Figure 8
The flowchart has a vertical structure, with a text box labeled “Agenda Themes” at the top. A downward-pointing arrow from this text box leads to four separate vertical columns. The four columns are labeled from left to right: “Green or Environmental, Social, and Governance (E S G) Digital Finance” “Innovation and Financial Stability” “Digital Infrastructure and Inclusion” “Trust, Safety and Consumer Protection” Each column contains a “Policy levers” section and a “Research Questions” section, both with numbered lists. Downward arrows from the column labels point to the four text boxes in the “Policy levers” section, and downward arrows from these text boxes point to four text boxes in the “Research Questions” section. Under “Green or Environmental, Social, and Governance (E S G) Digital Finance”: Policy levers: “1. Taxonomy-aligned disclosure for digital products or lending.” “2. Digital Measurement, Reporting, and Verification (M R V) and tokenized carbon registries integrated with payment rails.” Research Questions: “1. Do Environmental, Social, and Governance (E S G) defaults or nudges in retail financial technology (fintech) applications shift flows toward sustainable assets without raising risk?” “2. Does tokenized Measurement, Reporting, and Verification (M R V) improve integrity and liquidity compared to legacy registries?” Under “Innovation and Financial Stability”: Policy levers: “1. Regulatory sandboxes with clear graduation criteria.” “2. Proportionate prudential regimes for electronic money (e-money) and payment institutions.” Research Questions: “1. What consumer-welfare outcomes result from sandbox participation versus traditional licensing?” “2. How do proportionate prudential requirements affect systemic risk in concentrated payment systems?” Under “Digital Infrastructure and Inclusion”: Policy levers: “1. Risk-based Tiered Know Your Customer (K Y C) or Electronic Know Your Customer (E K Y C) for low-value accounts.” “2. Quick Response (Q R) or Merchant Discount Rate (M D R) incentives and last-mile acceptance grants for Micro, Small, and Medium Enterprises (M S M E s) and agents.” Research Questions: “1. How do tiered Know Your Customer (K Y C) thresholds affect inclusion, fraud, and account dormancy?” “2. Do Quick Response (Q R) acceptance subsidies accelerate Micro, Small, and Medium Enterprise (M S M E) formalization and digital sales growth?” Under “Trust, Safety and Consumer Protection”: Policy levers: “1. Reimbursement and liability frameworks for fraud and unauthorized transactions.” “2. Algorithmic transparency and audit standards for Artificial Intelligence (AI)-driven financial services.” Research Questions: “1. Do reimbursement guarantees increase adoption and retention among first-time users?” “2. Which Artificial Intelligence (A I) audit standards best balance fairness, explainability, and credit access?”Policy levers and associated policy-oriented research questions for key digital finance agenda themes. Source(s): Authors’ own work