New IBA report outlines fintech regulatory frameworks for 39 jurisdictions worldwide
A new report from the International Bar Association Banking Law Committee (IBA BLC), provides an overview of financial technology (fintech) regulatory frameworks for 39 jurisdictions across Africa, Asia Pacific, Europe, North America and South America. The report, entitled Fintech: legal frameworks, looks at how different regulators around the world are dealing with the application of technology and innovation to banking and financial services, as well as the current concerns of society.
Carlos Maria Melhem, IBA BLC Membership Officer and partner at Allende & Brea, stated: “Technology and innovation applied to banking and finance has shown a significant positive impact worldwide, not only in terms of financial inclusion, but also in many other aspects critical to the development of countries. This particular project is a great source of consultation to find out how more than 35 countries approach and regulate fintech.’
The Fintech revolution has brought about important changes on a worldwide scale. Technology has become one of the most important tools in modern life and has profoundly affected the way business transactions are conducted, especially in the banking and financial sector. Fintech provides opportunities to reduce the gap between traditional financial users and people who may not have access to banking and payment services in general, thereby helping to achieve financial inclusion.
Lukasz Szegda, IBA BLC Academic Liaison Officer and partner at Wardynski & Partners, cabout: “The fintech industry is multi-jurisdictional in nature. We hope that our worldwide comparative fintech regulatory guide will be a useful tool for industry players seeking international expansion, their corporate advisors and international practitioners. It provides a comprehensive legal background in a given jurisdiction of interest, across a wide range of fintech landscapes. The guide is based on the contributions of leading fintech lawyers in their respective countries, and we are very grateful for their excellent efforts.’
The report contains outlines of laws and regulations that regulate five different aspects of fintech: financial innovation; crypto assets; payment service providers and digital wallets; open banking services and special programs that support the fintech ecosystem. It also outlines the key elements to be taken into account when ensuring adequate regulation of fintechs in different jurisdictions, including:
