剑桥大学贾奇商学院：2026数字金融服务业竞争格局研究报告：新兴市场与发展中经济体监管策略与发展路径（英文版）（114页）.pdf

1、With the support ofCompetition in Digital Financial ServicesRegulatory Strategies and Pathways for Emerging Markets and Developing EconomiesJune 2026CitationPlease cite this study as:CCAF and Fii(2026).Competition in Digital Financial Services:Regulatory Strategies and Pathways for Emerging Markets

2、and Developing Economies.Contents Foreword 4 Research Team and Acknowledgements 5ExecutiveSummary6PartI:Introduction10 CompetitionViaDFS,CompetitioninDFS,CompetitiveDFSMarkets:WhyItMatters11TheRoleofPublicandFinancialAuthoritiesinInfluencingCompetitioninDFS15ReportOutline16PartII:ATieredConceptualFr

3、ameworkforDevelopingCompetitiveDigital17 FinancialServicesMarkets OverviewoftheTieredConceptualFrameworkforCompetitiveDFSMarkets20 Tier1-FoundationalInfrastructureandPolicyandRegulatoryFrameworks21 Tier2ToolstoSupportEntry27 Tier3ToolsSupportandStrengthenScaling29 Tier4AdvancedMarket-ShapingTools31

4、Summary35PartIII:MappingPolicyandRegulatoryToolstoSupply-andDemand-Side36 CompetitionBarriersinDFS OverviewofCompetitionBarriersinDFSMarkets37 Supply-SideBarriers39 Demand-SideBarriers54 Summary60PartIV:StrengtheningPrivateCapitalFormationthroughDFSCompetitionTools61 FoundationalFrameworks(Tier1)63

5、ToolstoSupportEntry(Tier2)65 ToolstoSupportandStrengthenScaling(Tier3)67 AdvancedMarket-ShapingTools(Tier4)69 TheCompetition-StabilityTrade-OffinCapitalFormation71 Summary72PartV:ImpactofDFSCompetition-EnhancingRegulatoryInterventions73 CaseStudies CasestudyKenya/Nigeria74 Casestudy-Malaysia/Vietnam

6、78 Summary81PartVI:BuildingStrategiesforCompetitioninDFS82 EmbeddingaCompetitionLensinPolicymakingandRegulation84 IntroducingCompetition-FocusedPolicyandRegulatoryInterventions85 Summary95PartVII:Conclusion96 Endnotes 100 Bibliography108Abbreviations1134Competition in Digital Financial Services:Regu