The global market landscape was thoroughly altered by the COVID-19 pandemic, which ushered in a state of distress across many industries. Amongst the several areas of impact, quarantine measures upended the way financial institutions—like banks and insurance companies—do business, forcing fintech institutions to embrace innovative business models to avoid being left behind or even having to shut down operations.
Regulatory authorities have applied a higher level of scrutiny over fintech companies in recent times, prompting those who operate in this innovative field to be more vigilant. As a result, a focus on compliance and regulations needs to be a core priority at the same level as product development, especially in the early stages.
In a recent interview with Unifimoney, InnReg CEO Francesco Matteini shared his insights on the current status of financial innovation and regulation.
The stats clearly demonstrate the rapid adoption of bank-fintech partnerships in the financial services industry over the last few years.
If you’re operating in finance - any area of finance - then you probably know that as much as it is important to have a good business plan, it is equally important to have high levels of compliance. Even more so if your business is a fintech one – that is to say, if technology is used in order to improve financial services use and delivery to consumers.
