83. World Bank (2021a). 84. CBK (2019). 85. CBK (2021b). Since December 2021, an amendment to the Central Bank of Kenya Act has provided the financial sector regulator with the power to license and oversee app-based lenders. 86. Feyen et al. (2021). 87. Alonso-Gispert et al. (2022). 88. IMF (2019). 89. World Bank and CCAF (2020). 90. Broeders and Prenio (2018); di Castri et al. (2019). 91. World Bank (2021b); World Bank and CCAF (2020). 92. Data2x (2016). 93. World Bank (2021c). 94. European Parliament (2019). For example, the European Parliamentary Research Service put forward four policy elements: (1) awareness-raising: education, watch dogs, and whistleblowers; (2) account ability in public sector use of algorithmic decisionmaking; (3) regulatory oversight and legal liability; and (4) global coordination for algorithmic governance. 95. Major elements include BCBS (2021); BIS and IOSCO (2016); FSB (2018, 2020); and G-7 (2016). 96. World Bank and CCAF (2020).
97. 98. 99. 100. 101. 102. 103. 104. 105. 106. 107. 108. 109. 110. 111. 112.
Pazarbasioglu et al. (2020). World Bank (2019a, 2020b). Pazarbasioglu et al. (2020). Ruch (2020). IFC (2020b). Pazarbasioglu et al. (2020). Feyen et al. (2021). Dailey and Taylor (2021). Fiserv serves about 6 percent of the merchant acquiring market. Togoh and Topping (2018). For example, see IOSCO (2020); MAS (2018); OJK (2017a, 2017b); and RBI (2021a), paragraph 17 and annex VI. Alonso-Gispert et al. (2022). Plaitakis, Wills, and Church (2016). Feyen et al. (2021). Claessens (2009). Parlour, Rajan, and Zhu (2020). He, Huang, and Zhou (2020) highlight that although open banking favors new entrants in the credit market, it may under certain conditions negatively affect borrowers because of its impact on market dynamics and because of its signaling effect on borrowers, who may decide to opt out from sharing data.
References Adian, Ikmal, Djeneba Doumbia, Neil Gregory, Alexandros Ragoussis, Aarti Reddy, and Jonathan Timmis. 2020. “Small and Medium Enterprises in the Pandemic: Impact, Responses, and the Role of Development Finance.” Policy Research Working Paper 9414, World Bank, Washington, DC. Agarwal, Sumit, Shashwat Alok, Pulak Ghosh, and Sudip Gupta. 2020. “Financial Inclusion and Alternate Credit Scoring for the Millennials: Role of Big Data and Machine Learning in Fintech.” Paper presented at Cambridge Centre for Alternative Finance’s “Fifth Annual Conference on Alternative Finance,” Judge Business School, University of Cambridge, Cambridge, UK, June 29–July 1, 2020. Alfonso, Viviana, Codruta Boar, Jon Frost, Leonardo Gambacorta, and Jing Liu. 2021. “E-commerce in the Pandemic and Beyond.” BIS Bulletin 36, Bank for International Settlements, Basel, Switzerland. Alonso-Gispert, Tatiana, Pierre-Laurent Chatain, Karl Driessen, Danilo Queiroz Palermo, and Ariadne Plaitakis. 2022. “Regulation and Supervision of Fintech: Considerations for EMDE Policymakers.” Technical Note, Future of Finance Report, World Bank, Washington, DC. Amosun, Adedoyin, and Deborah Unger. 2020. “Keeping African Goods Moving.” Thought Leaders, August 26, 2020. https://www.strategy-business.com/article /Keeping-African-goods-moving. Apedo-Amah, Marie Christine, Besart Avdiu, Xavier Cirera, Marcio Cruz, Elwyn Davies, Arti Grover, Leonardo Iacovone, et al. 2020. “Unmasking the Impact of COVID-19 on Businesses: Firm Level Evidence from across the World.” Policy Research Working Paper 9434, World Bank, Washington, DC. Auer, Raphael, Jon Frost, Thomas Lammer, Tara Rice, and Amber Wadsworth. 2020. “Inclusive Payments
for the Post-Pandemic World.” SUERF Policy Note 193, European Money and Finance Forum, Vienna. https://www.suerf.org/policynotes/16645/inclusive -payments-for-the-post-pandemic-world. Ayyagari, Meghana, Asli Demirgüç-Kunt, and Vojislav Maksimovic. 2011. “Small vs. Young Firms across the World: Contribution to Employment, Job Creation, and Growth.” Policy Research Working Paper 5631, World Bank, Washington, DC. Banca de las Oportunidades. 2020. “Reporte de Inclusión Financiera: Primer Semestre, 2020” [Financial inclusion report: First semester, 2020]. Departamento Nacional de Planeación and Banca de las Oportunidades, Bogotá, Colombia. https://bancadelasoportunidades .gov.co/sites/default/files/2020-10/BDO_Reporte%20 Semestral_0.pdf. Banco de México. 2021. “Evolución del Financiamiento a las Empresas durante el Trimestre Abril–Junio de 2021” [Quarterly trends in financing to companies during the quarter April–June 2021]. Press release, August 19, 2021. https://www.banxico.org.mx/publicaciones-y -prensa/evolucion-trimestral-del-financiamiento-a-las -empr/%7B7F3AFEC9-A775-BC0B-1640-5950FA AE 46E3%7D.pdf. Banco Pichincha. 2021. MSME Business Update, September 2021. Banco Pichincha, Quito, Pichincha, Ecuador. Bari, Faisal, Kashif Malik, Muhammad Meki, and Simon Quinn. 2021. “Asset-Based Microfinance for Micro enterprises: Evidence from Pakistan.” CEPR Discussion Paper DP15768, Centre for Economic Policy Research, London. Bartlett, Robert P., III, Adair Morse, Nancy Wallace, and Richard Stanton. 2020. “Algorithmic Accountability: A Legal and Economic Framework.” Berkeley Technology LENDING DURING THE RECOVERY AND BE YOND | 191
