Assignment - Fintech Regulations

  1. There is no general fintech “privilege” under German regulatory law. If a fintech company’s business falls under the German Banking Act, Insurance Act, Payment Services Supervisory Act or Investment Act, the company must obtain the relevant licence and comply with the applicable provisions.
  2. Deutsche Börse Grpup / Deloitte
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  1. The FCA are the governing body covering the governance of FinTech in the UK and fintech falls under the old financial system regulations mainly The Financial Services and Market Act of 2000> there are many other regulations that FInTeh companies need to abide to also PSRs, EMRs, POCA, MLRs> Most of these regulations have had to be updated to cover the new advancements in Technology.
  2. Of the 5 I have reviewed quantexa seem to offer the full suit of Regtech services and clausematch being the only offering compliance services solely. Onfido are the most well established being used in multiple industries offering a full suit of services.

Q1. The UK may be subject to review of the following regulation in 2021:

BNPL Regulation - Buy now pay later has been branded risky to customers and The Financial Conduct Authority (FCA) have been asked to regulate this area.

Banking Licenses - Banking Licenses in the UK are one of the hardest to secure with only two license available, the E-money and full banking license. To create a more attractive environment this may be up for review by the FCA.

Q2. Some examples of RegTech companies in the UK are:

Onfindo - Identity verification and background check software
Quantexa - Specializes in analytics, data science and big data


FinTech Regulation Iceland:

  1. A fintech research centre was established within the University of Reykjavík.
  2. The Payment Services Act awaits the implementation of Directive (EU) 2015/2366, PSD II, which is expected to occur late 2021 or early 2022. Additionally the market in financial instruments directive awaits full implementation. Further, companies wishing to provide financial services are subject to the supervision of the FSA and generally must obtain operating licences/authorisations from the FSA to provide their services.
    Iceland implements most of its financial regulatory framework from the EU, through its participation of the European Economic Area (EEA).
  3. The Central Bank of Iceland, Financial Supervision (FSA) has set up a specific Fintech Help Desk. The Fintech Help Desk assists those who provide, or aim to provide, new financial services classified as fintech. The Fintech Help Desk operates as an internal fintech task force, within the FSA, assisting individuals and companies with regulatory issues or business-specific questions. It is intended to support and promote communication with fintech parties and analyse whether the financial services in question are in accordance with the applicable law and regulations; as well as whether any licences and/or authorisations are required.

RegTechs Iceland:
In Iceland are not so many RegTechs companies. I found the following company:
BBA//Fjeldco is the result of a merger of two of the leading corporate law firms in Iceland, BBA and Fjeldco. The merged firms have, since 1998, been leading in the field of mergers and acquisitions, capital markets, banking and corporate finance, energy and PFI projects, as well as general corporate and commercial matters. BBA//Fjeldco has provided advice on many of Iceland’s biggest and most complicated financing and M&A deals, as well as the country’s most important PFI and energy projects. The firm has over 25 specialised business lawyers, with qualifications in Iceland, England, France and New York. BBA//Fjeldco has offices in Reykjavik and London, together with operations in France.

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As per EU directives the Bank of Italy has implemented the Fintech Hub (a technology common platform) and the ‘regulatory sandbox’, a list of rules that fintech companies should follow. These enclose the protection of personal data, the immediate need to communicate any event of cyber attack for eventual common protection, and new rules about money laundering. The crypto currencies financial service remains without any specific rule; at current state they are considered like foreign currencies and there are not specific requirements to operate with them.


I did not find any specific FinTech regulations for Latvia. Our country is so small that we most likely have to follow European Union FinTech Regulations which were presented in this course.

I found very interesting information about 2 Latvia-based FinTech/ RegTech start up: Nordigen and Jeff


About Jeff:
Founded in 2019, Jeff App tackles this issue by consolidating the demand and aggregating alternative data from those seeking financial services. This is achieved by integrating with a continuously growing number of data sources, using anonymised smartphone metadata and analysing behavioural patterns. By leveraging the customers’ digital footprint to produce a unified credit score, the startup is on a mission to make the process smoother for both lenders and borrowers. Jeff App stands out in a market where players focus on either reducing friction in the signup process or just offer an alternative credit score as a third-party plugin outside of the user journey.

Very nice, I will investigate these 2 more, thank you for this assignments, I have never heard about these 2 start ups and probably wouldn’t if it wasn’t for this assignment. Thanks!

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To keep appraised of all regulatory issues in South Africa while digitally transforming is often arduous. Simply paying attention is no longer enough, which is why regulatory technology, or regtech, now plays a crucial role and can significantly assist in ensuring all digital transformation projects are successful and compliant.

