G2P Payments are now assuming an important delivery model in building the framework for including excluded category.It discusses how it saves government's delivery channel while opening up other vistas
MOBILE COMMERCE INNOVATIONS: NEW IDEAS & RETURNSMABSIV
GXI President Paolo Baltao announces the next generation GCASH mobile money services, which are expected to provide new features as well as create a more seamless experience for rural bank clients and GCASH users during the 2012 RBAP-MABS National Roundtable Conference on June 8.
CubeIQ | Remote Cash Control in retailer cash logisticsAndreas Papadedes
Remote Cash Control is a rapidly growing service which allows merchants to deposit cash safely and securely without going to the bank but still have access to the very important and necessary data of their deposits
Held in Bali, Indonesia, the “Mobile Banking and Payments for Emerging Asia Summit 2012” gathered many thought leaders from the telecommunications and banking industries; unveiling the potential of mobile channels penetrating Asia’s emerging markets. Spire Research and Consulting was honored to be invited as a post-conference workshop leader at this prestigious event.
Representing Spire Research and Consulting, Jeffery Bahar, Deputy Chief Executive Officer and Yap Far Loon, Business Development Director, Telecommunication, led a post-conference workshop in the “Mobile Banking and Payments for Emerging Asia Summit 2012” held in Bali, Indonesia. The event brought together many eminent industry experts and marketers from the telecommunications and banking industries – highlighting the potential of mobile banking and payments in emerging economies.
Read more about the event coverage here:
http://www.spireresearch.com/newsroom/events/spire-joins-mobile-banking-and-payments-for-emerging-asia-summit-2012-as-workshop-leader/
G2P Payments are now assuming an important delivery model in building the framework for including excluded category.It discusses how it saves government's delivery channel while opening up other vistas
MOBILE COMMERCE INNOVATIONS: NEW IDEAS & RETURNSMABSIV
GXI President Paolo Baltao announces the next generation GCASH mobile money services, which are expected to provide new features as well as create a more seamless experience for rural bank clients and GCASH users during the 2012 RBAP-MABS National Roundtable Conference on June 8.
CubeIQ | Remote Cash Control in retailer cash logisticsAndreas Papadedes
Remote Cash Control is a rapidly growing service which allows merchants to deposit cash safely and securely without going to the bank but still have access to the very important and necessary data of their deposits
Held in Bali, Indonesia, the “Mobile Banking and Payments for Emerging Asia Summit 2012” gathered many thought leaders from the telecommunications and banking industries; unveiling the potential of mobile channels penetrating Asia’s emerging markets. Spire Research and Consulting was honored to be invited as a post-conference workshop leader at this prestigious event.
Representing Spire Research and Consulting, Jeffery Bahar, Deputy Chief Executive Officer and Yap Far Loon, Business Development Director, Telecommunication, led a post-conference workshop in the “Mobile Banking and Payments for Emerging Asia Summit 2012” held in Bali, Indonesia. The event brought together many eminent industry experts and marketers from the telecommunications and banking industries – highlighting the potential of mobile banking and payments in emerging economies.
Read more about the event coverage here:
http://www.spireresearch.com/newsroom/events/spire-joins-mobile-banking-and-payments-for-emerging-asia-summit-2012-as-workshop-leader/
As mobile payments rapidly become the norm, you need to stay on top of trends. Vantiv interviewed 35 top executives at financial institutions and tier1 merchants. Then, they compared responses with consumers' outlooks on mobile. Vantiv's research revealed significant gaps – as well as opportunities. These compelling results were compiled in a new webinar – giving you the mobile insight you need to lead your business to the next level. Fore more info: www.nafcu.org/vantiv
A view of the 3 key trends to emerge in the payments market in 2012 by Kris Hewitt (PayX International) and the implications for Nordic banks and payments institutions. This presentation was designed for the CAC Card Academy Payments Card Conference held in Oslo in November 2012
Our approach to segmentation recognises the uniqueness, dynamism and individuality of markets. This is because from our experience, global solutions and ‘one-size-fits-all’ brands have all too often produced less than actionable results for the highly diverse African market place.
Mobile Money Agent Network Development in HaitiNetHopeOrg
The Payment Innovations working group welcomed Nick Lesher of Open Revolution (www.openrev.com) to speak with Cameron Peake of Mercy Corps (www.mercycorps.org) on their experiences with mobile money agent network development in Haiti. We examine how NGOs can play a role in the development of healthy and sustainable mobile money agent networks.
