The Smart Campaign, part of Accion's Center for Financial Inclusion, is launching a Fintech Protects working group to "build industry will and know-how to address emerging consumer risks in digital financial services." The community of practitioners will collaborate on research, advocacy, and a "consensus-building process" modeled on the standard-setting approach the Smart Campaign took following the 2008 financial crisis.
The goal of the group is to ensure that digital financial services, which are seeing explosive growth in some emerging markets, offer the greatest possible value and appropriate protections to consumers, "by enabling providers to act responsibly within a secure ecosystem."
The working group will collaborate on "documenting the scope and prevalence of consumer risks, observing good and bad practices, developing tools that support good practices and building consensus across the sector."
First Access joins other fintech leaders in the Fintech Protects group and looks forward to sharing experience and insights related to algorithm design and bias, disclosure and consent, data ownership and privacy, and other topics.
For more information, please read the release from Accion here: https://www.smartcampaign.org/about/fintech-protects-community-of-practice
You can follow #fintechprotects on Twitter here: