The central bank in the UAE as well as Securities and exchange authority regulate fintech.
Regtech is set up in places like the ADGM to help bring on board fintech firms
Local Fintech Regulations in India:
- Payment and Settlement Systems Act (2007 ): This law is the principal legislation, governing the payments regulation in India. This act prohibits the initiation and operation of any ‘payment system’ in India; without prior authorization of RBI. Payment structures include credit and debit card operations, smart card operations, money transfers, and PPIs.
- Guidelines regulating P2P Lending Platforms : Peer-to-Peer Lending Platform Directions of 2017 prescribe the lender exposure norms and borrowing limits concerning the operations of P2P lending platforms in India.
- NCPI Regulations regarding UPI payments : The UPI Procedural Guidelines, issued by the NCPI, regulate the UPI payments in India. According to this framework, money transfer services through UPI platforms have to be generated by the banks. Banks can engage technology providers to carry out the operation of mobile applications for UPI payments but under the eligibility criteria and prudential norms as prescribed by the NCPI.
- NBFC Regulations : The Reserve Bank of India Act of 1934 governs all NBFCs. According to its regulations, any organization providing fintech services in India will have to be registered by the RBI. According to section 45-IA of the RBI Act, no NBFC can initiate or carry on the business of a non-banking financial institution without obtaining the certificate of registration from RBI.
- Regulations governing Payment Banks : The payment banks do operate as a bank but function on a smaller scale. It cannot provide loans or issue credit cards. These banks are registered as private limited companies and licensed under section 22 of the Banking Regulations Act of 1949. Specific licensing conditions restrict the banks’ activities, especially for the acceptance of demand deposits and on payment and settlements.
RegTech companies in India (Suprised to be aware there is so many in this list and much more);
A1. Enforcd
Providing a global enforcement database, this company is innovative and enables compliance with global regulatory standards. This product includes features such as those listed below.
Analysis of trends.
Analyze actions taken against companies by the government.
Firms have made numerous mistakes, so learn from them.
Compliance mistakes to avoid.
- Finchat
Our company is a pioneer in compliance monitoring. Finnchat facilitates the communication between financial companies and their clients through social networks. As of January 2018, MiFID-II comes into force, and it introduces several new regulatory frameworks. The FinChat solution is interoperable with different platforms across banks and funds. The company is a 2017 winner of the Seedstars World Award.
- Reg Room
Former Citibank employees found the Reg-Room monitoring service for financial service companies. Companies that don’t comply with regulations may be fined heavily, preventing them from hiring these companies.
- Amareos
In addition to crowd-sourced sentiment data, Amareos generates macroeconomic and financial data that encompasses more than 6000 financial indicators. The site monitors over 50,000 quality news publications, blogs, forums, and social networks. Approximately 2 million articles are analyzed every day. Therefore, if you are interested in gaining insight into the thinking of the masses and how to exploit that insight, sign up for their services now. You can sign up for a free trial and pay USD 250 per month afterwards.
- Kyo Lab
This startup helps companies stay in touch with clients through popular messaging mobile apps. Throughout the EU, companies must store and monitor the communications made using apps including WhatsApp, WeChat, Skype, and Telegram. You can carry out dispute resolution using Kyo Lab Apps by creating an audit trail.
- Cappitech
Firms seeking to comply with the following regulations can avail of customized reporting solutions from Cappitech.
Regulation of European Market Infrastructures (EMIR)Regulation of European Market Infrastructures (EMIR)
Markets in Financial Instruments Directive (MiFID)
The Australian Securities and Investments Commission (ASIC)
Regulatory Reform Act of the US financial sector: Dodd-Frank
One Zero Financial and eToro are among the top trading startups using the company’s compliance service to achieve compliance.
- DueDil
Private and public companies are provided with detailed information by this company. It is used by over 175,000 companies worldwide. Several, including Unilever, Dell, TransferWise, LinkedIn, PayPal, Lenovo, and the London Stock Exchange. Several, including Unilever, Dell, TransferWise, LinkedIn, PayPal, Lenovo, and the London Stock Exchange. For example, mortgages, quarterly results, investments, litigation, or shareholdings could be included. The database currently contains 40 million companies across nine different European countries. No competitor can match DueDil’s ability to provide private company information.