The SMART Islands Activation Program Empowerment through Mobile BankingMABSIV
Mr. Jun Perez of SEEDFINANCE explains how their partnership with SMART in the Island Activation Program supports empowerment through mobile banking during the 2012 RBAP-MABS National Roundtable Conference on June 8.
As mobile payments rapidly become the norm, you need to stay on top of trends. Vantiv interviewed 35 top executives at financial institutions and tier1 merchants. Then, they compared responses with consumers' outlooks on mobile. Vantiv's research revealed significant gaps – as well as opportunities. These compelling results were compiled in a new webinar – giving you the mobile insight you need to lead your business to the next level. Fore more info: www.nafcu.org/vantiv
A view of the 3 key trends to emerge in the payments market in 2012 by Kris Hewitt (PayX International) and the implications for Nordic banks and payments institutions. This presentation was designed for the CAC Card Academy Payments Card Conference held in Oslo in November 2012
Our approach to segmentation recognises the uniqueness, dynamism and individuality of markets. This is because from our experience, global solutions and ‘one-size-fits-all’ brands have all too often produced less than actionable results for the highly diverse African market place.
Mobile Money Agent Network Development in HaitiNetHopeOrg
The Payment Innovations working group welcomed Nick Lesher of Open Revolution (www.openrev.com) to speak with Cameron Peake of Mercy Corps (www.mercycorps.org) on their experiences with mobile money agent network development in Haiti. We examine how NGOs can play a role in the development of healthy and sustainable mobile money agent networks.
The SMART Islands Activation Program Empowerment through Mobile BankingMABSIV
Mr. Jun Perez of SEEDFINANCE explains how their partnership with SMART in the Island Activation Program supports empowerment through mobile banking during the 2012 RBAP-MABS National Roundtable Conference on June 8.
We, at Tribalnets,
- Build communities through offering a range of international and national money transfer and virtual banking services to users.
- Secure electronic transaction systems for use via mobile and web.
- Alternative, affordable and innovative payment method that uses the existing mobile networks.
About Us
Tribalnets is run by Didier Marissal, experienced CEO & Chairman of business service and consulting. Its employees comprise of Experienced, multinational team from the banking and telecoms world, Developers with banking background –Fortis, Swift, Mastercard, Visa and a network of mobile financial service specialists.
Winning Business Models for Mobile Remittances by Hugo Cuevas-Mohr, Mohr Worl...Mahindra Comviva
The right business model is the primary success factor to grow the share of the mobile and other digital channels. The presentation covers successful business models in the digital remittance space by Hugo Cuevas-Mohr, Mohr World Consulting
Welche Bank wünscht sich die nächste KundengenerationNetcetera
Die neue Generation von Bankkunden stellt Banken und ihre IT vor neue Herausforderungen. Sie beschäftigen sich mit anderen Finanzfragen, sind aktive Benutzer neuer Technologien, wollen schnelles Feedback, fordern stärkere Interaktion und Transparenz, haben punkto Geheimhaltung und Datensicherheit neue Vorstellungen und konsultieren auch für Finanzfragen Blogs und Foren.
Die Banken von heute sind mit Systemkomplexitäten, Komponenten & Daten-Redundanzen und fehlender Agilität konfrontiert, propagieren Self-Service Portale, können ihre Services nicht über alle Kanäle anbieten und zeichnen sich durch eine fehlende service-orientierte Architekturstrategie aus. Die User Experience leidet aufgrund rigider Frameworks und Manuals, Altlasten diktieren den IT-Alltag und beeinträchtigen die rund um die Uhr Verfügbarkeit.
In diesem Referat geht Andrej Vckovski den Umwälzungen in der Finanzbranche auf die Spur und analysiert die Herausforderungen im Bereich IT im Detail. Er bespricht Lösungsszenarien und zeigt konkrete Empfehlungen auf, wie Banken und ihre IT den Anforderungen der Generation „Y and beyond“ erfolgreich begegnen können.
Fintech in insurance. Focus on RoboAdvice - Changing the face of wealth management landscape on back of trend of “self-service”, disintermediation, automation spurred by the internet.
Please find here the presentation I've realised for VISA EUROPE for my 2d interview of the hiring process :
Initial subject : What position would you recommend to allow Visa to maintain its leadership in payment e.commerce?
