 St. Lucia. Happy World Consumer Rights Day. Today, St. Lucia and all countries across the globe join hands in celebrating World Consumer Rights Day 2022 under the theme fair digital finance. But what exactly is digital finance? As explained by the European Commission, it is a term used to describe the impact of new technologies on the financial services industry. Traditional financial services are now being made available to consumers and businesses through the Internet using computers, tablets and smartphones. Digital banking is fast reshaping the banking sector. Consumers were first introduced to the ATM and now have more sophisticated services such as online banking, mobile banking, electronic fund transfers and utility payments among others. The non-bank financial sector has also embraced technology. This sector comprises organizations that provide bank-related financial services such as insurance companies, credit unions and cooperatives. Within the region, credit unions, although not all, have advanced at the same pace at introducing electronic fund transfers, mobile and online banking and digital wallets. They are now considering the introduction of automated clearing houses as a faster and more cost-effective means of clearing of checks. The first two words digital finance is not without its challenges for suppliers and consumers of the various services. The question therefore is, are consumer rights being protected? What are the risks to consumers? Are the measures that have been introduced by suppliers and providers of these services adequate and fair? Therefore it is necessary for there to be relevant legislations and standards to ensure that the modern digital services are consumer-friendly, that consumers are protected, providing security of personal data, reliability of services and avenues for redress when necessary. Consumers International, the world's largest non-governmental consumer advocate, engage the Organization of Economic Cooperation and Development, the OECD, the United Nations and the International Standards Organization, the ISO, to introduce and enhance consumer protection for e-commerce and the use of digital technology for delivering financial services. It is worth noting that ISO 12812 captioned core banking mobile financial services was developed in 2016. This standard ensures that the consumer using mobile financial services is receiving the same protection that he or she would have been afforded when using the traditional services. Herrings and Roushah efforts will be made to review the standard by the relevant parties to ascertain whether it can be adopted as a national standard. On the subjects of legislation at the regional level in 2021, CARICOM embarked on an initiative to develop legislation to address consumer interaction with financial institutions. This project is still in its embryonic stage. Within our fair helen, efforts have been made in the right direction. It is with much jubilation that I say St. Roushah was able to fulfill its obligations both regionally and internationally by enacting legislation for consumer protection. January 1st, 2022 marked a milestone achievement for the ministry that after 24 years of discussion, the Consumer Protection Act number 9 of 2016 and its amendment order number 14 of 2021 were given a commencement order. My sincere thanks to everyone who made this a reality. Other legislation already in existence is the electronic transaction covered under the Electronic Transaction Act Cap 8.17 and the Data Protection Act Cap 8.18 which provides protection for personal data collection. In closing, I wish to inform that we at the Ministry of Commerce are dealing with the use of technology in financial services. I can also assure you that government will continue to strive to create a trading environment that is fair for businesses and consumers to function. I thank the Bankers Association and the Credit Union League for partnering with the Ministry to enlighten consumers on digital finance within their respective sectors. Finally, consumers, you have rights. The government is doing its part to ensure the protection of your rights. You have a responsibility to ensure that the National Consumer Association is active and working in protecting your interests and rights. Happy World Consumer Rights Day 2022. I thank you and please stay safe.