Digital Identity in Fintech Regulation
Jasmine Kit Ching Ng · Advances in finance, accounting, and economics book series · 2024
This chapter explores fintech's digital identity (ID) regulation, its evolution, challenges, and future. It underscores digital ID's vital role in secure, inclusive financial transactions. Regulatory literature, notably EU's eIDAS Regulation and PSD2 directive, is reviewed. Despite hurdles like fragmentation, regulatory interventions bolster security and compliance. SWOT analysis reveals strengths, weaknesses, opportunities, and threats. Recommendations advocate for standards harmonization, cybersecurity mitigation, and regulatory innovation. The chapter reflects on digital ID regulation's pivotal role in shaping fintech, emphasizing regulatory frameworks' necessity for fostering responsible innovation.