This paper examines the recent evolution of competition in the financial services sector in Latin America and the Caribbean (LAC), focusing on the rise of Fintechs and the emergence of a pro-competitive regulatory framework. This evolution results from a symbiosis of positive feedback between...

With a foreword by Sethaput Suthiwartnarueput, Governor of the Bank of Thailand. Digital disruption is rapidly transforming the financial sector, propelled by FinTech, BigTech, and non-bank institutions meeting public needs but challenging incumbents. Central banks must adapt to facilitate fair...

Open banking (OB) empowers bank customers to share transaction data with fintechs and other banks. 49 countries have adopted OB policies. Consumer trust in fintechs predicts OB policy adoption and adoption spurs investment in fintechs. UK microdata shows that OB enables: i) consumers to access...

We examine how the development of the digital infrastructure known as the “India Stack”—including an interoperable payments system, a universal digital ID, and other features—is delivering on the government’s objective to expand the provision of financial services. While each...