RegulatorSurveyRegulatorSurveyPleasecitethisstudyas:WorldBankandCCAF(2022)The3rdGlobalFintechRegulatorSurvey,WorldBankGroupandtheUniversityofCambridgeTableofcontentsForewords 4Researchteam 7Acronyms 8Glossary 9Executivesummary 111.Introductionandresearchmotivation 152.Surveymethodologyandsample 182.1Surveyadministrationandfieldwork 182.2Samplebygeographyandincomeclassification 193.Medium-termimpactofCovid-19 223.1TheprioritizationoffintechduetoCovid-19 223.2Fintech,perceivedrisks,andregulatoryobjectivesinlightofCovid-19 253.3ChallengesduetotheimpactofCovid-19 283.4TheimpactofCovid-19onregulatoryinnovationinitiatives 294.Consumerriskandprotection 324.1Regulatorymandateforfinancialconsumerprotection 334.2Covid-19andconsumerrisks 344.3Emergingconsumerrisksrelatedtofintech/DFS 354.4Generallevelofconsumerrisksacrossfintechverticals 364.4.1Severityofconsumerrisksindigitalassets/cryptocurrencies 374.4.2Severityofconsumerrisksindigitalpaymentsandinternationalremittances 394.4.3Severityofconsumerrisksindigitallending 404.4.4Severityofconsumerrisksinequitycrowdfundinganddigitalcapitalraising 414.5Identifying,measuring,andprioritizingfintech-relatedconsumerrisks 414.6Challengesinidentifying,measuring,andprioritizingconsumerrisks 424.7Challengesinaddressingfintech-relatedconsumerrisks 434.8Responsestofintech-relatedconsumerrisks 445.Thelandscapeofdigitalregulatoryandsupervisoryinfrastructure 475.1Proposedconceptualframeworkofdigitalregulatoryandsupervisoryinfrastructure 485.2ThedataandapplicationlayersofDRSI 495.3TheregulatoryandsupervisoryactivitylayerofDRSI 515.4ThesectorallayerofDRSI 525.5ChallengesindevelopingDRSI 556.Supervisorytechnologymapping 586.1Mappingsuptechinitiatives 586.2Outcomessupportedbysuptechinitiatives 606.3Challengesindevelopingsuptechinitiatives 617.Policyimplicationsandareasforfutureresearch 64Bibliography 68Appendix1:Listofsurveyrespondentsbyjurisdiction 7533ForewordsWorldBankforewordThe3rdGlobalFintechRegulatorSurveyInnovationhastransformedfinancialservices,especiallyoverthepastdecade.Muchofthischangehasbeendrivenbyexponentialgrowthoftheglobaldigitaleconomy,whichhasenabledadramaticexpansioninaccesstofinancialservicesforpoorpeople.Yet,increasedaccesstodigitalfinancialserviceshasalsobroughtnewrisks—tofinancialstabilityandintegrityandtoconsumers.Findingtherightbalancebetweensupportingthesechangessofinancialservicescanadequatelymeettheneedsofthepublic,whilealsomaintainingastable,transparentandsafemarketplace,hasbecomeasignificantchallengeforfinancialregulatoryauthorities.TheGlobalFintechRegulatorSurveyprovidesauthoritieswithanopportunitytotakestockofthepolicyapproachesandtoolstheyandtheirpeersusetoeffectivelymanagethedevelopmentsoffintech.Itprovidesabird’seyeviewofhowexternalshockssuchasCovid-19haveinfluencedthetrajectoryoffinancialregulationandsupervisionoffintechinstitutions.Bysurveyingjurisdictionsfromaroundtheworld,withvaryingincomelevelsanddifferingpolicyobjectives,thesurveyhighlightsglobaltrendsinprioritiesrelatingtofintechandperceptionsofrisk.Thefirstiterationofthesurvey(in2019)providedinsightsintohowregulatorswereinitiallyrespondingtodevelopmentsinequity-crowdfunding,peer-to-peerlendingandinitialcoinofferings.Resultsshowedthatalternativefinancewaslargelyunregulatedatthetimewithbespokeregulationjustslowlycatchinguptomarketdevelopments.Thesecondsurvey(oneyearlater)wascreatedanddisseminatedundertheauspicesoftheglobalpartnershipforfinancialinclusionwithintheG20framework.FindingsshowedthatregulatorsrespondedtothechallengesofCovid-19andincreasingdigitalizationoffinancialservicesbytakingbothsector-wideandfintechspecificregulatorymeasures.RecentFindexresultshavealsodemonstratedhowmuchofadifferencedigitalfinancialservicesandfintechmadetobolsterfinancialinclusion.Thislatestsurveyunderscoredtheongoingimpactofthepandemicandhowregulatorsaremanagingpersistentandemergingconsumerriskswithinfintech,howtheyaspiretousetechnologytobettermanagesuchrisksandhowbalancingrisksandopportunitieseffectivelyhelpachievesignificantimprovementsinfinancialinclusionandaccesstofinance.AttheWorldBankweseeagrowingdemandfromclientcountriesfordatadrivenassessmenttoolsofriskinfinancialservices.Recognisingthis,thesurveyhasalsoexploredhowandwhereregulatoryauthoritiesareutilizingdifferenttypesofdigitalinfrastructurestoenhanceregulatoryandsupervisoryfunctionsforvariousfintechverticals.ThefindingsinformhowtheWorldBankandotherinternationalorganizationsmightoffersupportandtechnicalassistancetoourclientcountries.TheWorldBankiscommittedtosupplyingevidence-basedknowledgeproductsthatcanhelptheglobalregulatorycommunitybetterreconcilethebenefits,suchasfinancialinclusion,andtherisksofinnovationandmanage,whenneeded,thetrade-offsbetweenthose.Weaimtotranslatethisunderstandingintopolicydialogueandeffective,welldesignedtechnicalassistanceprogrammesandoperationsforourclientcountries.WethankourcolleaguesattheCambridgeCentreforAlternativeFinancefortheircontributionstothisimportantworkandwearegratefultohavecollaboratedwithaleadinginstitutionworkingonfintechandrelatedtopics.JeanPesmeGlobalDirector,Finance–Finance,CompetitivenessandInnovationPractice44CCAFforewordThecontinuedgrowthoffintechsandincreasingadoptionofdigitalfinancialservicesregionallyandgloballyinrecentyears,presentopportunitiesaswellasrisks.Fintechindustryverticals,suchasdigitalpayments,digitallendingandcapitalraising,digitalbankingandsavings,insurtech,aswellasdigitalassetsrelatedactivities,allsawaccelerateddevelopmentduringtheglobalpandemic.Byprovidingnewandinnovativechannelsandinstruments,fintechscanmakefinancialservicesmoreaccessible,convenient,andaffordableforconsumersandsmallandmedium-sizedenterprises.However,fintechbusinessmodelsandrelatedactivitiescanalsointroduceorexacerbatearangeofrisks,fromconsumerprotection,marketconductandintegrity,tofinancialstability.Howfinancialauthoritiesaroundtheworldarerespondingtoboththeopportunitiesandchallengesbroughtbytherapiddigitalizationoffinancialservices,therefore,isanimportantareaofresearch.Buildingonthefoundationoftwopreviousglobalregulatorystudies,theWorldBankandtheCambridgeCentreforAlternativeFinance(CCAF)attheUniversityofCambridgeJudgeBusinessSchoolconductedThe3rdGlobalFintechRegulatorSurveytoshedlightontheevolvingprioritiesandchangingregulatorylandscaperegardingfintechandotherformsofdigitalfinancialservices.BetweenAprilandJuly2022,thejointresearchteamsuccessfullysurveyed128financialauthoritiesfrom106jurisdictions,with68%ofresponsescomingfromauthoritiesinemergingmarketsanddevelopingeconomies.Thiscomprehensivedatasetoffersauniqueviewintotheworldoffintechregulators,supervisors,andpolicymakers.Thesurveyandresultingreportfocusedonfourthematicareas:themedium-termimpactofCovid-19onfintech-relatedregulationandpolicy,howregulatorsandsupervisorsperceiveconsumerrisksassociatedwithfintechactivities,theevolvinglandscapeandrecentdevelopmentsinbuildingvitaldigitalregulatoryandsupervisoryinfrastructures,andthecurrentstateofsupervisorytechnologycreationandadoption.Wehopethatthedataandinsightsgeneratedfromthisglobalsurveywillinformtheworkandpracticeoffintechregulators,supervisorsandpolicymakers,helpthembenchmarkresponses,frameworksandactivities,andfacilitatemeaningfulpeerlearningandknowledgeexchange.Wealsohopethatthelearningsfromthisstudywillbeofinteresttoandpracticallyusefulforotherstakeholdersintheburgeoningglobalfintechecosystem,includingfintechfirmsandindustryassociations,end-usergroups,theinvestorcommunity,financialincumbents,internationalstandard-settingbodies,aswellasdevelopmentinstitutionsandorganizations.Afterall,itisintheinterestofallthesestakeholdergroupsthatthedevelopmentofthefintechindustrybecomesmoresustainable,inclusive,andresponsible.AttheCCAF,weareimmenselygratefulforthetimeandsupportofallrespondingfinancialauthorities,andalsofortheopportunitytoworkwithourWorldBankcolleaguesonthisglobalresearch.WealsowishtoexpressourgratitudetotheUKForeign,Commonwealth&DevelopmentOffice,andTheBill&MelindaGatesFoundationfortheirsupportthatmadethisstudypossible.BryanZhangCo-FounderandExecutiveDirector55UKForeign,Commonwealth&DevelopmentOfficeforewordThe3rdGlobalFintechRegulatorSurveyTheUKwelcomestheCambridgeCentreforAlternativeFinance’s(CCAF)latestexpertassessmentofFinTechregulationandsupervisionoverthepastyear,researchedinpartnershipwiththeWorldBank.Followingpreviousannualbenchmarkingreports,The3rdGlobalFinTechRegulatorSurvey,writteninpartnershipwiththeWorldBank,sharesuniqueinsightsacrossmarketstoinformfutureFinTechpolicyandregulation.Overthepastdecade,theUKhasbeenattheforefrontoftheglobalFinTechrevolutionwhereinnovationhascreatedjobs,improvedaccesstofinancialservicesandstrengthenedcompetitiveness.Notably,theUK’sFinTechindustryshowedtremendousresiliencetotheCovid-19pandemic,withUKFinTechsattracting$24.5billionofinvestmentinthefirsthalfof2021,thehighestvolumeofdealsonrecord,rankingfirstinEuropeandsecondtotheUSglobally.TheglobalFinTechindustrywasnotimmunetothedisruptioncausedbyCovid-19,however,itadaptedandplayedanimportantroleinthepandemicresponse,attractingnewcustomers,andsupportingindividualsandenterprisestoaccesscrucialfinancialservicesduringatimeofunprecedentedeconomicuncertainty.EvidencesetoutinthisreporthelpsusbetterunderstandhowFinTechrespondedtothesechallengingmarketdynamics,withenablingregulationandsupervisionthathaveprovenintegraltomaintainingbusinesscontinuityandfinancialstability.Thereport’sfindingswillbeofgreatinteresttofinancialservicesregulatorsandsupervisorsinAsianandAfricancountrieswhereFinTechplaysanimportantroleindeepeningdomesticcapitalmarketsandprovidingaccesstocreditsothatpeopleandbusinessescansave,borrow,andinvest.From‘innovationoffices’to‘regulatorysandboxdevelopment’,theUKworkswithregulatorsaroundtheworldtostrengthenregulatoryenvironments,toenableFinTechinnovationandprotectionbusinessesandconsumers.ThisresearchseriesfromCCAFandtheWorldBankprovidesanexcellentevidencebaseforbothFinTechinnovatorsandtheglobalregulatorycommunity.AndrewMitchellMPMinisterofState(DevelopmentandAfrica)ceFCDO66Bill&MelindaGatesfoundationforewordResearchteamThejointWorldBankandCambridgeCentreforAlternativeFinance(CCAF)researchteamconsistsofthefollowingindividuals:AlexanderApostolides(CCAF),SarahOmbija(CCAF),ZainUmer(CCAF),KyriakosChristofi(CCAF),PhilipRowan(CCAF),NickClark(CCAF),BryanZhang(CCAF),JulietOngwae(CCAF),MattGrasser(CCAF),SimonediCastri(CCAF),JoseMiguelMestanza(CCAF),PedroSchillingdeCarvalho(CCAF),ShuliHu(CCAF),HarishNatarajan(WorldBank),BuddyBuruku(WorldBank),andNanaYaaBoakye-Adjei(WorldBank).ContributorsandreviewersGabrielleInzirillo(AGDM)andWaleedSamarah(GIZ)reviewedthesurveyandprovidedvaluableinsight.WewouldliketothankthecontributorsandreviewersJeanPesme(WorldBank),OlivierMahul(WorldBank