Non-bank financial intermediaries, also known as NBFIs, play a vital role in the global financial system. NBFIs are financial institutions that provide financial services and products, such as loans, mortgages, and insurance, but do not have a banking license. This means that they are not subject to the same regulations and oversight as traditional banks. NBFIs are important for the global financial system for several reasons. First, they help to provide access to financial services for individuals and businesses that may not be able to obtain them from traditional banks. This can include small businesses, low-income individuals, and underserved communities.