FinTech Magazine - November 2021 | Page 49

“ ALL CHALLENGES WITH LICENSING AND GDPR , AS WELL AS SIMPLE BUSINESS TECHNICALITIES ARE CURRENTLY BEING ADDRESSED ” contactless payments , with more and more businesses and consumers turning to digital banking . “ So , despite Brexit , the UK Fintech sector has experienced significant growth and recently hit a multibillion pound peak of investor interest .”

“ ALL CHALLENGES WITH LICENSING AND GDPR , AS WELL AS SIMPLE BUSINESS TECHNICALITIES ARE CURRENTLY BEING ADDRESSED ” contactless payments , with more and more businesses and consumers turning to digital banking . “ So , despite Brexit , the UK Fintech sector has experienced significant growth and recently hit a multibillion pound peak of investor interest .”

Governance changes to the fintech sector The ongoing COVID-19 pandemic also took a toll on the route the UK had designed to keep its services sectors streamlined . Yet , despite all these , companies in the fintech sector must comply with so many changes in governance that Brexit has brought .
For example , offering services and products to an EU-based market will involve more paperwork than ever . Considering that
LIUDAS KANAPIENIS ONDATO
fintech institutions must deal with contracts , KYC , and relatively complex things , handling everything from a UK-based headquarters could become problematic .
Similarly , there is an even bigger puzzle when it comes to GDPR and data management . Britain was one of the many countries to accept the EU ’ s GDPR . As a result , institutions now must move the data stored in the EU back to the UK for seamless access .
In short , the governance changes brought by the fintech sector are not to be overlooked .
Doukanaris confirms , “ The change in banking license requirements is
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