Regulating New Business Models in Inclusive Finance


02 June 2022 9:00 am - 10:00 am EDT
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New digital business models have significant potential to advance financial inclusion, but they also pose risks to financial services markets and consumers. During this session, speakers explored regulatory issues concerning new business models that are transforming the financial services industry, including models emerging among fintechs, platforms, and digital banks. First, we provided an overview of the business model landscape and highlight key implications for regulators. We then pointed to emerging high-level principles and practices implemented by regulators around the world in response to the changing environment, providing examples from specific countries.


This event is part of CGAP's four-part series, "The Digital Evolution of Financial Services: What Have We Learned So Far?"


John Frost

Jon Frost | Senior Economist, Bank for International Settlements (BIS)

Jon Frost is Senior Economist in Innovation and the Digital Economy at the Bank for International Settlements (BIS). He conducts policy-oriented research on fintech and digital innovation. He has published on fintech, big tech, central bank digital currencies, stablecoins, capital flows, macroprudential policy, and economic inequality. Previously, Jon worked at the Financial Stability Board (FSB), the Dutch central bank (DNB), VU University in Amsterdam, and in the private sector in Germany. Jon is a US national, from Seattle. He holds a PhD in economics from the University of Groningen, an MA from the University of Munich, and a BA/BS from the University of Washington. He is a research affiliate of the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge.

Jennifer Chien

Jennifer Chien | Senior Financial Sector Specialist, The World Bank.

Jennifer Chien is a Senior Financial Sector Specialist and part of the Financial Inclusion & Consumer Protection (FICP) team in the Finance, Competitiveness & Innovation Global Practice at the World Bank. She is an experienced lawyer focusing on financial consumer protection regulation and supervision, national financial inclusion strategies, microfinance regulation, and digital financial inclusion. Jennifer previously worked as an independent consultant for the World Bank, USAID, and other clients, specializing in enabling policy and regulatory environments for microfinance and financial inclusion, financial consumer protection regulation and supervision, and agribusiness. Prior to this, Jennifer worked at CGAP as the manager of the Financial Inclusion Regulation Center and in the private sector as an attorney at Simpson, Thacher & Bartlett LLP, a credit union analyst at the World Council of Credit Unions, and a management consultant at Oliver Wyman. Jennifer holds a bachelor's degree in economics and political science from Stanford University and a law degree from Harvard Law School.

Stefan Staschen

Stefan Staschen Senior Financial Sector Specialist, CGAP 

Stefan Staschen is Senior Financial Sector Specialist. Based in Berlin, Stefan Staschen leads the Digital Financial Services Regulation and Supervision project. He has more than 20 years of experience working on financial inclusion, focusing on policy and regulatory issues in microfinance and digital financial services. He has worked with numerous regulators and supervisors primarily in Sub-Saharan Africa and South Asia, but also in Central and Eastern Europe, Southeast Asia, and Arab countries. Before joining CGAP as a staff in 2016, Stefan worked for 15 years as an independent consultant on inclusive financial policy and lived for several years each in the United Kingdom, Kenya, and Turkey. Stefan has a Doctorate degree from the London School of Economics and a Master’s degree in Economics from the Free University of Berlin.

Ivo Jenik

Ivo Jeník | Senior Financial Sector Specialist, CGAP 

Ivo Jeník Senior Financial Sector Specialist. He has 12 years of experience in finance, primarily in retail financial services regulation. He has led CGAP’s work on regulatory innovation (crowdfunding, regulatory sandboxes), capacity building for policymakers (regulation and supervision of digital financial services), and emerging business models in banking across continents. Before joining CGAP, Ivo 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 both the private and public sectors, 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.