Context : 7 days to realize it with my current job
Visa's conclusion of my presentation :
- Presentation was not enough VISA centric (sorry that eCommerce is not focus on Visa)
- I was supposed to explain more the V.me solution which is not yet released/official in Europe : V.me = Paypal copycat (this was not the subject !)
Very good exercise, but very disappointed with Visa methodology and behavior.
Anyway, the presentation is not perfect, but I should have charge VISA Europe.
Because, I 'm not a Visa collaborator, I can share this presentation I've realised.
Don't hesitate to contact me if you have any questions.
Demystifying Faster Payments – Separating Hype from RealityNasreen Quibria
NEACH’s 2017 Payments Management Conference
Faster payments trends may affect you sooner than you think! Hear about the latest solutions in development from the Federal Reserve Task Force activities, the Clearing House, and other initiatives. Learn about what’s on the horizon and what will it mean for your financial institution.
The Country Session on Mozambique was divided into two parts: ‘The Future of Agriculture and Economic Growth in Mozambique’ and ‘Urbanisation and Low Income Housing in Maputo’. The presentations in this slideshare are from Marcelo Chaquisse, Carlos Guanziroli, Catia Batista, Francisco Pereira, Rogerio N'Komo and Verena Andreatta.
The topic of the joint Country Session of Rwanda and Tanzania was 'Toward Monetary Union in East Africa'. It focused on the progress and challenges of progress towards creating an East African monetary union. The presentations in this slideshare are from Christopher Adam and Dick Durevall.
The Country Session on Rwanda comprised three presentations on topics such as agronomy practices amongst coffee farmers and the Land Tenure Regularization programme. The presentations were followed by an open discussion. The presentations in this slideshare are from Marcel Fafchamps and Eliana La Ferrara.
The Country Session on Tanzania focused on the Tanzania National Development Vision and discussed emerging research issues. The presentations in this slideshare are from Christopher Adam, Pantaleo Kessy, Martina Kirchberger and Mujobo Moyo.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Growth Week 2011: Ideas for Growth Session 7 - Finance
1. Banking in every community
Ignacio Mas
International Growth Week
London, 21 September 2011
1
2. The success of M-PESA in Kenya
In just 3.5 years… (data as of Sep 2010 based on Safaricom data)
• 13 million users = 50% of the adult population
• More transactions than Western Union does globally
• 60% of e-payments by volume, 2% by value
• 20,000 cash merchants = 20x the number of bank branches
In just 2.5 years… (data as of Nov 2009 based on panel data from Billy Jack & Tavneet Suri)
• 70% of households had at least one M-PESA user,
including 50% of unbanked and 60% of rural households
• 3% of people surveyed don’t know about M-PESA
• Closing it would have a large negative impact on 91% of users
3. 3
A service platform delivering many benefits to all
Banks
Microlenders Government services
Family & social Utility companies
networks
Youth Distributors &
supply chains
Households Control Entrepreneurs
Innovation
Convenience
“The new banking
Simple Accessible Mass market hygiene factors”
4. 4
Making financial services relevant for all
MAKING E-MONEY HELPING PEOPLE
BUILDING BRIDGES TO CASH DIRECTLY USEFUL, DAILY ACHIEVE THEIR GOALS
Gov’t
Electronic money P2P Int’l
0110010100 Individual
G2P
B2C P2Cash
Online Store Cash
Merchant Merchant Merchant
Downstream Business
Cash
B2B
Cash ↔ Electronic value Electronic ↔ Electronic Electronic ↔ Psychology
• Convenience = location • Network effects = larger • Customer insight =
• Trust = brand, consistent is more useful (as well motivations, practices
experience as cheaper) • Service presentation =
• Viability = volume per store • Pain points of cash = intuitive, easy to use
willingness to pay
5. 5
Savings as deferred payments (or installments)
• People save for a purpose:
Mobile phone menu:
time-bound or goal-based
MONEY TRANSFER • Financial services are
TIME Phone # ________ installment plans for planned
Amount ________ purchases or expenditures:
I want a credit (postpaid) or savings
PIN ____________
bicycle! (prepaid)
(Value date _____)
(Purpose_______) • Any savings product can be
constructed as a package of
transactions across space
Rent (real-time payment) and time
due! (deferred payment)
• How to maintain a
conversation with your
Now customers, when the
Here Bicycle Village back SPACE interaction is remote (on a
shop home phone)?
