[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109203-en":3,"doc-seo-109203-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109203,34359740700684,"Finn","https://ap-avatar.wpscdn.com/avatar/1f400023980c374ae676?_k=1777273430885731487",8,"Research & Report","Maldives Financial Sector Assessment Program - Technical Note - Digital Financial Inclusion and Financial Consumer Protection","Technical note prepared for the IMF-World Bank Financial Sector Assessment Program mission in Maldives (March–May 2023), providing the analytical basis for FSAP findings and recommendations. It reviews demand- and supply-side financial inclusion, digital infrastructure across ICT, payments, and credit, and the state of digital financial inclusion. It assesses the legal and regulatory framework and addresses financial consumer protection, including industry practices, regulatory requirements, supervisory arrangements, and external dispute resolution. The note concludes with targeted recommendations and supporting annexes.","Public Disclosure Authorized Disc losure Public Disclosure Authorized  \nMarch 2024  \nTHE WORLD BANK GROUP  \nMALDIVES  \nFINANCIAL SECTOR ASSESSMENT PROGRAM  \nTECHNICAL NOTE  \nDIGITAL FINANCIAL INCLUSION AND FINANCIAL CONSUMER PROTECTION  \nPrepared By  \nFinance, Competitiveness, and Innovation Global Practice, WBG  \nThis Technical Note was prepared in the context of a joint IMF-World Bank Financial Sector Assessment Program (FSAP) mission in Maldives during Marchand May 2023 led by Natalie Nicolaou and Mazen Bouri, WBG, and Torsten Wezel and Trevor Lessard, IMF and overseen by the Finance, Competitiveness, and Innovation Global Practice, WBG and Monetary and Capital Markets Department, IMF. The note has been prepared by Sharmista Appaya and Gian Boeddu with inputs from Holti Banka, World Bank. The note contains the technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP program can be found at [www.worldbank.org/fsap](www.worldbank.org/fsap).  \nCONTENTS  \nAbbreviations and Acronyms ............................................................................................................ 1  \nGlossary................................................................................................................................................ 3  \nExecutive Summary ............................................................................................................................ 6  \nSummary of Recommendations ................................................................................................................................... 9  \nBackground and Overview of Financial Inclusion.......................................................................... 12  \nA. Demand-Side Overview ............................................................................................................................................ 13  \nB. Supply-side Overview ................................................................................................................................................ 18  \nDigital Infrastructure ........................................................................................................................ 23  \nA. Information and Communications Technology...............................................................................................23  \nB. Payment infrastructure ..............................................................................................................................................24  \nC. Credit infrastructure ...................................................................................................................................................26  \nDigital Financial Inclusion ................................................................................................................ 27  \nLegal and Regulatory Framework ................................................................................................... 31  \nFinancial Consumer Protection........................................................................................................ 33  \nA. Introduction...................................................................................................................................................................33  \nB. Industry Practices ........................................................................................................................................................34  \nC. FC P Regulatory Framework .....................................................................................................................................39  \nD. FC P Regulatory Perimeter Gaps ............................................................................................................................39  \nE. FC P Supervisory Arrangements..................................................................................","cbCaisHkcqDAgnYa","https://ap.wps.com/l/cbCaisHkcqDAgnYa","pdf",1130302,3,1,61,"English","en",105,"# Abbreviations and Acronyms\n# Glossary\n# Executive Summary\n# Summary of Recommendations\n# Background and Overview of Financial Inclusion\n## A. Demand-Side Overview\n## B. Supply-side Overview\n# Digital Infrastructure\n## A. Information and Communications Technology\n## B. Payment infrastructure\n## C. Credit infrastructure\n# Digital Financial Inclusion\n# Legal and Regulatory Framework\n# Financial Consumer Protection\n## A. Introduction\n## B. Industry Practices\n## C. FCP Regulatory Framework\n## D. FCP Regulatory Perimeter Gaps\n## E. FCP Supervisory Arrangements\n## F. External Dispute Resolution\n# Recommendations\n## A. Financial Infrastructure\n## B. Legal, Regulatory Framework and Oversight for Financial Inclusion\n## C. Digital Financial Services Channels and Ecosystem\n## D. Financial Consumer Protection\n# Annexes\n## Annex 1: Key Supporting Regulations\n## Annex 2: Types of IPS Participants\n## Annex 3: Table of Tiered KYC\n## Annex 4 Previous FSAP DM Recommendations\n## Annex 5: Suggested Results Framework\n## Annex 6: List of Stakeholders Interviewed","[{\"question\":\"What is the purpose of this technical note in the FSAP process for Maldives?\",\"answer\":\"It provides the technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations for financial sector reforms related to digital inclusion and consumer protection.\"},{\"question\":\"Which areas of digital infrastructure are covered?\",\"answer\":\"The note reviews ICT, payment infrastructure, and credit infrastructure as supporting components of digital financial inclusion.\"},{\"question\":\"How does the note address financial consumer protection?\",\"answer\":\"It covers an introduction, industry practices, the FCP regulatory framework, regulatory perimeter gaps, supervisory arrangements, and external dispute resolution.\"}]","Maldives Financial Sector Assessment Program - 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