Responsible Digital Finance Ecosystem (RDFE) : A Conceptual Framework

This working paper presents a conceptual framework for achieving a Responsible Digital Finance Ecosystem (RDFE), where a wide range of actors—financial sector and other authorities, DFS providers, consumer representatives, and market facilitators—come together to safeguard consumers from potential harm and ensure that digital financial services enrich their lives. It outlines the following four key components and draws on real-life examples and case studies to provide a framework for financial consumer protection:

• Customer centricity: Effectively placing customers at the center of actors’ actions.
• Collaboration: Working together effectively to create, plan, fund, implement, and monitor solutions.
• Capability: Effectively addressing consumer risks via enhanced competencies, tools, and resources.
• Commitment: Individually and collectively dedicating internal resources to champion an RDFE.

Building on decades of global and country knowledge, this RDFE conceptual framework seeks to encourage financial sector authorities, and other key ecosystem actors, to boost financial consumer protection in the digital era with a holistic vision of the ecosystem. It leverages lessons learned to minimize risks and enhance the value of digital finance for consumers.