"The European Union ...allows e-money issuers not to deposit an amount equivalent to 100% of outstanding electronic money liabilities in a separate bank account provided any unfunded liabilities are safeguarded by private insurance. (???) However, this option is not likely to be feasible in many developing economies where insurance markets are not sufficiently developed. (?)" https://www.bbvaresearch.com/
Ancora: [2] Existing regulations typically require that 100% of customer funds be isolated from the e-money issuer’s funds and deposited in a separate account held at a credit institution or invested in secure, low-risk assets. As an alternative, EU regulation requires that e-money issuers obtain insurance covering the full value of the funds received.
https://voxeu.org/article/
9 Another safeguarding measure is insurance. The European union (Eu), for example, permits safeguarding of funds through insurance.
Eu Directive 2007/64/EC permits nonbank e-money issuers in lieu of liquidity provisions, to insure or comparably guarantee the funds backing e-float in an amount payable in the event that the nonbank issuer is unable to meet its financial obligations. Eu Directive 2007/64/EC, Article 9.1(c) incorporated by reference from Article 7.1 of Eu Directive 2009/110/EC (2009). Insuring deposits is not a safeguarding measure adopted so far in developing countries.
https://www.ifc.org/wps/wcm/
Direttiva in italiano 2007/64/EC, pag. 14
http://eur-lex.europa.eu/legal-content/IT/TXT/PDF/?uri=CELEX:32007L0064&from=IT
Art. 9 - 1 - c) Sono coperti da una polizza assicurativa o da qualche altra
garanzia comparabile, ottenuta da una impresa di assicurazione o da un ente creditizio non appartenente allo stesso gruppo cui appartiene l’istituto di pagamento, per un importo equivalente a quello che sarebbe stato segregato in mancanza della polizza assicurativa o di altra garanzia comparabile, pagabile qualora l’istituto di pagamento non sia in grado di assolvere i suoi obblighi finanziari.