FinTech Magazine - November 2021 | Page 52

BANKING
“ In order to continue to lead Europe in fintech , disruptors must be empowered to disrupt , challengers cannot be stifled by incumbents , and the fiscal gaps between startup and established businesses must close .”
He also believes that simplifying and streamlining regulatory and crossborder application processes will increase both market participation and competition . “ These were two of the primary aims of PSD2 . This will drive more , and faster innovation in the UK and Europe and remove the regulatory hurdles that hinder growth today .”
The future of fintech Ultimately , measures taken prior to Brexit seem to be paying off . The UK-based digital bank Curve is one example of this . Following Brexit , fintech obtained governmental approval in Lithuania and launched an operation that enables it to keep serving customers who are in the European Union . This move also transitioned the authority from the UK to the European Union , thus enhancing the company ’ s customer base .
“ All challenges , with licensing and GDPR , as well as simple business technicalities
52 November 2021