Fair Digital Finance Forum 2022
The Fair Digital Finance Forum 2022, hosted by Consumers International, highlights the most pressing challenges facing digital finance consumers. Tune in throughout the week to hear from leaders around the world and to bring your expertise and insights to the discussion. Together we can influence the future of digital finance for consumers everywhere.
See below for an overview of interactive sessions. Register now as places are limited.
- Welcome & Opening Plenaries - 14.03
- Digital Finance is Inclusive - 15.03
- Digital Finance is Safe - 16.03
- Digital Finance is Data Protected & Private - 17.03
- Digital Finance is Sustainable - Closing Plenary - 18.03
Launch of the Global Consumer Protection & Empowerment Index
Fair Digital Finance Forum 2022
Currently, there is no global index to measure the state of consumer protection and empowerment across countries. As markets and regulations evolve over the next decade, how can we ensure they are moving towards a world where everyone has access to fair, safe and sustainable products and services?
If you are a Member of Consumers International, we welcome you to join this exclusive event to explore the pilot of Consumers International’s Consumer Protection and Empowerment Index. This global tool assesses the degree to which countries have implemented mechanisms and measures to build, maintain and encourage a fair, safe and sustainable marketplace for all.
Once registered, you will receive secure access to the pilot Consumer Protection and Empowerment Index report and visualisation tool.
If you are a Member of Consumers International and would like to join this session, please get in touch here.
10:30-11:30 CET | 05:30-06:30 EDT | 17:30-18:30 HKT | 20:30-21:30 AEDT
Consumer Advocacy - A Catalyst for Change in Digital Finance
Fair Digital Finance Forum 2022
Consumers need digital financial services which are inclusive, safe, data private and protected and sustainable. How can consumer associations, government, industry and civil society organisations collaborate to maximise the benefits for consumers and prevent unnecessary harm?
In this senior leadership discussion we will look at the Consumers Vision for Fair Digital Finance and the opportunities for collective action amongst consumer advocacy, industry, civil society and government to protect and empower consumers in the digital finance marketplace.
12:00-13:00 CET | 07:00-08:00 EDT | 19:00-20:00 HKT | 22:00-23:00 AEDT
Speakers
Building the Digital Finance Regulation we Need
Fair Digital Finance Forum 2022
The COVID-19 pandemic and related lockdowns has increased the download of FinTech apps globally by approximately 30%. Such technological advancement poses key questions such as how do policymakers build digital finance regulation to cater for emerging tools in digital finance and protect all consumers in times of crisis?
Hear leading regulatory perspectives from around the world to understand key learning from the pandemic, the latest innovations in consumer protection and perspectives on the future of digital finance.
13:00-14:00 CET | 08:00-09:00 EDT | 20:00-21:00 HKT | 23:00-00:00 AEDT
Accelerating Fair Digital Finance in Low and Middle Income Countries
Fair Digital Finance Forum 2022
The share of adults in low- and middle-income countries using digital payments increased from 32% to 44% from 2014 to 2017. With consumer risks also on the rise, how can effective consumer protection regulation be implemented to protect consumers from digital finance risks? And how can consumer associations be empowered to provide an independent consumer voice in the regulatory process?
Join this fireside discussion to explore the opportunity for a consumer-centred regulatory environment in digital finance and how to bring about this reality rapidly through consumer advocacy.
16:30-17:30 CET | 11:30-12:30 EDT | 23:30-00:30 HKT | 02:30-03:30 AEDT
Speakers
Latin America’s FinTech boom: Protecting and empowering consumers in an age of innovation
Fair Digital Finance Forum 2022
This session will be held in Spanish.
Research from the Inter-American Development Bank and other sources showed that in the Latin American region FinTech companies grew from 703 in 2017 to 1500 in 2021. This boom was enabled, among other factors, by persistent low access to traditional financial institutions and a high uptake of smartphones.
However, despite this growth, the incorporation of consumer protection into digital finance regulation is still lagging behind other parts of the world. Consumer education and awareness is not promoted widely, and consumers face risks in the marketplace. In this session, we discuss the critical role of consumer associations across Latin America to ensure consumers are protected and the consumer voice is present and empowered in new policies, laws and regulations.
