Page 43 - The Digital Financial Services (DFS) Ecosystem

ITU-T Focus Group Digital Financial Services
Ecosystem

v. Inspecting digital financial services participants and providing technical expertise

vi. Sharing information <SEE LATER CLAUSE>
vii. Providing technical opinions and comments on legal and regulatory instruments
viii. Developing and disseminating materials to participants on the regulations

3.3.6 Ongoing contact and meetings

To enable effective collaboration, each Authority may:
• Nominate at least two senior representatives from within their organization to start and serve on a
Steering Committee that will hold meetings at least two times per year and when necessary. The Steering
Committee will be responsible for providing strategic and policy guidance on matters covered in this MoU

• Nominate one person as the primary contact person and liaison for the purposes of information sharing
related to this understanding. If this person changes over the course of the understanding, the Authority
will communicate the change to the other party.
• Nominate two persons to serve on a Technical Working Group aimed at collaborating on technical matters,
whose terms of reference shall be defined and approved by the Steering Committee.
• Nominate one person to serve on an External Communications Working Group, aimed at liaising with
other regulatory bodies and participants, whose terms of reference shall be defined and approved by
the Steering Committee.

• Nominate representatives to serve on other working groups if and when the need is identified by the
Steering Committee.

3.3.7 Sharing Information
Exchange of information will take place at many levels. Some information available to one regulator (including
regularly provided regulatory data) may not be readily available to the other. As a result, the Authorities agree
to share information to the extent permitted by law, to enable the regulation and supervision of digital financial
services in <COUNTRY>. Such information includes but is not limited to

• Both Authorities will inform each other about an event which has the potential to endanger the stability
of digital financial services or a relevant participant operating in the digital financial services ecosystem.
This may include complaints data, supervision outputs, risk assessment outputs and enforcement data.
• Both Authorities will consider offering trainings on their expertise to the counterparty as needed to
ensure proper understanding.
• The Financial Services Regulatory Authority(ies) will provide the Telecommunications Authority(ies) and
<AS NEEDED: Authority 3 and 4>
i. Information related to the licensing and/or authorization of entities able to provide digital financial
services and/or participate in the digital financial services ecosystem
ii. Information on funds safeguarding, including isolation, liquidity requirements and deposit protection
iii. Information on emerging business models and services related to digital financial services

• Telecommunications Authority will provide the Financial Services Regulatory Authority and <AS NEEDED:
Authority 3 and 4>

i. Information pertaining to regulation or approvals to provide communication services including
updates on licensed/unlicensed operations

ii. Data on outreach and coverage of the telecommunications network(s), including network performance
metrics like quality and reliability

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