Data, the key driver for Fintech startups



Capturing data from customers and its treatment for financial purposes is key for any fintech business.

Data will enable any fintech business measure and identify customers needs and understand its behavior.

In fact, being able to onboard personal data from customers and process it for a commercial or
analytical ending, is the answer.

By onboarding customer data, a business can start offering services or products
adapted to their needs, and create a very Business analytics profile to follow
customer needs.

Compliance in Fintech comes to protect users and consumers with the aim to
stay safe, and protect from any fraud or unfair practice.
Compliance in Fintech entails managing, refining and documenting regulatory
compliance processes, eg, deal with product owners regarding the launch of
products to ensure regulatory requirements are met, as appropriate, while
managing regulatory risk and providing reports which meet the needs of the
regulator, and at the same time meet group management guidelines and to
educate and drive the appropriate execution of fintech business.

As said, Compliance in fintech must be applied in several business areas, and
we refer to several rules covering topics detailed in bullet points below.

To summarize,

Common regulation for all Fintech companies are,

 Rules related to Anti Money Laundering and implementing proper KYC
or KYB procedures,
 Data Protection coverage and structure to the whole business,
 Compiling with consumer´s regulation (depending on Eu Directives or
national consumer protection), its direct application will depend on the
business activity, if B2B or B2C and the focus of the business reputation
to avoid potential customer claims,
 Commercial Regulation (contracts rules),
 Financial Regulations coming from National Banks that depending if we
are located in EU or US or APAC may differe at some or many points,
 Main binding information will need to be communicated to the customer
or users by email or on the home webpage, and will need to be accepted
by consent by accepting the binding Terms and Conditions, which will
be quite significant on how businesses approach customers.