Financial technologies are created to innovate former approaches to solve challenges within the realm financial services. FinTech is rapidly developing, and due to this rapid growth, the regulatory process has had difficulty keeping pace. Existing financial industries are subject to strict regulations, FinTech companies now need to stay informed and look further into how regulations apply to their business. There are existing and new components of compliance that all FinTech companies need to be aware of. Here are a list of four regulations to be aware of:
As demonstrated by this list, FinTech companies need to begin planning ahead for the future of compliance and regulations that have traditionally only been for banking institutions. As the FinTech industry grows the need for such regulations will, as well. FinTech companies should stay ahead of the curve and understand the future of compliance, so they can be adequately equipped when the time comes to adhere to new standards and practices.