19:00-20:30 CET | 14:00-15:30 EDT | 02:00-03:30 HKT | 05:30-06:30 AEDT
Why a Gender Lens Matters for Financial Consumer Protection
Fair Digital Finance Forum 2022
Approximately one billion women worldwide do not have access to formal financial services, due to persistent barriers including, obtaining identification documents, mobile phones, digital skills, and financial capability. How can decision-makers embed a gendered lens into financial consumer protection frameworks to help advance financial inclusion and empowerment of women?
We welcome you to bring your insights to this interactive workshop to help explore a gender-inclusive approach in consumer protection.
11:00-12:00 CET | 06:00-07:00 EDT | 18:00-19:00 HKT | 21:00-22:00 AEDT
Mobile Money - Innovations to Empower Consumers
Fair Digital Finance Forum 2022
In 2020, the number of registered mobile money accounts grew by 12.7% globally to 1.2 billion. Regulators and providers using appropriate safeguards can protect consumers whilst continuing to foster innovation.
Join this session to understand the recent innovations in mobile money and their potential to accelerate financial inclusion and advance consumer empowerment.
13:00-14:00 CET | 08:00-09:00 EDT | 20:00-21:00 HKT | 23:00-00:00 AEDT
Speakers
Rosemary Shumirayi Chikarakara Mpofu
Chief Executive Officer and Executive Director
Consumer Council of Zimbabwe
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Debt Policies and Relief: Financial Consumer Protection in the Age of Digital Lending
Fair Digital Finance Forum 2022
Debt policies, particularly in low- and middle-income countries, are not protecting consumers who require debt relief. How can civil society work with policymakers to implement solutions and propose guidelines that ensure the protection and empowerment of consumers who are overindebted?
Using a human rights lens, this session will share insights from a 30-country review of debt-policy mechanisms and a new set of principles for debt policies and debt relief. This session is held in partnership with the Global Alliance for Legal Aid and Advocates for International Development.
16:00-17:30 CET | 11:00-12:30 EDT | 23:00-00:30 HKT | 02:00-03:30 AEDT
Protecting and Empowering Vulnerable Consumers in the Digital Finance Marketplace
Fair Digital Finance Forum 2022
The European Commission's 2018 consumer survey found that 43% of EU citizens believed themselves to be vulnerable as consumers. In this session, we will focus on how digital finance providers, regulators and consumer advocates can advance protection for consumers of digital-finance products.
Both the opportunities and challenges will be explored as well as effective policy approaches to advance protection and empowerment.
13:00-14:00 CET | 08:00-09:00 EDT | 20:00-21:00 HKT | 23:00-00:00 AEDT
Managing and Mitigating Consumer Risk
Fair Digital Finance Forum 2022
Latest research from The Consultative Group to Assist the Poor (CGAP) has identified over 60 consumer risks in digital finance, some of which have increased in scale over the past few years. How can innovative solutions protect and empower consumers from emerging risks?
This session is an opportunity to hear new insights from CGAP, assessing the evolving nature and scale of digital finance consumer risks. The session will spotlight innovative tools and approaches to address these risks from CGAP and the Peruvian financial regulator and supervisor.
16:00-17:30 CET | 11:00-12:30 EDT | 23:00-00:30 HKT | 02:00-03:30 AEDT
"Buy Now Pay Later" and the Consumer Experience
Fair Digital Finance Forum 2022
Usage of Buy Now Pay Later (BNPL) products grew 85% between 2020 – 2021 and the number of consumers using BNPL to buy products and services in the last year has jumped to 28.5 million. How can we ensure that BNPL serves consumers without increasing vulnerability?
Leading voices from regulation, business and the consumer movement will outline the latest trends in BNPL from around the world, particularly looking at the implications on consumer credit rating, and calling for the effective regulation of BNPL products and services.
20:30-21:30 CET | 15:30-16:30 EDT | 03:30-04:30 HKT | 06:30-07:30 AEDT
Revising the G20/OECD High Level Principles on Financial Consumer Protection – Consumer Advocacy Perspectives
Fair Digital Finance Forum 2022
The G20/OECD High Level Principles on Financial Consumer Protection are being revised for the first time in a decade. How do the proposed revisions incorporate the rapid changes seen in digital finance since 2011?
