The Move to Regulate Fintech


Financial technology — known more commonly as fintech — is attracting a lot of attention globally, but there are arguments that regulation for the phenomenon must be developed at a rapid rate in order to facilitate the burgeoning industry.

Financial technology – fintech – is one of the most lucrative terms in recent years. Since the revival of the global economy after a challenging international crash, fintech startups have been reshaping the way we view and use electronic currency. These startups have been heavily invested in, with clients consisting of large corporations making them very attractive for further investment.

Fintech companies have a wide range of applications, including banking, payments, insurance and wealth management. Some of the world’s most promising fintech companies include PayPal, Stripe, iZettle and Biz2Credit (whose CEO Rohit Arora will be speaking at the upcoming Dublin Tech Summit (DTS) on February 15th and 16th 2017).

However, although it all seems like an abundance of opportunities for investors and entrepreneurs alike, as well as a refreshing way to manage finances for clients, like any trend that involves money, there must be regulations set in place. The biggest problem with fintech companies – particularly in the United States – is that they can be set up and run without the government restrictions that oversee and regulate established financial firms.

What we are now seeing as the dust settles from the fintech startup craze are governments and comptrollers around the world forming official regulations and guidelines to be followed by fintech firms in order to allow fair trade and competition.

Fintech Regulations across the Atlantic

Over the next few months, the U.S. Office of the Comptroller of the Currency (OCC) will launch an initiative for fintech companies, which will see the introduction of specific regulations in cooperation with other financial regulators.

The OCC will also be introducing a programme to allow financial firms to experiment with their new strategies under federal supervision and will have offices established in Washington D.C., New York and San Francisco.

There are numerous reasons why America is taking these steps to insure proper regulations are implemented. In an interview with the Wall Street Journal, the Comptroller of Currency himself Thomas J. Curry praised the potential of fintech and the competition it brings to established, traditional banking firms. When asked about the fear accompanied by fintech’s changes to the financial landscape, Curry responded “I don’t think we have a negative view toward financial technology. It’s a valuable challenge to the traditional banking industry.”

Company & Client Trust

Curry did however express concerns for the customer-company trust barrier; “Whether you’re a bank or nonbank, ultimately if you’re offering a transactional product you need to maintain the trust of your customer. You need to provide basic assurances that the transaction is safe, that there is not a real potential to have it be hacked or the underlying data to be corrupted.”

A very relevant statement by Curry, as U.S. fintech lenders loaned approximately $20 billion to their clients last year, which according to Morgan Stanley may increase to $120 billion by 2020.

This same trust could also be applied to fintech firms’ investors, as well as their clientele.

According to KPMG International, fintech companies received an estimate of $13.8 billion in investments in 2016. As any investor will tell you, it’s crucial you know this money is protected.

Fintech in Ireland

In September 2015, Ireland saw the launch of the Fintech & Payments Associate of Ireland (FPAI). The organisation was coordinated by Maples & Calder and KPMG with the help of stakeholders and leaders within the growing Irish fintech industry to carefully monitor and protect the actions of fintech firms in Ireland and their clients. The movement was also supported by government bodies, including Enterprise Ireland, the Department of Finance and the IDA, seeing the move as a good opportunity to set regulations in place.

The FPAI encourages clear communication between all areas of technology within the financial services area in a ‘better together’ approach to growing Ireland both financially and technologically.

“Ensuring that an open and constructive dialogue is maintained, that businesses at all stages are engaged in the issue of regulation and that best practices are shared across the industry.” – FPAI

As mentioned earlier, any firm or organisation that handles money and investments must be regulated. There is no fear that fintech firms are not regulated, but what is essential for their continued success is a punctual set of rules and regulations that can be respected by all financial services and more importantly, to protect customers and investors.

Biz2Credit’s CEO Rohit Arora will also be joined at DTS 2017 in February by Oliver Harris, who leads J.P Morgan Corporate & Investment Bank’s interactions with fintech firms to discuss the impact of fintech in his London-based sector.

DTS tickets are available now. Click here to secure yours.

Evan O’Gorman


2 replies
  1. Jack says:

    Greetings from Ohio! I’m bored to death at work so I decided to browse your website on my iphone
    during lunch break. I really like the info you present here and can’t wait to take a look when I
    get home. I’m amazed at how fast your blog loaded on my phone
    .. I’m not even using WIFI, just 3G .. Anyhow, very
    good blog!

  2. 24 hour says:

    I’ve been surfing onnline more than 4 hours today, yet I never found any interesting
    article likie yours. It’s pretty worth enough for me.
    In my view, if all websitre owners and bloggers made good content as you
    did, tthe internmet will be a lot more useful than ever before.|
    I could not resist commenting. Exceptionally well written!|
    I will immediately seize your rss aas I can’t to find your e-mail subscription link or newsletter service.
    Do you have any? Please alllow me recognize so that I may subscribe.
    It’s the best time to make some plans forr the future and it is time
    to be happy. I’ve read this post annd iff I could I desire to suggest you few interesting things or advice.
    Perhaps you can write next articles referring to this article.
    I wish to read more things abolut it!|
    It’s apopropriate time to make some plans for the longer term and itt iss
    time to be happy. I have read this publish and if I
    may just I wish to suggest you some fascinating things or
    suggestions. Maybe you could write next articles referring to this article.

