Digitalization has re-shaped the world of finance, including the emergence of a new generation of dominant digital finance platforms (BigFintechs) with increasing cross-border spill over effects across many areas of sustainable development, particularly in emerging markets. 

The UN Secretary General’s Task Force on Digital Financing of the SDGs (DFTF) established the Dialogue on Global Digital Finance Governance to explore the nexus of BigFintechs and sustainable development. Through its findings, the Dialogue aims to catalyze governance innovations that take greater account of the SDG impacts of BigFintechs and are more inclusive of the voices of developing nations.

The Dialogue on Global Digital Finance Governance is hosted by the Swiss and Kenyan Governments and stewarded jointly by the United Nations Development Programme (UNDP) and United Nations Capital Development Fund (UNCDF).

 

Understanding the impacts of BigFintechs on sustainable development

BigFintechs have complex, technology-driven, cross-sector business models, with embedded finance, making the task of understanding their impacts challenging. Current reporting and monitoring standards are unable to capture BigFintechs’ SDG impacts across their extended ecosystems and value chains, many of which operate in developing economies. 

 

Towards an Inclusive, SDG-Aligned Governance of BigFintech 

The Dialogue has produced a series of papers exploring new, complementary perspectives on the nexus of BigFintechs, sustainable development and governance.  

 

Principles and Recommendations to align BigFintech governance with the SDGs

The Dialogue on Global Digital Finance Governance has developed a set of guiding principles and recommendation upon which policy makers, regulators and BigFintechs can build BigFintech governance frameworks at all levels.

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