Regtech — or platforms and apps aimed at simplifying compliance with regulations — is big money in South Africa.

This was confirmed after Johannesburg based regtech startup Intergreatme was last month able to raise a whopping over R32-million (against a R24-million target) through crowdfunding platform Uprise.Africa, in just a matter of days.

The global regtech market revenue was estimated last year to be worth $2.3-billion dollars and is expected to grow to $7.2-billion by 2023, according to a report in October last year by Analytical Research Cognizance. A second report, released in December by Markets and Markets, estimates the market to at $4-billion, growing to $12.3-billion by 2023.

Intergreatme is not the only company to look out for in the sector. Ventureburn highlights three others to watch. Here they are:


This Cape Town-based regtech startup uses an array of tech that includes artificial intelligence, bio-metrics, machine learning, and tamper detection.

In 2017 ThisIsMe claimed to have set a new record for making a Fica filing on behalf of accounting institutions — claiming that it can do the filing in just three minutes, down from the two days to two weeks it usually takes (see this story).

Consumers that have used ThisIsMe are able to skip queues and register new accounts within minutes instead of days, from anywhere in the world.

The startup was founded in 2014 by Juan Furmie and David Thomas ( pictured above ). Mark Chirnside served as the company’s CEO from 2014 until he left the company in late 2017.

The startup attracted $2.5-million in funding in 2016.


DocFox — which was founded in 2014 by Richard Cohen and Ryan Canin ( pictured above ) — has developed a platform that allows its corporate clients to comply with Fica regulations. The company currently has offices in South Africa and the US, with about 16 staff in all.

Canin told Ventureburn in an email this week that the startup currently works with over 125 financial institutions — in the US and South Africa — and is growing the number of users to manage their Know Your Customer (KYC) and anti-money laundering compliance.

DocFox enables financial institutions to carry out KYC procedures on any entity or natural person, from any country in the world. Canin says DocFox’s platform can be used to onboard any type of entity from the most complex of offshore structures in any jurisdiction to any natural person of any nationality.


Entersekt, which is headed by CEO Schalk Nolte ( pictured above ), provides authentication and mobile-security solutions for financial services providers around the world.

While Entersekt doesn’t offer regtech solutions per se (the company’s software helps banks and other large enterprises to achieve compliance with certain regulations, but doesn’t manage and measure regulatory requirements as a whole) Ventureburn opted to include the company in the list because it operates partly in the regtech vertifcal.

The startup is an innovator in push-based authentication and app security also operates in the regulatory space by helping banks to be compliant with regulations while ensuring customer information is protected.


Johannesburg based startup Intergreatme — which was founded in 2016 by James Lawson, Dewald Thiart and Luke Warner ( pictured above, from left to right ) — has an identity management platform which provides users with control of their identities across the sectors of financial services, telecommunications and insurance.

The platform also allows businesses to comply with the Financial Intelligence Centre Act (Fica), the Regulation of Interception of Communications and Provision of Communication-related Information Act (Rica), the National Credit Act regulation (NCA) and Protection of Personal Information (POPI) regulations.

Financial regulation

Regulatory bodies

Which bodies regulate the provision of fintech products and services?

There are currently no fintech product and services-specific laws or regulatory bodies.

However, certain fintech products and services may fall within the scope and ambit of general financial services regulatory frameworks and, thus, will be subject to the supervision of regulatory bodies charged with the monitoring of those frameworks. As such, the Financial Sector Conduct Authority (FSCA), the Prudential Authority (PA), the National Credit Regulator (NCR), the South African Reserve Bank (SARB) and the Financial Intelligence Centre may each have regulatory oversight in respect of various aspects of the offering of fintech products and services.


Thank you for the great response. :pray:


@thecil, I think they may be a mistake with this section -

The quiz at the end of this section is labelled “Fintech Regulations” as per the category but the quiz in the link is the “U.S. Taxation of digital assets” quiz. Where can I find the correct quiz?


Hey @mervxxgotti, hope you are great.

Nice catch man, we will fix it soon enough :face_with_monocle:

But I think is only an error on the quiz name, the questions on it are still related to the subject of the category. We will also double check if it matches with our database, maybe it is just a typo error :slight_smile:

Anyway, thank you very much man, you have a great eye to catch this kind of error :muscle:

Carlos Z


Confirmed! Thanks for the fix! The questions are indeed from the section so it was just a labelling error of the title.