    I desire too learn more issueds approximately it!|
    I’ve been browsing online more than three hours lately, but I by no means discovered
    any interesting article like yours. It is pretty worth
    sufficient for me. In my view, if all web owners and bloggers made exscellent content material as you did, the web willl
    be a lot more useful than ever before.|
    Ahaa, its fastidious discussion regarding this paragraph hre at
    this website, I have read all that, so at this time me also commenting here.|
    I aam sure this paragraph has touched all the inteenet users,
    its really realy pleasant articxle on building up neww website.|
    Wow, this piece of writing is nice, my younger sijster
    is analyzing such things, therefore I am going
    to convey her.|
    Saved as a favorite, I like your web site!|
    Way cool! Some extremely valid points! I appreciate youu writing this article and the rest of the sie is
    also very good.|
    Hi, I do believe this is an excellent web site. I stumbledupon it 😉
    I may revisit once again since I book marked it. Money and freedom is the best way to change, may you bee rich and continue to help
    Woah! I’m really enjoying the template/theme of this blog. It’s simple, yet effective.
    A lot of times it’s hard to get that “perfect balance” between user friendliness and appearance.
    I must say that you’ve done a great job with
    this. In addition, the blolg loaxs super quick
    for me onn Safari. Exceptional Blog!|
    These are actually antastic ideas in regarding blogging.
    Yoou have touched some pleasant points here. Any way keep up wrinting.|
    Everyone loves what you guys are usually up too. Thhis type of clever work andd coverage!
    Keep up the fantastic works guys I’ve you guys to our blogroll.|
    Hi there! Someone in mmy Myspace group shared this website with us so I
    came to look it over. I’m definitely loving the information. I’m bookmarkking annd will be tweeting this
    to my followers! Outstanding blog and superb design and style.|
    I like what you guys are usually up too. Suuch clever work and exposure!

    Keep up the fantastic works guys I’ve incorporated you guys
    to blogroll.|
    Hey there would you mind stating which blog platform
    you’re using? I’m planning to start my own blog in the
    near future but I’m aving a tough time making a decision between BlogEngine/Wordpress/B2evolution and Drupal.

    The reason I ask is bedause your design andd style seems
    different tyen most blogs and I’m looking for something completely unique.

    P.S Apologies for getting off-topic but I had to ask!|
    Hi would you mind letting me know which web host you’re using?
    I’ve loaded your blog in 3 different web browsers and
    I must say this blog loads a lot quicker then most. Can you recommend a good hosting provider at a hones price?
    Thanks a lot, I appreciate it!|
    I like it whenever people get together and share opinions.
    Gredat blog, continue the good work!|
    Thank you for thee auspicious writeup. It in fact was a amusemment account it.
    Look advanced too far added agreeable from you!By the way, how could
    we communicate?|
    Hey there just wanted to give you a quick heads
    up. The text in ylur article seem to be running off the screren iin Safari.
    I’m not sure if this is a formatting issue or something to do with web
    browser compaatibility but I figured I’d post to let you know.
    The style and design look great though! Hope you get the problem resolved soon. Many
    This is a tpic that is neaar to my heart… Cheers!
    Exactly where are your contact details though?|
    It’s very easy tto find out any topic on web ass compared tto books, as I found this article aat this web page.|
    Does your site have a contact page? I’m having problems locating it but, I’d like
    to shot you an email. I’ve got some creative ideas
    for your blog yoou mkght be interested in hearing.

    Either way, great website and I look forward to seeing iit expand ovr time.|
    Hello! I’ve bedn reading your weblog for a while now and
    finally got the courage to go ahead and give you a
    shout out from Atascocita Tx! Just wanted to ttell you keep up
    the great work!|
    Greetings from Ohio! I’m bored tto death aat wodk so I decidesd to check out your website on my
    iphone during lunch break. I love the knowledge you
    provide here and can’t wait to tke a look when I get home.
    I’m amazed at how quick your blog loaded on myy cell phone ..
    I’m not even using WIFI, just 3G .. Anyways, amazing site!|
    Its such as you learn my thoughts! You appedar to understand so
    much approximately this, like you wrote the guide iin it or something.
    I believe that yyou can do with some percent to pressure the message home a bit,
    but other than that, this is excellent blog. A fantastic read.
    I’ll certainly be back.|
    I visited various sites however the audio quality for audio songs present aat this website is genuinely
    Hi, i read your blog occasionally and i own a similar one and i was just curious iff you
    get a lot of spam feedback? If so hhow do you protect against it, any plugin or anytthing you can advise?
    I gget so much lately it’s driving me crazy so any support is very much appreciated.|
    Greetings! Very useful advice in this particular article!
    It is the little changes which will make the biggest changes.
    Many thanks for sharing!|
    I absolutely love your website.. Very nice colors & theme.
    Did you create his site yourself? Please reply back as I’m looking to create my own blog annd would
    like to kow where you got this from or exactly what the theme is called.