7. Mobile money - A wave of
experiments
• Till 2006: half a dozen new trials across the
world
• 2007: Kenya: M-PESA starts and booms
• Today: 119 deployments – 96 planned
ones, most in Africa, Asia
• Hence there is regulatory concern, but little
experience (or data)
8.
9. Thinking about regulation when
business models allow to recompose
delivery systems
• Unbundling Banking by function/service
– Exchange of forms of money
– Storing money
– Transferring money
– Investing money
10. Risks and regulatory response
Function Risks Conduct Regulation Prudential Regulation
Exchange Fraud No, No
just commercial law
Storage Inaccurate records, Yes, including No
Theft regulation of agents
Transfer Transmission errors, Yes No
Accounting errors
Investment Investment failures, Yes Yes
Systemic risks
11. Systemic risk:
Basic ways of running a system
• As a “Safe deposit box”
• Investing in central bank paper (narrow bank)
• Investing in banks and beyond…
12. Systemic Risk: Topics for investigation
• Nature of runs and policy/management
responses under each basic model of running the
system
• Deposit Insurance: Allow deposit insurance or
allow provider to determine investment strategy
or provider becomes deposit insurer
• Resolving distress – operational separation and
transfer to new ownership
• Scenarios for reaching scale/systemic importance
18. Financial Innovation, Development
and Economic Growth
• What causes what?
• Whether financial development really leads to
economic growth?
– If so, under what circumstances
– Are there any pre-requisites for financial
development to have a positive impact on
growth?
19. Financial Development
• Theoretically, financial development should
lead to economic growth
– Enables more efficient allocation of capital
– Encourages savings and investments
– Reduces transaction costs
– ‘Completes’ markets
– Addresses information asymmetries
– Enables better risk management
20. But, has innovation been beneficial?
• Paul Krugman, Princeton U., 2009
“[It’s] hard to think of any major recent financial
innovations that actually aided society, as opposed
to being new, improved ways to blow bubbles,
evade regulations and implement de facto Ponzi
schemes.”
• Paul Volcker, Princeton U., 2009
“How many other [recent] innovations can you tell
me that have been as important to the individual
as the automatic teller machine, which in fact is
more of a mechanical than a financial one?”
21. Good and Bad Innovations
• Based on the motive ?
– To get around regulations
– Avoid tax
– Manage revenues/assets/liabilities
• Based on the impact ?
• Some innovations could have turned bad
simply because they were ahead of times
– Shallow understanding of the product
22. Timing and innovation
• Innovation in an unripe environment could
lead to bad results
• While innovation can expedite development
of markets to an extent, a basic framework is
absolutely necessary for innovation to have
positive impact
23. Basic Framework required
• Reasonable sophistication of participants
– Financial literacy
• Sophistication should not be concentrated in a
few participants – skewness
• Sound legal framework for dispute resolution
– No ambiguity in law
• Robust market infrastructure
• Reasonably liquid and deep cash market
24. Derivatives in less liquid cash markets
• When the cash markets are not reasonably
developed, derivatives can be
counterproductive
• Derivatives trade as standalone products
– No linkage with the underlying
– No beneficial impact on cash markets
• Skewness of participants’ sophistication
– Leads to mis-selling
• More caution required
25. How to separate ‘good’ products from
others
• Very difficult
• Could be based on the motives for usage
– Speculation Vs hedging
– But can hedgers survive without speculators?
• Could be based on the sophistication of
participants
• Strict controls on leverage and speculation
26. Financial Innovation- Indian example
• Gradual and calibrated introduction of
sophisticated products
• Market making permitted only for select set of
regulated participants
– Banks and Primary Dealers
• Only hedging was permitted for others
– To contain speculation
• Emphasis on suitability and appropriateness
27. Financial Innovation- Indian Example (2)
• Focussed development of market
infrastructure (DvP, CCP etc)
– To enhance transparency and
– To address counterparty credit risks
• Consultative policy making
– Taking into account participants’ awareness and
preparedness
28. Growth of Non-banking Sector-
Concerns
• Contribution to financial development in
EMEs
• Hetrogeneous nature
• Scope of regulation
• Dealing with regulatory arbitrage
• Optimal regulation of non-banking finance
companies
• Public interest issues