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Consumer Risks in Fintech

Fintech is increasingly recognized as a key enabler for financial sectors worldwide, enabling more efficient and competitive financial markets while expanding access to finance for traditionally underserved consumers. Along with its benefits, fintech also poses a range of risks to consumers that need to be mitigated in order for fintech to truly benefit consumers. Some of these risks are new, but many represent new manifestations of existing risks resulting not only from the technology supporting and enabling fintech offerings but also from new or changed business models, product features, and provider types, as well as greater accessibility for consumers to sometimes unfamiliar or more complex financial product.

The primary focus of this paper by the World Bank  is informing authorities’ development of regulatory policy

World Bank
With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.