Join this session to hear and bring your perspective to how the G20/OCED High-Level Principles on Financial Consumer Protection can capture new developments and trends in the digital finance space.
10:00-10:45 CET | 05:00-05:45 EDT | 17:00-17:45 HKT | 20:00-20:45 AEDT
Open Finance: Unlocking Innovation and Empowering Consumers
Fair Digital Finance Forum 2022
Open finance allows finance service providers to access consumer data locked inside banks to develop innovative financial products and services that are better suited to the needs of consumers. But how can consumers be sure their data is being used appropriately?
Join us to explore developments in open finance around the world and the nuances of its implementation across various jurisdictions to advance understanding on best practice and consumer risks.
12:00-13:00 CET | 07:00-08:00 EDT | 19:00-20:00 HKT | 22:00-23:00 AEDT
Algorithmic decisions, biases and digital rights: empowering consumers in a high stakes environment?
Fair Digital Finance Forum 2022
In banking sector AI’s market size is projected to soar globally from $3.88 billion in 2020 to $64.03 billion in 2030. How can we ensure consumers are empowered in this new high stakes environment?
Join this interactive workshop hosted in partnership with the Center for Financial Inclusion to explore how we can empower consumers with the right to explainability and ensure they obtain meaningful information about the data used in algorithmic decision making.
13:30-14:30 CET | 08:30-09:30 EDT | 20:30-21:30 HKT | 23:30-00:30 AEDT
Crypto and the Consumer
Fair Digital Finance Forum 2022
There are roughly 16,500 cryptocurrencies listed on CoinMarketCap.com, how can crypto currencies enable consumer empowerment?
This session will explore how new forms of digital currencies are impacting consumers, bringing together consumer advocates, business and academics to discuss the risks and opportunities for crypto and the consumer.
00:00-01:00 CET | 19:00-20:00 EDT | 07:00-08:00 HKT | 10:00-11:00 AEDT
Next Generation Consumers and Finance of the Future
Fair Digital Finance Forum 2022
Over 70% of young people have online access, yet less than half of the world’s youth have a basic bank account. Digitalisation has exacerbated existing inequalities in the financial market and creates new barriers and vulnerabilities for young people, particularly raising issues around accessibility and safety. How can digital financial services serve the needs of young people through the provision of cheap, convenient and fast products at lower fees than standard banking?
Join Consumers International’s Next Generation Leaders as they discuss the key challenges facing younger consumers of digital financial services. Leaders will emphasise how the next generation can build a more inclusive, safe, data protected and private and sustainable digital financial services marketplace.
10:00-11:00 CET | 05:00-06:00 EDT | 17:00-18:00 HKT | 20:00-21:00 AEDT
Building Sustainable Digital Finance for All
Fair Digital Finance Forum 2022
Consumer choices affect how green the world is and will become. Four out of the five main drivers of biodiversity loss are directly linked to individual daily consumption. In terms of greenhouse gas emissions, food waste accounts for 6%, household energy for 21% and daily transport for 21%. Change will only happen if consumers are supported and enabled by marketplace actors and ambitious government action.
This session will focus on the role of digital finance in empowering and providing opportunities to consumers to shift towards more sustainable consumption choices.
13:00-14:00 CET | 08:00-09:00 EDT | 20:00-21:00 HKT | 23:00-00:00 AEDT
Sustainable Finance: Our Hidden Superpower to Build a Better World - an Example from Europe
Fair Digital Finance Forum 2022
Approximately £2.6 trillion is invested in UK pension funds alone, with much of this investment funding industries which are harmful to our environment such as fossil fuels.
This session will explore the role of our money in the climate emergency, how pensions can be our hidden superpower on climate action, with an example from Europe, and how collaboration amongst consumer advocacy, civil society, business and policymakers can empower consumers through digital finance solutions to use their pensions for positive change.
15:00-16:00 CET | 10:00-11:00 EDT | 22:00-23:00 HKT | 01:00-02:00 AEDT