),MaheshUttamchandani(WorldBank),NirajVerma(WorldBank),SabaBintAbbas(WorldBank),MateiDohotaru(WorldBank),PatrickMeagher(CGAP),MarcoNicoli(WorldBank),andVeronicaTrujillo(WorldBank).AcknowledgementsTheresearchteamwouldliketothankthemanyfinancialauthoritieswhomadethisresearchpossiblewiththeirgenerouscommitmentoftimeandwillingnesstosharetheirexperiences.AfulllistofparticipatingjurisdictionsandfinancialauthoritiescanbefoundinAppendix1.TheCCAFwouldliketothankLouiseSmithfordesigningthereportandAlpaSomaiyaforeditingthereport.WearegratefultoNeilJessimanforpressandcommunicationssupportandDeeAllenforhersupportincreatingthedatabaseoffinancialauthoritycontacts.WearealsogratefultoHunterSimsforhisoverallsupport.77The3rdGlobalFintechRegulatorSurveyAcronymsAML–anti-moneylaunderingAPAC–AsiaPacificAPI–applicationprogramminginterfaceCBDC–centralbankdigitalcurrencyCFT–combatingthefinancingofterrorismCGAP–consultativegrouptoassistthepoorCOVID-19–Coronavirusdisease2019DFS–digitalfinancialservicesDRSI–digitalregulatoryandsupervisoryinfrastructureEMDEs–emergingmarketanddevelopingeconomiese-KYC–electronicknowyourcustomerFCP–financialconsumerprotectionMENA–MiddleEastandNorthAfricaOECD–OrganizationforeconomiccooperationanddevelopmentNFTs–non-fungibletokensSSA–sub-SaharanAfrica88Glossaryapplicationprogramminginterface(API)–allowssoftwareprogramstointeractbyexchangingdata,enablingcertainactionssuchasmakingatransaction.ThisincludespaymentAPIs,dataAPIs,‘ecosystemexpansion’APIs,and‘consentandidentity’APIs(WorldBank,2020b).centralbankdigitalcurrency(CBDC)–adigitalformofcentralbankmoneythatisdifferentfrombalancesintraditionalreserveorsettlementaccounts.Itisenvisionedasanewformofcentralbankmoney,namelyacentralbankliability,denominatedinanexistingunitofaccount,whichservesbothasamediumofexchangeandastoreofvalue(BIS,2018b).consumerprotection–theframeworkoflaws,regulations,andinstitutionalarrangementsthatsafeguardsconsumersbyensuringtheyaretreatedfairlyandresponsiblyinthefinancialmarketplace(WorldBank,2022a).cybersecurity–relatedtopreservingconfidentiality,integrity,andavailabilityofinformationand/orinformationsystemsinthecybermedium.Itcanalsoincludeauthenticity,accountability,non-repudiation,andreliability(FSB,2018a).DFSconsumerrisk–aconditionorfactorthatexposesaconsumertopotentialoractualharmorloss(bothfinancialandnon-financial)whileusingDFS(CGAP,2022).digitalasset–adigitalinstrumentissuedorrepresentedusingdistributedledgerorsimilartechnology.Itdoesnotincludedigitalrepresentationoffiatcurrencies,suchase-money(FSB,2022a).digitalfinancialservices(DFS)–services,suchaspayments,transfers,savings,credit,insurance,securities,financialplanning,andaccountstatements,thataredeliveredviadigital/electronictechnology(forexample,money,paymentcards,andaregularbankaccount)(WorldBank,2020b).digitalinfrastructure–thedigitaltechnologiesthatprovidethefoundationforanorganization’sinformationtechnologyandoperation(WorldBank,2019).digitalsandbox–providesaccesstofeatures,suchassyntheticdata,anAPImarketplace,adigitaltestingenvironment,andacollaborationplatform,tosupportinnovationandaddresschallengesintechdevelopmentandadoption(FCA,2022a).fintech–anacronymfor‘financialtechnology’.Itreferstotheadvancesintechnologythathavethepotentialtotransformfinancialservices,stimulatingthedevelopmentofnewbusinessmodels,applications,processes,andproducts(WorldBank,2020d).financialinterconnectedness-relatestofinancialdistressatoneinstitutionthatcanmateriallyincreasethelikelihoodofdistressatotherinstitutionsgiventhenetworkofcontractualobligationsinwhichfirmsoperate