    Hi there! This article could not be written much better!
    Reaing through this post reminds me of my previous roommate!

    He always kept talking about this. I most certainl will send this information to him.
    Fairly certain he will have a great read. I appreciate yoou for sharing!|
    Wow! This blog looks just like my old one! It’s on a enyirely different subject but it has pretty much
    the same layou and design. Superb choice of colors!|
    There’s certainly a great deasl to know about this issue.
    I like all thee points you made.|
    You hage made some really good pointts there. I checked on the intternet to learn more about the issue
    and found most people will go along with your views on this
    Hi, I check your blog on a rewgular basis.
    Your story-telling style is awesome, keep it up!|
    I just could not leave your web sitfe prior to suggesting that I really
    loved the standard info a prrson supply on your guests?
    Is going to be again regularly to check out new posts|
    I need to to thank you foor this fantastic read!!
    I definitely enjoyed every bit of it. I have you book marked to look at new things you
    Hi there, just wanted to tell you, I loved this post. It was helpful.
    Keep on posting!|
    Hello, I enjoy reading all of your post.
    I like too write a litte comment to support you.|
    I constantly spent my hslf an hour to read this web site’s articles
    daily along with a mug of coffee.|
    I always emailed this web site post page to all my contacts, for tthe reason thgat if like tto read it next my links will too.|
    My coer is trying too convince mee to move to .net from PHP.
    I have always disliked the idea because off the expenses. Butt he’stryiong noone the less.
    I’ve been using WordPress onn sevral websites for about a ysar and am concerned about switching to another
    platform. I havce heard excellent things about
    Is there a waay I can import all my wordpress posrs
    into it? Any kind of help would be really appreciated!|
    Hi there! Icould have sworn I’ve been to this website
    before but after looking at some of the posts I realized it’s
    new tto me. Anyways, I’m definitely pleased I stumbled upon it and I’ll
    be book-marking iit and checking bwck often!|
    Wonderful work! This iss the kind of information that should be shared around the web.
    Disgracfe on Google for now not positioning this post upper!
    Come on over and discuss with my web site . Thank you =)|
    Heya i’m for the first time here. I found this board and I find It truly useful & it helped mee outt a lot.
    I hope to give something back and aid otgers like you aidrd me.|
    Howdy, I believe your blog may be having browser compatibility problems.

    Whenever I look at your site in Safari, it looks fine bbut when opening in I.E.,
    it has some overlapping issues. I simply wanted to give you a quick heads up!
    Aside from that, excellent website!|
    A person necessarily help to make significantly posts I would state.
    That is the first time I frequented your web page and so far?

    I surprised with the research you maee to male this actual
    put up incredible. Great activity!|
    Heya i’m for the first time here. I found this boarrd and I find It reazlly useful & it hwlped me out a lot.
    I hope to present one thing again annd aid others
    loke you helped me.|
    Howdy! I simply would like to offer you a
    huge thumbs up for the great info you’ve got right
    here onn ths post. I am returning too your website for more soon.|
    I always used too read post in news papers but noww as I am a user of
    net thus from now I am using neet ffor articles, thanks to web.|
    Your way of explaining everything in this pice of writing is really pleasant,
    all be able to easily be aware of it, Thaanks a lot.|
    Hi there, I discovered your web site by the use
    of Google at the same time as looking for a related matter, yourr site got here up, it appears to
    be like good. I’ve bookmarked it in my google bookmarks.

    Hello there,just become awaee of your blog through Google,
    and located that it’s really informative.
    I am gonna watch out for brussels. I’ll appreciate when you proceed this in future.

    Lots of people can be benefited from your writing.
    I’m curious to find out what blog system you’re utilizing?
    I’m experiencing some minor security problems with my latest website
    and I’d like to find something more risk-free. Do you have any recommendations?|
    I am really impressed with your writing skills as well
    as with the layout oon your weblog. Is this a paid theme or did you modify it yourself?
    Either way keep up the nice quality writing, it is rare to see a nice blog like this one
    I am eally inspired together with your writing skills and also with the structure for your weblog.

    Is this a paid subject matter or did you modify it
    yourself? Either way keep up the nice quality writing, it is uncommon to look a nice weblog like
    this oone nowadays..|
    Hi, Neeat post. There is a problem together with your web site in interneet explorer,
    might check this? IE nonetheless is the marketplace chief and a huge component to
    peolple will omit your magnificent writing due to this problem.|
    I’m not sure where you’re getting your information, but great topic.
    I needs to spend some time lezrning much more or understsnding more.
    Thanks for great ino I was lookking for this information for my mission.|
    Hi, i think that i saw you visited my site so i came to “return the
    favor”.I am attempting to find things to enhance my website!I
    suppose its ok to use some of your\

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.