In July 2025, the Cambridge Centre for Alternative Finance (CCAF) released a research report, “Digital Public Infrastructure and Digital Financial Services,” which offers an in‑depth examination of the pivotal role digital public infrastructure (DPI) plays in advancing the inclusivity of digital financial services (DFS). Drawing on interviews and data analysis across more than a dozen emerging economies, the report systematically maps the build‑out pathways, policy frameworks, and real‑world impacts of core DPI components—from digital identity and payment systems to data‑exchange platforms.

The report finds that while DPI can exert a powerful institutional leverage effect, its contribution to financial inclusion is not guaranteed. Realizing its potential requires the coordinated advancement of complementary regulations, private‑sector participation, and robust governance mechanisms. It further underscores that future policymaking should place greater emphasis on user rights protection, system interoperability, and policy feedback loops to achieve sustainable development that is “well built, widely used, and reliably run.”

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