Marketplace Lending Association Announces Support for World Bank Guidelines for Investing in Responsible Digital Financial Services
Association Members continue to lead on standards, promoting investment in lending platforms that offer responsible, transparent financial products
WASHINGTON, Feb. 11, 2019 /PRNewswire/ -- The Marketplace Lending Association (MLA) today announced that MLA and the MLA Investor Council have become a signatory to the Guidelines for Investing in Responsible Digital Financial Services. These standards have been co-led by IFC, a member of the World Bank Group, and a core group of investors which launched the Guidelines in Amsterdam last June. The Guidelines are hosted on the Responsible Finance Forum platform: https://responsiblefinanceforum.org/investor-guidelines/
"I am proud that our Association continues to support the highest voluntary conduct standards in digital finance," said Nathaniel Hoopes, Executive Director of the MLA. "In California, we've seen how voluntary industry standards can play a crucial role in seeding sound public policy ideas in the area of disclosure. Here, the MLA is signing onto investment guidelines that seek to ensure that investors – both large and small -- are evaluating digital financial services companies through a lens of both responsibility and innovation."
Jacob Haar, Managing Partner of Community Investment Management and the Chair of MLA's Investor Council also weighed in on the movement to promote investor responsibility: "Digital financial services have the potential to be transformative solutions to increase financial health and inclusion globally. As the leading investor group funding responsible innovation in lending, we believe that it is incumbent on us to support best practices in the industry to protect customers and create alignment among all stakeholders."
The IFC's Manager of Digital Finance and Microfinance, Martin Holtmann said: "While opportunities for digital finance have increased, so have the risks, particularly for the lower income customers in rural, fragile markets. The Guidelines focus on embedding consumer protection into digital financial services and incorporate IFC's due diligence practices for digital users and customers into investments. The guidelines will benefit digital financial service providers and their customers by helping investors to better evaluate and manage risks associated with digital transformation and we welcome MLA as a signatory and their commitment to our shared goals."
ABOUT MLA
MLA, a professional trade association, was formed in 2016 and now has more than 30 active members. The goals of the Association are to promote a transparent, efficient, and customer-friendly financial system by supporting the responsible growth of marketplace lending, fostering innovation in financial technology, and encouraging sound public policy at the state and federal level.
To be eligible to join the association MLA companies must abide by the highest standards of business conduct in providing credit and services to consumers and businesses. For more information about MLA, its members and its membership standards, visit the MLA website at www.marketplacelendingassociation.org.
Media Contacts: Nathaniel Hoopes – Executive Director
Phone: (202) 660 1825
[email protected]
SOURCE Marketplace Lending Association
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