The ability to exchange a wide range of data about consumers, SMEs, and their activities can enable financial institutions to design more efficient and personalized services, positioning data exchange as a key driver of future financial inclusion efforts. These companion reports analyze the current state of data exchange in four leading markets — Brazil, the EU, India, and Singapore — highlighting their innovative approaches and the practical challenges they face during implementation. While there are many opportunities, the key barriers to data exchange include incentivizing incumbent banks, fostering a competitive ecosystem for third-party providers, ensuring interoperability, preventing data silos, and building trust through transparency and robust governance.

The main report offers the unique realities of implementing data exchange practices after the first few years and the barriers and opportunities that arise therein. By focusing on real-world application and policy choices, this report provides practical examples and emerging approaches to overcoming implementation challenges in data exchange frameworks. The accompanying report on market deep dives is a companion reading that provide more detailed case studies from Brazil, the EU, India, and Singapore that highlight diverse approaches to financial inclusion, data sharing, and protection policies, offering insights for emerging and developing economies. It reviews new and alternative data sharing arrangements, moving beyond traditional credit reporting to explore multilateral, government-led, market-led, and decentralized ecosystems aimed at broadening data access and usage.

The authors extend their sincere gratitude to the Bill and Melinda Gates Foundation for their generous support of this project. We are particularly thankful to Ariadne Plaitakis and Hillary Miller-Wise for their invaluable guidance throughout the process.


Authors

Edoardo Totolo

Vice President, Research and Programs

Edoardo joined CFI in 2022 as Vice President of Research and Programs, where he oversees CFI’s thought leadership in the thematic areas of financial consumer protection, responsible data practices, and green inclusive finance.

Prior to joining CFI, Edoardo worked for IFC’s venture capital team in Washington, D.C., where he promoted enabling environments and investment opportunities in embedded finance, startup ecosystems, and the digital economy. He also worked for the World Bank’s global financial inclusion unit, assisting regulators in leveraging data and developing strategies for financial inclusion and consumer protection. Between 2012 and 2018, Edoardo worked in Kenya as Research Economist for Financial Sector Deepening Kenya, a multi-donor program supporting the development of inclusive financial markets. He led flagship nationally representative surveys and provided fintech companies with advanced analytical tools for consumer insights and segmentation.

Edoardo holds a PhD in development economics from the University of Trento and an MSc in international development studies from the University of Amsterdam.

Ivan Mortimer-Schutts

Consultant

Mr. Mortimer-Schutts is a financial and digital sector development and policy expert. He is a former staff member and currently consultant to IFC, a member of the World Bank Group. Previously he was based in Asia for nearly 12 years with IFC, advising private companies, financial services authorities and industry organizations on financial and digital sector innovation and investments. Before IFC, he held positions with BNP Paribas in emerging markets business development and securities regulation, a joint Sciences-Po and AEI-Brooking think tank on trade and regulatory policy as well as with financial securities intermediaries in Europe.

Ivan is a graduate of the London School of Economics, Science Po (Paris) and the UWC of the Atlantic.

Alex Rizzi

Former Senior Research Director, Consumer Data Opportunities and Risks

During her time at CFI from 2012-2024, Alex was an advocate for consumer protection and evidence-based inclusive finance practices.

She managed the responsible data practices research portfolio at CFI which focuses on opportunities and risks for low-income consumers from data-driven financial services. Previously, she was a senior director for CFI’s Smart Campaign initiative, where she managed consumer-protection learning agendas and helped launch the Client Protection Certification Program. She has participated in multiple industry working groups on responsible finance, including an advisory group to GSMA’s mobile money certification program and the Microfinance Center’s social performance fund steering committee.

Alex is a graduate of Princeton University and holds a master’s degree from Georgetown’s foreign service school, as well as a certificate in digital money from the Digital Frontiers Institute and The Fletcher School at Tufts University.

Colin Rice

Senior Research Specialist

Colin joins CFI as a research specialist with a background in project design, monitoring and evaluation, and social performance management. He supports research projects as well as the implementation of data collection, management, review, and presentation; drafting blog posts and reports; planning events and workshops, among other things.

Colin previously worked as the social performance manager at Small Enterprise Foundation, the largest MFI in South Africa, where he led a team responsible for gathering and analyzing insights on client progress, satisfaction, and challenges. He also reviewed and developed the organization’s social performance practices, in addition to working on the design, monitoring, and evaluation of financial education and savings projects.

Prior to that, Colin spent time developing M&E tools for BancoSol in Bolivia, consulted with nonprofits and family philanthropic foundations in the DC area to strengthen internal operations, and was an intern on the Bankers without Borders team at Grameen Foundation.

Colin has a master’s degree in social enterprise from American University: School of International Service and a bachelor’s degree in anthropology from Sewanee.

??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Anindita Chakraborty

Senior Manager, Special Projects and Operations

Anindita is an inclusive finance specialist with seven years of experience undertaking research, ratings, client protection certifications, program implementation, training, and evaluation across multiple countries in Asia and Africa. She works closely with CFI’s Managing Director and leadership team on fundraising, operationalizing CFI’s strategy, internal knowledge management, and organizational processes.

Before joining CFI in October 2020, Anindita worked as an evidence and insights fellow at the UN Foundation’s Digital Impact Alliance (DIAL), where she helped develop a category management guide to enable developing country governments to strategically procure digital technologies. Anindita has worked for several financial inclusion organizations, including Dvara Finance, M-CRIL LLP, and Entrepreneurial Finance Lab (now LenddoEFL). While working as the partner success manager at Entrepreneurial Finance Lab, she helped financial institutions in India and Nepal adopt psychometric credit scoring to safely accelerate lending to low-income households and enterprises.

Anindita graduated from Columbia University School of International and Public Affairs (SIPA) with an MPA in economic and political development. She also holds a post-graduate degree in management from the Institute of Rural Management Anand (IRMA) and an undergraduate degree in information technology from the Institute of Engineering and Management (IEM). Anindita is fluent in English, Bengali, and Hindi.

Explore More

Brief

Citizen Experiences with DPI: Kenya’s Digital ID Transition

Privacy as Product, FSP designers
Toolkits and Guides

Privacy as Product: Privacy by Design for Inclusive Finance

Sign up for updates

This field is for validation purposes and should be left unchanged.