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What Regulatory and Compliance Issues Face Impact Platforms? - The Fintech Times: Continuing our focus on fintech for good, we delve into the regulatory hurdles facing impact platforms, as industry leaders offer advice.

The banking and financial sectors are undergoing a significant transformation as financial technology, or Fintech, reshapes traditional practices. In response, governments and regulatory bodies worldwide are exploring controlled environments to test new financial technologies.  #Fintech_Regulatory_Sandbox_in_Vietnam

The hardest question anyone had asked me recently - “I can take it on faith that Synapse was an exception. But how do I know for sure that Fintech X that is operating under Sponsor Bank Y is a safe place to put my money?” I was having a conversation with a reporter who had just conducted a series of interviews at a large fintech. She explained that it took her a day and half interviewing people across the company to truly believe her money was safe. There is nothing like a AAA rating for fintech programs. And a lot of the steps necessary to protect customer funds - such as the underlying legal agreement between banks and programs, account titling, ledgering, and reconciliation - are both complex and opaque to the customer. Bankers and experienced fintech operators will get it, but outside having decades of experience, it’s not easy to understand. So how do you convince end users that their money is safe? There’s a short term answer which is to come up with an elevator speech - we have ledgers that get lined up in real time all throughout the day and alarm bells go ringing for both us and our bank any time it gets out of sync. That helps, but will be hard for many customers to understand, let alone evaluate. Nor, as recent events have shown, is it easy for consumers and small businesses to feel confident in knowing what the applicable regulatory regimes are and how they will be protected In the longer term, this is why industry standards that are backed by independent audit are so essential. There’s plenty of precedent in financial services for creation and testing of non-government standards. Think PCI, NACHA audits, and ratings agencies. For the Fintech industry to thrive, we need to set out what it takes to do this right. And let the many fintech firms that have great controls have a way of independently validating that. #Fintech #Payments #Regulation #SponsorBanks

This insightful article sheds light on the evolving landscape where fintech companies navigate regulatory frameworks without stifling innovation. It highlights the imperative for robust measures to protect consumer data while fostering an environment that supports technological advancement. An interesting read! #fintech #data #innovation

Which Financial Regulation Changes Impacted Fintech Development? - BlockTelegraph: Navigating the complex landscape of global financial regulations, we've gathered insights from top fintech leaders, including CEOs and finance ...

Having shared our thoughts about the Tech Sector for 2024 - now its the turn of Financial Services. Although its not the only subject, with the rise of AI, focus on Operational Resilience, and some upcoming changes in Payments FinTech is never far away. #shoosmiths #fintech #financialservices #law Jon Bew Wayne Gibbard

See the latest public market, M&A, and private placement activity in the FinTech sector in our May 2024 edition of FinTech Insight.

See the latest public market, M&A, and private placement activity in the FinTech sector in our May 2024 edition of FinTech Insight.

See the latest public market, M&A, and private placement activity in the FinTech sector in our May 2024 edition of FinTech Insight.