- City Falcon
Machine learning and crowd-sourced curation power this startup’s financial news feeds. With more than a hundred financial publications at your fingertips, you can increase your profits by stock trading. Feeds filter out irrelevant content so that only high impact and popular articles are displayed.
- Clause Match
This company helps large companies and banks manage their policies and standards in a more efficient and accessible way. This helps increase compliance and risk management productivity within the organization. Among the company’s achievements are its inclusion for the Accenture FinTech Innovation Lab and a participant in the Barclays Techstars Accelerator program.
- Metfacilities
Fintech businesses can obtain compliant hosting from this company. Europe requires financial companies to store their data securely and legally compliant. In addition to Fund management and proprietary trading, Met Facilities is part of the MET group, based in London. Finance Monthly recently gave the company the Compliance Consulting 2017 award.
Research and find out local fintech regulations in your region.
Make a screening of RegTech fintechs in your region.
There are currently no prohibitions or restrictions that are specific to fintech businesses in the UK. In October 2020, the UK government concluded a consultation on whether certain cryptoassets should be brought within the scope of the financial promotions regime in order to enhance consumer protection.
However, the UK government is in the process of conducting a full review of the payments landscape, and in October 2021 published a response to its call for evidence, available here, in which it set out its four priority areas and key actions for Government regulators and industry to deliver them.
These are:
(i) future-proofing the regulatory and legislative framework that governs payments,
(ii) strengthening consumer protections in Faster Payments;
(iii) unlocking the future of Open Banking-enabled payments;
(iv) enhancing cross-border payments.
As such, it seems likely that at some point in 2021 or 2022 there will be further announcements and/or implementations of amendments to the legal and regulatory framework governing payments.
Fintech and Blockchain has recently been discussed in UK Parliament to support the UK industry (Feb 2022).
- Argentina Fintech Regulations
Fintechs are regulated by the ‘Camara Argentina Fintech’ (https://camarafintech.org/)
- Regtech in Argentina
In Italy banking anf financial activities are subject to the issuance of specific authorisations (by the Bank of Italy and Consob, which is the financial markets supervisory), in order to select only the operators whose requirements have been previously assessed by these supervisory authorithies.
DELOITTE Italy offers a lot of services to help Fintech Start ups to be compliant.
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Fintech Regulatory Framework in Nigeria
There is a wide range of regulators that govern fintech providers in Nigeria. Some regulators have broad jurisdiction and some focus on specific activities. The following is a (non-exhaustive) list of the key Nigeria regulators with which fintech providers may have to register and comply.
1. Central Bank of Nigeria
The Central Bank of Nigeria (CBN) is the primary regulator of the Financial Services Sector in Nigeria. The CBN has made regulations that impact Fintech in Nigeria. These regulations include:
- Guidelines on Mobile Money Services in Nigeria;
- Guidelines on International Money Transfer Services in Nigeria;
- Guidelines on International Mobile Money Remittance Services in Nigeria
- Regulatory Framework for the Use of Unstructured Supplementary Service Data (USSD) for Financial Services in Nigeria.
