Nomanini Becomes a Co-Founding Signatory on the Guidelines for Responsible Digital Finance Investment
As part of a unique industry alliance, Nomanini has become one of the 40 co-founding signatories of the Guidelines for Responsible Digital Finance Investment, which were launched at the CONNECTING THE DOTS conference in Amsterdam this week.
The Guidelines for Responsible Digital Finance Investment were created with the purpose of developing greater investor and investee awareness around ensuring that digital financial services are both responsible and sustainable, and are aimed at spreading the benefits of the fintech revolution more widely.
Organized by Goodwell Investments in partnership with IFC, DEG, the Dutch Ministry of Foreign Affairs, and with support from CDC, the launch is the first of a series of engagements to further broaden the outreach to strategic partners as signatories.
Through the guidelines the signatories are committing to help accelerate investments that will benefit digital finance customers and develop broader digital ecosystems. This will involve partnering with industry and technology leaders and fine-tune evolving solutions and business models for inclusive growth.
“Nomanini is honoured to be among the group of initial signatories to the new investor guidelines aimed at spreading the benefits of the fintech revolution more widely. In this fast-moving space that reaches peoples financial lives so fundamentally, risks abound. This set of guidelines, rather than a rigid set of standards, enables richer and more nuanced discussions about how best to work in a not-uncomplicated industry,” says Nomanini CEO Vahid Monadjem.
While the opportunities in fintech have increased, so too have the risks surrounding digital financial services for investors, investees, customers and wider digital ecosystems across markets and regions. Anchored in the G20 High Level Principles for Digital Financial Inclusion, the Guidelines have been signed by 40 leading organizations who are interested in funding inclusive digital financial services in a responsible way.
The Guidelines on Responsible Digital Financial Services comprise 10 touchpoints that financial investors and their fintech investees can use to evaluate opportunities, mitigate risks and contribute to a more responsible and inclusive digital finance ecosystem. These include promoting fair and transparent pricing and better disclosure of terms and conditions for customers, preventing people taking on more debt than they can comfortably manage, increasing their financial literacy, establishing customer identity, data privacy and security standards, fostering a proportionate legal and regulatory framework, and enabling the interoperability of digital financial services.
The guidelines will enable investors and their fintech investee companies to offer new financial services to millions of consumers by helping them recognize the opportunities and mitigate risks. They will also create a basis for due diligence and monitoring of their fintech investments.
This broad range of stakeholders are leading the development of inclusive digital financial ecosystems. By joining forces, the signatories will be able to accelerate their investment opportunities, assess risks of investing in digital financial services in a more holistic manner and co-invest in new technology and customer solutions with potential and existing digital financial services investees. The result will be increased competitiveness and value added through customer trust and loyalty and an ability to better mitigate potential operational and reputational risks.
The full list of participants, as well as more information on the guidelines is available at www.responsiblefinanceforum.org