Open Finance Oversight and Supervision: Emerging Practices and Early Lessons
Webinar
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This webinar covered the core supervisory priorities financial service authorities (FSAs) should focus on in the early years of implementation and emerging practices in open finance supervision and oversight.
The presentation was based on a recently published working paper that combines desk research and interviews with authorities and other stakeholders to bring new insights into the supervision of open finance. The paper informs policy and regulatory design in emerging markets and developing economies by drawing on insights from more mature open finance systems.
Effective supervision and oversight are key prerequisites to realizing the benefits of open finance. Open finance holds transformative potential — enabling consumers and businesses to share their financial data securely across providers, driving competition, innovation, and financial inclusion.
Speakers
Denise Dias works primarily for the Policy Pillar at CGAP. She's specialized in prudential and market conduct financial regulation and supervision with focus on digital finance and payments. She has collaborated with CGAP since 2007, both as a consultant and as a staff member, including as manager for Latin America and the Caribbean.
Denise has over 16 years of experience with policy, regulation and supervision, and has acted as a bank examiner in the Central Bank of Brazil (prudential and market conduct). Prior, she founded and managed an internet marketing business in Brazil, and audited government programs for the Brazilian Ministry of Finance. She also works with other organizations such as the World Bank, GIZ, and Bankable Frontier, and frequently acts as a Program Leader for the Toronto Centre.
Denise holds an MBA in international banking and finance, an MBA in financial sector economics, and a bachelor’s degree in business. She speaks Portuguese and Spanish.
Rafe Mazer works with CGAP's Policy Team on applying behavioral research to consumer protection and financial inclusion. For more than five years he has been designing and leading behavioral research projects with policymakers, providers and donors to help understand how our behaviors impact financial decisions and outcomes.
Research issues Rafe has explored include: Does digital delivery credit change how we borrow and save? Why do financial sales staff sometimes give the right advice, and others times mislead consumers? Do consumers really care about their data privacy in financial inclusion? Why do some consumers choose to complain about a problem, while others remain silent?
This research has been used to develop a range of financial inclusion solutions, including interactive SMS for mobile savings and credit, key facts statements and disclosure regulations, complaints handling regulations, data disclosure messaging, and regulations for consumer protection in digital financial services. He has led research in markets including Ghana, Kenya, Malaysia, Mexico, Nicaragua, the Philippines, and Tanzania.
Ivo Jeník currently leads CGAP’s project on regulatory architecture at the frontier, including work on tokenization in finance, competition, and open finance supervision. He also leads CGAP’s work related to anti-money laundering and counter-terrorist financing measures, including collaboration with the Financial Action Task Force. Previously he led work on regulatory innovation (open finance, regulatory sandboxes, crowdfunding), capacity building for policy makers (regulation and supervision of digital financial services), and emerging business models in banking across continents.
His professional experience spans across both the private and public sectors. Before joining CGAP, he worked in the Responsible Financial Access team at the World Bank, where he specialized in financial consumer protection and alternative dispute resolution. His professional experience spans across both the private and public sector, including serving as a compliance officer at an investment company and as Head of the Collective Investment Department at the Czech Financial Ombudsman.
Ivo has a Master’s degree in Law from Columbia Law School in New York and a Master’s degree in Law from Charles University in Prague.