The last decade has seen the explosive growth of innovation in financial services and digital value exchange, and this has done much to advance financial inclusion.

These trends expand the risk and compliance management challenges of money transmission beyond traditional banks, and place new demands on financial regulators to match the speed and scope of fintech.  

Digital identity is a fundamental requirement for enabling people to access financial services, and a tool for regulators and financial service providers to manage risk and compliance, whilst protecting the integrity of a rapidly growing and evolving global financial services system.  

The Rulebook: Open Source Best Practice in Financial Services Innovation

The Rulebook has been developed by the Sovrin Foundation Compliance & Inclusive Finance Working Group (CIFWG) as an innovative best practices framework that extends traditional banking compliance and payments guidance to emerging fintech and regtech. The Rulebook is a tool for businesses, regulators and other financial services stakeholders to:

  • Modernize compliance to support financial inclusion
  • Incentivize self-governance in a rapidly expanding global financial services marketplace
  • Extend compliance to non-traditional and non-bank institutions, who are increasingly engaged in the provision of financial services to underserved and excluded segments of our global economy

The Rulebook is a best practices guidance framework, and as such, is a living document that is continually refined, updated and improved by the CIFWG. The Working Group actively works with the sector on challenges and opportunities that new financial and regulatory technologies can bring to advance inclusion, while engaging global regulators on concerns and efforts to apply modernized approaches to financial sector governance and financial crimes compliance (FCC). A summary of the Rulebook is here. You can see, contribute and comment on the Rulebook itself here.

Join the Sovrin Foundation Compliance & Inclusive Finance Working Group (CIFWG)

The CIFWG is an open group of traditional bank and nonbank financial institutions, regulators, policy makers, technologists, ethicists, and legal experts. The purpose of the CIFWG is to advance financial inclusion globally through the use of SSI and other innovations in regtech and fintech.

This all-volunteer Working Group is open to anyone with a genuine interest in and willingness to contribute to advancing financial inclusion and modern FCC practices into a rapidly evolving financial services ecosystem that will enable more secure and sustainable access for all.