Financial inclusion is on the rise globally, and the required building blocks (enabling regulations, payment & identity infrastructure) are being put in place. With a new set of financial services providers and consumers (often illiterate, first time users), and fast-moving digital products, digital financial services (DFS) pose a variety of risks (e.g., platform failure, consumer protection, fraud, AML/CFT etc.) that may not be adequately understood or addressed. Low-income consumers are especially under-protected and exposed to unsuitable products due to high costs and limited ability to protect themselves.
The FSP team is ramping up efforts to define and address these risks; with an emphasis on leveraging technology. Technology can be an important enabler for regulators to oversee new digital financial services models in a more efficient way, supporting the development of inclusive economies that serve all, including the poor, while better protecting consumers and the financial system. The focus of this newly created role is to leverage technology to enable financial regulators in managing the risks posed by emerging financial services models without impeding the innovation required to drive financial inclusion.
Our aim is to ensure that the progress being made in financial inclusion remains robust and increases the likelihood for technology to drive inclusive growth and poverty alleviation while protecting consumers and their confidence in the system.
- Consumer protection including fraud, over indebtedness, grievance redressal, disclosure, informed consent, literacy, product suitability among other topics.
- Regulatory tools and data systems for effective market supervision of consumer protection and market conduct.
- Anti-money laundering and countering the financing of terrorism.
- Technology capacity building for financial regulators in low-middle income countries (LMICs).
You will not only focus on identifying and scaling adoption of current best practices, but also on enabling the development and adoption of next generation technology-based risk mitigation solutions.
This will require extensive collaboration with in-country regulators, technologists, global standard setting bodies (e.g. BIS), and other development partners like World Bank, IMF, and CGAP among others. Internally, you will collaborate with both FSP’s Regulations Lead and Country program officers.
We are looking for people who enjoy the opportunity of working on complex problems and collectively building solutions that have the potential for transformative change in the lives of people around the world. We seek a creative and curious leader who has an excellent track record of achievement and leadership in roles of growing responsibility. You should be prepared to work across a diverse set of disciplines, bridging a wide range of expertise all the while being a teammate, with a proven ability to work with flexibility, efficiency and diplomacy in an exciting, challenging environment. Additionally, we seek:
- Experience in both regulatory/policy and technology domains; preferably at a one or more of the following: a) leading financial regulatory authority, b) reg-tech/risk management solutions provider, or c) global financial services institution driving their regulatory and compliance agenda.
- Understanding of consumer protection issues in financial inclusion.
- Understanding of data and information systems.
- Experience in driving innovation; preferably at scale and via a network of partners.
- Strong strategic thinking and analytical skillset with proven ability for driving strategic changes in large organizations.
- Experience in engaging with and influencing senior leadership; preferably in both public and private sectors.
- Demonstrated skillset in relationship building and collaboration.
- Empathy for the poor consumer and their financial needs and constraints.
- Excellent communication skills.
- Experience guiding and managing large and complex projects; including working with a diverse range of stakeholders.
- Ability to travel up to 30% of time; both domestically and internationally.