The Office of Consumer Protection (OCP) joins Consumers International and its 200 member
organisations across the globe to raise awareness of fair digital finance for consumers everywhere. The
global consumer movement intends to harness the opportunities of emerging digital financial products
by highlighting what fair digital finance means for everyday consumer.
Every year, on March 15 — World Consumer Rights Day — consumer rights groups come together to
highlight a pressing issue facing consumers globally. The theme this year is Fair Digital Finance.
- Digital technologies are reshaping payments, lending, insurance, and wealth management becoming a key
enabler for consumers of financial services. For example, by 2024, digital banking consumers are
expected to exceed 3.6 billion. In the developing world, the proportion of account owners using digital
transactions has grown from 57 per cent in 2014 to 70 per cent in 2017. Likewise, more and more
businesses are creating tech-enabled digital finance products to meet those demands, with 39 per cent of companies making FinTech adoption a high priority.
Consumer advocates and consumer protection authorities recognize the vast potential of digital finance
to create opportunities for all. However, digital financial services have created new risks while also
exacerbating traditional risks for consumers. There is strong evidence to suggest these risks have
increased in recent years, with vulnerable consumers increasingly fragile due to economic hardship.
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