Wondering where to start on your FinTech innovation journey? Read on!
With the digital goods economy now in a super cycle, old business paradigms are quickly giving away to fresh ones. Nowhere is this more evident than in the financial services sector, where we are seeing a rapid unbundling of products and services.
Advances in new technologies are providing a brand new tool-kit for the innovator, creating massive opportunities for those who can connect the dots and execute on plans.
But the innovation journey, by its very nature is never straightforward, with many moving parts.
The interface between regulation and innovation is proving to be a fascinating one – it’s about finding that balance between promoting innovation which leads to better competition while also enabling a safety framework to achieve better customer outcomes.
A common challenge for the fintech community has long been identifying the appropriate regulatory frameworks early on in their product development journey – a case of ‘you don’t know what you don’t know’.
So, the FinTech Forum of the Council of Financial Regulators has set out on a mission to help innovators do what they do best.
In May this year the Forum launched its multi-agency regulatory guidance service. With a constant stream of innovators (with over 40 teams so far) tapping into this service, it’s been a great success. How it works is pretty simple. Find out more here.
There’s now a new set of resources pulled together on one page combining regulatory and business setup- related information from multiple agencies.
No more trawling around multiple sites to discover relevant pieces of legislation and guidelines. You will still need to seek help from legal advisors before you launch your product, but doing some homework early on should pay dividends.
If you are contemplating a new fintech idea, start your journey here.