ISTANBUL, Sept. 12, 2022 (GLOBE NEWSWIRE) — 2021 was recorded as a year in which the fintech sector moved towards a record worldwide. The sector was strongly supported by the entry of new players such as cryptocurrencies, blockchain, contactless payments and cyber security. According to the “Pulse of Fintech” report in 2021 by KPMG, which is a company that provides corporate finance and consulting services, 5,684 transactions with a total value of 210 billion dollars were made in the fintech sector. These operations were recorded as a 55% increase compared to the previous year and centered in the US, Europe, Middle East and Asia Pacific regions in particular. Usul Law & Consulting Attorney Kaan Ozcelik stated that companies that do not cooperate with fintech could not carry their businesses into the future; Therefore, Usul Hukuk aims to offer an up-to-date service by adopting the latest fintech solutions to its business standards.
Fintech, a combination of the words “financial” and “technology” is included in every part of daily life today. As mentioned by lawyer Kaan Özçelik, the traditional banking system is influenced by digital trends and is full of many opportunities. According to Ozcelik, who said that there are some risks in this favorable sector, mainly caused by lack of knowledge, he also stated that financial literacy is a key for hedging. Usul Hukuk, a law and consulting firm based in Istanbul, sets a good example of how to bring transparent legal services through the power of blockchain and fintech solutions. By having expert lawyers together with work-efficient fintech developments, Usul Hukuk solves problems in all fields of public and private law, including commercial law, labor law, criminal law, tax law, administrative law and execution and bankruptcy law.
“A new banking concept is evolving to offer fast solutions with Fintech”
Recent studies showed that in 2021, the size of online and contactless payments increased by 41% compared to the previous year, and money transfers and bill payments became one of the most requested e-services. Veteran lawyer Ozcelik examined this data and indicated that digital banking is the driving force for the Fintech sector and the widespread use of online and contactless payment systems carries Fintech studies into the future.
Ozcelik said that Fintech studies continue in many industries at the same time, adding: “It is a fact that the post-pandemic digital revolution reshaped the mobile and internet banking systems. What users love about these structures is the fast and convenient use scheme. Since fintech solutions are digital – based, they do not require a lot of expenses; thus, users not only have low-cost services, but also benefit from personal financial instruments.”
“Blockchain technologies are now accepted as Fintech instruments”
Attorney Kaan Ozcelik specialized in capital market legislation and regulations of crypto-assets, and manages the process of public listing for internationally recognized US companies, commented on the place of blockchain technologies in the world of Fintech: “Although blockchain-based cryptocurrencies are not authorized by the authorities, they have already included in Fintech ecosystem. Despite the slow progress in understanding and regulating this technology, it is undoubtedly obvious that cryptocurrencies are being used as financial and investment instruments. EU regulations are mainly intended to prevent money laundering and terrorist financing. Today are many crypto-asset platforms based in Lithuania and Switzerland as long as platform operators can prove their assets and liquidity providers. The reason is that the adaptation laws in both countries have a broker approach for Fintech solutions. Also the tax benefits in specific regions attract the investors note, similarly some places in the US allow cryptomining provided that crypto-fiat conversion is done and the fees are paid properly. In line with these regulations, some authorities whose crypto-asset approaches are at an intermediate level want to take advantage of cryptocurrencies by understanding blockchain technology. Nevertheless, it is one of Usul Hukuk’s duties to help people and companies understand how to engage with these new resolutions as part of preventing money laundering and terrorist financing rules.”
“Fintech risks can be eliminated with financial literacy”
Lawyer Kaan Ozcelik indicated that new players brought in by the Fintech sector led banks to cooperate in particular to protect consumer rights and be more transparent. Ozcelik emphasizes that there are some risks in this fast and beneficial system, “Reformer banking system has many tools that work for the benefit of users. In addition, although it is not officially accepted, more universal technologies such as cryptocurrency and blockchain are available now. This this type of equipment has many advantages along with some risks such as uncertainty about digital consumer rights and the unavailability of taking back orders with fast money transfers.”
Ozcelik emphasized that the key element to prevent risks is to follow the sector developments closely and said: “FinTech tools continue to be renewed by going through a high-speed adaptation process. Ongoing studies also show that these tools will become much more common in the future. Usul Hukuk, whose goal is to provide universally accepted legal and consulting services, is moving towards improving financial literacy and providing comprehensive information about the tools used.To do this, the company aims to inform customers about legal rights to be prepared for cyber attacks and personal data security.”
Press Contact information
By Kaan OZCELIK – Usul Hukuk
[email protected]
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