.Forinstance,abank’ssystemicimpactislikelytobepositivelyrelatedtoitsinterconnectednessvis-à-visotherfinancialinstitutions(BCBS2021).innovationaccelerator–supportsearly-stage,growth-drivencompaniesthrougheducation,mentorship,andfinancing.Startupsenteracceleratorsforafixedperiodandaspartofacohortofcompanies.Theacceleratorexperienceisaprocessofintense,rapid,andimmersiveeducationaimedatacceleratingthelifecycleofyounginnovativecompanies,compressingyearsoflearningthroughexperienceintojustafewmonths(CCAFandWorldBank,2020).99The3rdGlobalFintechRegulatorSurveyinnovationoffice–adedicatedfunctionwithinaregulatorthatengageswithandprovidesregulatoryclarificationtoinnovativefinancialservicesproviders.Thesearealsocalledinnovationorfintechhubs(WorldBank,2020d).paymenttokens/digitalcurrency–currency/paymenttokensintheirpureformfulfilltheeconomiccriteriaofmoney,servingasameansofexchange,storeofvalue,andunitofaccount(Zetzsche,Arner,andBuckley,2020).regulatoryinnovationinitiatives–abroadsetofactivitiescarriedoutbyregulatorstoinnovateregulatoryandsupervisoryfunctions,processes,organizations,andapplications,whichoften,butdonotnecessarily,involvetheuseoftechnologicalsolutions.Theseincludeaninnovationoffice,aregulatorysandbox,andsuptechsolutions(CCAFandWorldBank,2020).regulatorysandbox–formalregulatoryprogramsthatallowmarketparticipantstotestnewfinancialservicesormodelswithlivecustomers,subjecttocertainsafeguardsandoversight(CCAFandWorldBank,2020).securitytokens–tokenswithspecificcharacteristicsprovidingrightsandobligationssimilartospecificinvestments,likeashareordebtinstrument(FCA,2019).sentimentanalysis–aspecificformofnaturallanguageprocessingthatfocusesoninferringtheemotionalcontentexpressedinacollectionoftextortranscribedspeech.Examplesincludesocialmediadataminingtounderstandpublicsentimentsurroundingagiventopicorentity,andanalysisofcustomerservicerequests/complaintstoinformescalation(BIS,2018).stablecoins/tokens–acategoryofcryptoassetsthataimstomaintainastablevaluewithreferencetoaspecifiedasset,orbasketofassets,andprovidestabilitycomparedtothehighvolatilityofunbackedcryptoassets.Theyareoftenpeggedtoaspecificfiatcurrency(FSB,2022a).suptech–anacronymfor‘supervisorytechnology’.Itisdefinedastheuseofinnovativetechnologybyfinancialauthoritiestosupporttheirwork(BIS,2018).ExecutivesummaryThe2022WorldBank-CCAFGlobalFintechRegulatorSurveyisthethirdglobalsurveyofregulatoryandsupervisoryauthoritiestoassesstheirresponsestofinancialtechnology(fintech)activitiesandrelatedregulatoryinnovationinitiatives.Theoutputsfromthissurveyprovidetimelydataandanalysistoinformtheworkandpracticeoffinancialauthoritiesaroundtheworld.Acentralobjectiveofthestudyistoprovideinformationthatregulatorscanusetobenchmark,evaluate,andprioritizetheirpolicyresponsestofintechdevelopmentswithintheirmarket.BetweenAprilandJuly2022,thejointCCAFandWorldBankresearchteamsurveyed128financialauthoritiesfrom106jurisdictions.SurveyrespondentscamefromauthoritiesinEastAsiaPacific(21),EuropeandCentralAsia(28),LatinAmericaandtheCaribbean(24),MiddleEastandNorthAfrica(14),NorthAmerica(3),SouthAsia(6),andsub-SaharanAfrica(32).Forthisiterationofthesurvey,1theresearchaimwastounderstandtheextenttowhichpolicymakerscontinuetobeimpactedbytheCovid-19pandemicaswemoveawayfromthecrisis.Thesurveyprovidesinsightsintothetypesofconsumerrisksthathaveemergedbecauseofthepandemicandtheimpactofsuchrisksonpolicyobjectives.Thesurveyalsoexplorestheimportantroleofinformationtechnologysystemsandinfrastructuresinsupportingoversightandsupervisionacrossfintechverticals.Aswithpreviousreports