Selected Regulatory Frameworks on Data Protection for Digital Financial Inclusion

Recommendations for governments to strengthen digital financial services and big data privacy

This report builds on the G20 High-Level Principles on Digital Financial Inclusion. It examines selectively how global, regional and national legal frameworks balance the human right to privacy and data protection with (1) the human right to an adequate standard of living and (2) the goal for more effective financial inclusion of those people who have so far been excluded from access to financial resources. Some of these frameworks are promoting solutions to use innovative big data analytics in line with data privacy.

The report introduces some basic concepts, and defines key terms. The main part of the report is dedicated to a comparative analysis of global standards for data privacy and of selected legal frameworks in the European Union, the United States of America, and the Philippines. Finally, it provides a catalogue of recommendations for possible steps to take in order to create a level playing field for both digital financial services and consumers worldwide.