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A new report from the International Bar Association Banking Law Committee (IBA BLC), provides an overview of the financial technology (fintech) regulatory frameworks of 39 jurisdictions across Africa, Asia Pacific, Europe, North America and South America. The report, titled Fintech: how is the world shaping the financial innovation industry?, addresses how different regulators around the world are dealing with the application of technology and innovation to banking and financial services as well as society’s present concerns.
Carlos Maria Melhem, IBA BLC Membership Officer and a partner at Allende & Brea, stated: ‘Technology and innovation applied to the banking and financial business have shown a significant positive impact around the world not only in terms of financial inclusion but also in many other aspects critical for the development of countries. This special project is a great source of consultation to learn how more than 35 countries are approaching and regulating 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 deeply impacted the way in which business transactions are carried out, particularly in the banking and financial sectors. Fintech provides opportunities for reducing the gap between traditional financial users and people who may not have access to banking and payment services in general, thus helping to achieve financial inclusion.
Lukasz Szegda, IBA BLC Academic Liaison Officer and a partner at Wardynski & Partners, commented: ‘The fintech industry is multi-jurisdictional by its very nature. Our worldwide comparative fintech regulatory guide is designed to be a valuable resource for industry players seeking international expansion, as well as for their corporate counsels, and other international practitioners. It provides a comprehensive legal background in a given jurisdiction of interest across a broad spectrum of fintech landscape. The guide is based on the contributions of leading fintech lawyers in their respective countries, and we are very grateful for their excellent effort.’
The report contains outlines of the laws and regulations governing five different aspects of fintech: financial innovation; crypto assets; payment service providers and digital wallets; open banking and special programmes supporting the fintech ecosystem. It also outlines the key elements to be taken into account when ensuring adequate regulations of fintechs in different jurisdictions, including:
Matías Langevin, IBA BLC Young Lawyers’ Liaison Officer and a partner at Honorato Delaveau, remarked: ‘The fintech industry is having a huge impact on the financial world as we know it. Most jurisdictions are planning, or already have in place, relevant regulations that will be critical to allow further developments in this field along with the necessary protections to ensure fintech companies play an important role in the new financial environment. This report discloses the essential and relevant legal requirements and boundaries adopted by each country in the fintech sector.’
Rafael Aguilera, IBA BLC Financial Innovations Subcommittee Chair and partner at Gomez-Acebo & Pombo, commented: ‘The report shows how most jurisdictions are adapting their regulation to the new fintech tools. The need to combine an inclusive and agile way of concluding financial transactions, together with investor protection, is a challenge not only for governments but also for lawyers specialising in the financial sector. A common fintech framework is key to enhance competitiveness across jurisdictions.’
Notes to the Editor
The IBA acts as a connector, enabler, and influencer, for fair practice and accountability worldwide. The IBA has collaborated on a broad range of ground-breaking, international projects with the United Nations, the European Parliament, the Council of Europe, The Commonwealth, the Organisation for Economic Co-operation and Development (OECD), the World Trade Organization, the International Monetary Fund and the World Bank, among others.
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Full link: www.ibanet.org/New-IBA-report-outlines-fintech-regulatory-frameworks-of-39-jurisdictions-across-the-world