- Guidelines on Operations of Electronic Payment Channels in Nigeria
- Guidelines for Licensing and Regulation of Payment Service Banks
- Regulatory Framework for Sandbox Operation, 2021
Other than the CBN, there are other regulators and laws. Some of which include:
2. Other regulators
- The National Information Technology Development Agency (NITDA)
- Federal Competition and Consumer Protection Commission
- National Communication Commission (NCC)
- Securities and Exchange Commission (SEC)
- Corporate Affairs Commission (CAC)
- Federal Inland Revenue Service (FIRS)
- Federal Ministry of Trade and Investment
- National Office for Trade Acquisition and Promotion (NOTAP)
3. Other laws
- The Nigerian Investment Promotion Commission Act 16 of 1995
- Value Added Tax Act Cap V1, LFN 2004
- Companies and Allied Matters Act, 2020 (as amended);
- Money Laundering (Prohibition) Act, 2011 (as amended);
- Corrupt Practices and other Related Offences Act, 2000;
- Economic and Financial Crimes Commission (Establishment, Etc.) Act, 2004;
- Terrorism (Prevention) Act, 2011 (as amended);
- Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015
- Nigerian Data Protection Regulations, 2019 (NDPR)
- Foreign Exchange (Monitoring and Miscellaneous provisions) NO. 17. 1995 ACT CAP F34 LFN 2004.
(https://www.mondaq.com/Home/Redirect/2505596?mode=author&article_id=1132836)
Regtech Fintechs in Nigeria
Voyance;
Voyance provided a fraud management solution specifically for Fintechs, the solution is called Sigma.
Sigma is a fraud graph database that hinders fraudsters especially ones who have been uncovered from tampering with the organization.
Talo
Talo offers an AI-enabled conversational banking solution that enables financial institutions to further develop their market through efficient and effective messaging by leveraging AI to drive customer engagement.
The AI-enabled solution enables financial institutions to offer some services to their customers from their website, services like payments, account opening, balance checks among others.
Indicina Technologies
These solutions aid in loan origination and monitoring, portfolio management, fraud management among others.
These solutions monitor loan life cycles as well as credit analysis platforms that use machine learning and predictive analytics to identify bad loans during the application and underwriting process and subsequently reject them.
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Fintech Regulations in Romania: https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/romania
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RegTech Fintech in Romania:
- BearingPoint: https://www.bearingpoint.com/en/
- Regnology = Regulatory-as-a-Service - works with the National Bank of Romania: https://www.regnology.net/en/
- Ebury: https://www.ebury.ro
Local Fintech regulations for germany:
https://iclg.com/practice-areas/fintech-laws-and-regulations/germany
Regonology is a german Fintech:
https://www.regnology.net/de
They offer a comprehensive product and service portfolio in the field of reporting - from consulting and managed end-to-end services to reporting software and regular training. Their products and services are trusted by 7,000 companies worldwide, including major international banks, the majority of Europe’s largest banks, leading insurance companies, as well as central banks and regulators. More than 25 years of experience in the field of regulatory reporting and a highly qualified team of experts.
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- Research and find out local fintech regulations in your region.
i am bit naive on all regulations; however there is a new CFPB network in the US to organize companies that are in fintech and collaborate with guidelines, restricitions ,etc:
CFPB American Consumer Financial Innovation Network
In September 2019, the CFPB launched the American Consumer Financial Innovation Network
(ACFIN) of state regulators. The CFPB created ACFIN to enhance coordination among federal
and state regulators and to facilitate financial innovation as regulators develop new regulations
and apply existing ones.
The network is open to all state and federal financial regulators, as well
as state attorneys general. https://sgp.fas.org/crs/misc/R46333.pdf
- Make a screening of RegTech fintechs in your region.
online optimism webiste has rescued me.
https://www.onlineoptimism.com/resources/atlanta-ga-fintech-companies-landscape/
In Australia, a Fintech company needs to obtain an Australian Financial Services License (AFSL) if it engages in activities in relation to financial services. This is governed by the Australian Securities and Investment Commission (ASIC) which issues an AFSL.
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Florida has a number of laws and regulations that apply to fintech companies operating in the state. These laws are administered by various state agencies, including the Office of Financial Regulation (OFR) and the Florida Department of Financial Services (DFS).
Fintech companies that operate in Florida must comply with state laws and regulations related to financial services, including laws that govern the conduct of banks, money transmitters, and other financial institutions. Some specific areas of regulation that may be relevant to RegTech fintechs in Florida include:
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Money transmitter regulations: Fintech companies that transmit money or engage in other activities related to the transmission of money, such as electronic payment processing, may be subject to state money transmitter laws and regulations. In Florida, these laws are administered by the OFR.
