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19-Dec-2017 14:49

It will to protect especially new and emerging digital credit consumers.This requires customized local approaches collaboratively implemented by governments, regulators, industry players, consumer protection advocates and even consumers working together toward more responsible credit in the digital age.As this particular trend grows in other markets, regulators should carefully study options to ensure that these players fall under financial regulations and can be properly supervised.

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Source: Online Lenders Alliance Overall, emerging industry digital credit principles and standards can benefit and learn from the practices developed by other groups with a focus on themes discussed in chapter 3 on industry responses.In international surveys conducted by the OECD on behalf of the G20 Global Partnership for Financial Inclusion[1] in 36 countries across Asia, Africa, Europe and the Americas, nearly three quarters of survey respondents stated that disclosure requirements and fraud/mis-selling represented the most important policy concerns or priorities in their jurisdictions.

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