Change Corner ~ Transforming communities through Consumer Protection activities and advocacy.
Digital Technology (e.g., FinTech) has enabled individuals and businesses that were previously excluded to access credit, digital payments, insurance and other financial products. It has also made credit cheaper and easy to access by improving risk assessment, automating credit processes and designing products better-fit products.
However, FinTechs tend to operate in a legal grey area away from traditional legal frameworks that protect customers from vested interests. This poses a major risk that may lead to moral hazards and declining financial health for FinTech users.
At Change Corner, we look forward to a future where regulators implement bold consumer protection policies to protect vulnerable customers against exploitation, apportion the responsibility of ensuring good customer outcomes on the supply side and task firms to prove that the value they offer is proportionate to the price they charge. In the meantime, we empower people to make better financial decisions and advocate for consumer protection.