisional processes through the examination as a whole of its regulatory capacity. This is done with a view to understanding the regulatory capacity of Kenya in addressing the vulnerabilities presented by technological innovation in the financial industry for consumers after financial inclusion. It also examines the way that mobile payments have been regulated by criticising the piecemeal approach that the Central Bank of Kenya has taken in addressing the legal and regulatory issues presented by mobile payments. The book argues there are significant gaps in the regulatory regime of mobile banking in Kenya.

The Regulation of Mobile Money
The Regulation of Mobile Money

Author: Sunduzwayo Madise

Publisher: Springer

Published: 2019-03-26

Total Pages: 436

ISBN-13: 3030138313

DOWNLOAD EBOOK

The emergence of mobile money and other new forms of payment has changed the sovereign foundations of money. Starting as a Department for International Development funded project in Kenya, mobile money has now spread to many developing countries. This book looks at the regulatory issues that mobile money poses, and the potential risks to the financial system. It undertakes a comparative study of mobile money regimes in Kenya, Malaŵi, Tanzania, and South Africa. Although the main study is on Malaŵi, the lessons learnt are valuable to Sub Saharan Africa in understanding the regulatory issues surrounding mobile money. The main argument that this book makes is that the traditional regulatory architecture of supervising the financial services is ill-suited to supervise new forms of money like mobile money. With no requirement for a bank account, mobile money is not subject to prudential regulation. Mobile money is now considered a key developmental tool to achieve financial inclusion among the poor, rural based, unbanked, and underbanked. As opposed to traditional additive forms of financial inclusion, mobile money is transformative. In most jurisdictions where it has been launched, mobile money has largely been regulated using light-touch, with regulation following innovation. This work, however, proposes an approach based on the concept of really responsive regulation. This approach is best suited to embrace mobile money as it passes from the pre-financial inclusion to the post-financial inclusion phases of its evolution. This book will appeal to students and academics in the financial regulation field.

The Payment System
The Payment System

Author: Tom Kokkola

Publisher:

Published: 2010

Total Pages: 369

ISBN-13: 9789289906333

DOWNLOAD EBOOK

"This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).