The financial landscape is evolving, and non-bank financial intermediation (NBFI) is emerging as a critical player in this transformation. The NBFI ecosystem, a diverse and dynamic set of financial activities, entities, and infrastructures, is reshaping how savings are managed and how the real economy is financed. Understanding the NBFI Ecosystem Non-bank financial institutions (NBFIs) encompass a wide range of entities, including investment funds, insurance companies, pension funds, and other financial intermediaries. Each of these institutions operates under unique business models, balance sheets, and governance structures, and they are regulated differently across various jurisdictions. Investment funds, for example, pool resources from …
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