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Consumer protection regulations: Fintech companies that offer financial products or services to consumers in Florida must comply with state consumer protection laws and regulations. These laws are designed to protect consumers from fraud, misrepresentation, and other types of deceptive or unfair practices.
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Data privacy and security regulations: Fintech companies that collect, store, or process personal or financial data must comply with state and federal laws related to data privacy and security. In Florida, these laws are administered by the DFS.
However, some RegTech fintechs that may be operating in Florida include:
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Chainalysis: A blockchain analysis company that helps financial institutions, law enforcement agencies, and other organizations detect and prevent money laundering, fraud, and other illicit activity involving cryptocurrency.
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Credit Karma: A personal finance company that offers free credit scores, credit monitoring, and other financial tools and resources to consumers.
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Digital Reasoning: A cognitive computing company that offers solutions for financial institutions, including fraud detection and prevention, compliance, and risk management.
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Finicity: A fintech company that offers financial data and technology solutions, including APIs for banks and other financial institutions.
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IdentityMind: A RegTech company that offers solutions for identity verification, fraud prevention, and risk management for e-commerce, financial services, and other industries.
It is worth noting that this list is not exhaustive and is intended to provide only a general overview of some RegTech fintechs that may be operating in Florida.
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Local Fintech
Here in Mexico, the only regulation that is active is the so called "Fintech Law". This Law was approved in the year 2018. This law seeks to protect the customers by regulating the financial services that are provided.
The core value Feeling safer whilst using FinTech
The RegTech in Mexico are the following 
- Research and find out local fintech regulations in your region.
Iclg.com
is a website that provides fintech regulations. Very interesting but too long to add here.
In the U.S., fintech businesses are subject to regulation by numerous regulatory agencies and must ensure operational compliance with regulations at both the state and federal levels.
- Make a screening of RegTech fintechs in your region.
The U.S. fintech landscape is wide and complex. The industry comprises online lending, investments, payments and blockchain. Online lending comprises consumer loans, small business credit facilities (including merchant cash advances), real estate lending for developers, mortgage financing, and consumer lines of credit.
Online investing comprises wealth management and “roboadvisers”, payment-dependent notes and feeder fund investments. Many programs are for “accredited investors” who have a minimum of $1 million net worth or $200,000 in annual income ($300,000 for married couples combined). However, regulatory innovations, including the passage of the U.S. Jumpstart Our Business Startups (JOBS) Act of 2012, have spurred the rise of retail investments by non-accredited investors.
The payment space has been dominated by large providers such as ApplePay, SamsungPay, Venmo, Stripe, Chime, Cash App, PayPal, Square, Toast and other platforms. These platforms have experienced mass adoption and are supported by large capital. There is also a significant cadre of buy now pay later platforms, such as Affirm and Klarna, and retail investment apps, including Robinhood, Acorn and SoFi.
Like most of the rest of the world, blockchain technology in the U.S. has made great strides in adoption and innovation over the last several years. However, with the U.S. Securities and Exchange Commission (the “SEC”) nearly doubling its digital assets and cyber enforcement unit in 2022 and the U.S. Department of Justice (the “DOJ”) naming its first Director of the National Cryptocurrency Enforcement Team, blockchain companies are facing increasing regulatory and enforcement actions, often resulting in settlement agreements and regulation by enforcement, rather than clear application of judicial precedent and statutory laws.
The expansion of the metaverse has led to numerous business opportunities in direct and adjacent spaces, including for creators and streamers of virtual content. Blockchain usage in supply chain technology has improved efficiencies in ordering, tracking and delivery, and in smart contracts has led to more secure transactions. Nonfungible tokens (“NFTs”) have also seen an expansion in the past several years, with musicians, artists, gamers and digital content creators capitalising on the opportunities brought about by the burgeoning digital asset marketplace.
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Research and find out local fintech regulations in your region.
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Make a screening of RegTech fintechs in your region.
Complyadvantage and FeedzAI