,theempiricaldatafromthissurveyenablesthedevelopmentcommunitytobetterprioritizeandtailortheirsupporttoregulatoryandsupervisoryagencies,particularlyinemergingmarketanddevelopingeconomies(EMDEs).Thissupportcouldincludethedevelopmentofeffectivecapacity-buildinginitiativesandtargeted,well-researchedknowledgeproducts.Thissurveyisoneofthelargestempiricalstudiestodateontheregulationandsupervisionoffintechaimedatfinancialauthorities.Importantly,almost70%ofrespondentsoverseefintechdevelopmentsinEMDEs.SurveystructureandmainfindingsThesurveyaskedarangeofquestionscoveringfourkeythemes:1Themedium-termimpactofCovid-19onpolicyresponsestofintech2Perceptionsofcontinuingandemergingconsumerriskswithinfintechandtheirimplicationsforconsumerprotection3Thelandscapeofdifferenttypesofdigitalregulatoryandsupervisoryinfrastructures(DRSI)2usedtoenableeffectiveregulationandoversightoffintechmarkets4AmappingofsuptechactivitiesAlinktothesurveyquestionscanbefoundinthisfootnote.3Covid-19continuestocatalyzefinancialauthoritiesinEMDEstoprioritizefintech-relatedworktodeepenfinancialinclusion.Fifty-sixpercentofrespondentsinEMDEshaveincreasedthepriorityoffintechcomparedto35%ofrespondentsinadvancedeconomies.Thisisparticularlythecaseinsub-SaharanAfrica(SSA)where75%ofrespondentsreportanincreaseinfintechprioritization.Regulatoryinnovationinitiatives,suchasinnovationofficesandregulatorysandboxes,arespecificareasofgrowthinEMDEs.1Thefirstiterationofthesurvey,whichtookplacein2019,wastounderstandregulatoryresponsestoequitycrowdfunding,peer-to-peerlending,andinitialcoinoffering.Thesecondsurveyfocusedonthepandemic’simmediateimpact,andregulatoryandsupervisoryauthorities’policyresponsestoaddresschallenges(andinsomeinstancesopportunities)arisingfromthepandemic.2Inthecontextofthisreport,digitalregulatoryandsupervisoryinfrastructure(DRSI)referstosystemsthatelectronicallycollect,process,andtransmitinformationtofacilitateeffectiveregulationandsupervisionofdigitalfinancialservices.DRSIprovidesfinancialauthoritieswiththenecessarydataandtoolstoenablethemtocarryouttheirfunctions.Forexample,DRSIcanincludefoundationaldata-gatheringapplicationsneededforsuptechinitiativesdevelopment,orinfrastructuredeployedbyafinancialauthoritytoenabledigitalregulatoryreporting.3Thesurveyinstrumentcanbeviewedusingthislink:/jfe/form/SV_0xNmcp1sb8XdIPAThe3rdGlobalFintechRegulatorSurveyGenerally,respondentsperceivethatfintechalignswiththeiroverarchingpolicyobjectives.However,asignificantproportionciteconcernsabouteffectivelymitigatingexistingandemergingconsumerrisks.Respondentsreportcapacityandresourceconstraintsasthemainchallengeinaddressingconsumerrisks.Overall,authoritiesaremostworriedabouttheirinternalcapacitytoeffectivelymitigateconsumerrisksrelatedtodigitalassetsandcryptoassets.ThetopthreerisksthathaveincreasedforsurveyrespondentsduetoCovid-19relatetocybersecurity,fraudandscams,andotherconsumerprotectionissues.Seventy-eightpercentofrespondentsconsidersthreatstocybersecurityasthetopriskinfintech.Fraudandscamsarethesecondmostcommonrisk,reportedby67%ofrespondents,upfrom18%inthe2020survey.GeneralconsumerprotectionrisksareofgreaterconcernforfinancialauthoritiesinEMDEs(56%)comparedtothoseinadvancedeconomies(43%).Usingsuptechapplicationstoeffectivelyrespondtoconsumerrisksisanimportantobjectiveforalargeproportionofrespondents.However,consumereducationandliteracyinitiativesarethemostcommonwaysfinancialauthoritiescurrentlyrespondtoriskstoconsumers.FarmorerespondentsinadvancedeconomiesuseDSRIthanthoseinEMDEs,andthemostcommonapplicationsareforconsumerprotectionandongoings