Thanks for the quick response homie! @thecil


This is the most updated fintech regulations in Colombia that I found(In english)


There are many different regulations we have to comply with. Makes no sense to write them down here. :slight_smile:

We have quite a few RegTech companies in Sweden.
Logwise - Automated track of insider log books.
Scrive - Quick adoption esignature solutions for remote teams.

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Canada is a business friendly jurisdiction that has a broad array of fintech businesses at all stages of growth operating throughout the country. Despite this, Canada lags in fintech adoption.

Fintech businesses engaged in the crypto / defi spaces fall under the Canadian securities regulators. Canadian crypto exchanges are currently working towards becoming registered investment dealers and IIROC (Investment Industry Regulatory Organization of Canada) dealer and marketplace members and subject to relevant securities legislation.

One of the newest Canadian-led regtech innovations is Shyft Network - a crypto-based fintech ecosystem designed to provide trust and identity services to decentralized finance (

Trulioo is a Canadian-based company that provides simple electronic identity and verification of both individuals and businesses as part of KYC onboarding.

CUBE ( is a global RegTech provider empowering regulated financial institutions meet compliance challenges by combining financial regulation and artificial intelligence. Terrific for holistic approaches to addressing traditional compliance processes such as regulatoryy change management and insights into the regulatory chain – from obligations to operational risks/controls.

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Fintech Regulations Australia

Fintech companies operating in Australia are regulated by two key regulatory bodies:

ASIC – Australian Securities and Investments Commission

APRA – Australian Prudential Regulatory Authority

Fintech company engaging in the following activities must comply with the regulations set out by ASIC and APRA:

Financial services;

Consumer credit lending;

Registering and disclosure obligations;

Consumer law requirements;

Privacy and anti-money laundering; and

Counter-terrorist financing requirements.

ASIC is the primary regulating body for credit and financial services in Australia. The National Consumer Credit Protection Act 2009 (Cth) (NCCP Act) and the National Consumer Credit Protection Regulations 2010 (Cth) (NCCP Regulations) provides ASIC powers to grant and regulate credit licences to companies.

A Fintech company needs to obtain an Australian Financial Service Licence (AFSL) if it engages in activities in relation to financial services. This may include the following activities:

Financial product;

Custodial or depository service;

Registered managed investment scheme;

Crowdfunding service; and

Traditional trustee company services.

If a Fintech company engages in any credit activity, it must obtain an Australian Credit Licence (ACL), have an authorised representative to engage in credit services, or be exempt from holding a credit licence.

The National Consumer Credit Protection (Fintech Sandbox Australian Credit Licence Exemption) Regulation 2020 (“Fintech Sandbox”) recently introduced licensing exemptions for Fintech companies. With this Fintech Sandbox, a fintech company may therefore be exempt from licensing requirements if it wishes to test a new credit service or product for up to a period of 12 months.

ADI Licence - APRA requires any company that conducts a “banking business” such as taking deposits or making advances of money, to possess an Authorised Deposit Taking Institution (ADI). A new Fintech start-up or company entering the banking industry may be eligible for a restricted ADI licence regime.

If a Fintech company engages in banking and digital currency, it must also be comply with obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (“AML/CTF Act”), and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) (AML/CTF Rules).

In 2018, the Australian Transaction Reports and Analysis Centre (AUSTRAC) became the governing body for Anti-Money Laundering and Counter-Terrorism.


Australia is the world’s third largest RegTech hub, behind the US and the UK. Over 10 percent of all RegTechs are headquartered in Australia. Since 2015, growth in Australia (15 per cent CAGR) has significantly outpaced global growth (6 per cent CAGR).

There is a large list of RegTech companies in Australia. The following is a list of those engaged in AML/CTF/Sanctions Risk:

First AML

Sedicii Innovations Limited

PX Partners

DX Compliance

Cerebreon Technologies




RegTank Technology Pte Ltd


Thomson Reuters


Silent Eight Pte. Ltd.





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There is no single Canadian regulatory body, either at the federal or provincial level, which has jurisdiction over fintech businesses. In particular, securities regulators have been open to providing exemptions to certain securities legislation requirements for fintech businesses. I am in Alberta and am actually dealing with the Alberta securities commission to se what needs to be done to open a crypto investment firm. IIROC and CSA are the federal securities regulators and from there everything is done on a provincial level. The bank of Canada as of May 2021 is proposing some new laws for regulating Fintech… Fuck man are we ever behind :woman_facepalming:


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In my country Namibia, crypto and fintech industry is just getting popular. There are no fintech regulations though crypto use is highly discouraged by the central bank.

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No special regulation regarding fintech in Hungary. The authorities and all the institutions use local version of AMLD5.

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