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The telecommunications industry provides essential communications services for businesses and consumers alike. As enterprises, products, and industries become increasingly digitalized, the internet and mobile service networks are becoming the global marketplace. One consequence of this is that the line between telecommunications and financial services is blurring. Mobile devices are expensive, and communications service providers (CSPs) increasingly are involved directly in financing them for customers. And CSPs have begun offering platforms for financial services, such as mobile money and microlending services in emerging markets. While these trends represent major opportunities for CSPs, they also bring with them new compliance requirements and regulatory hurdles.