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How fintech companies can innovate in a regulated environment

Regulation, competition and market changes in the fintech industry have fostered new innovations and enabled businesses to create new opportunities with their product and services in order to build a meaningful customer base.

Regulations such as PSD2 and GDPR, combined with innovation, have been widely debated and ultimately pushed businesses in Europe to transform their services to stay ahead of the curve. Although there’s a set of updated standards, these new regulations are challenging the way the payments industry operates and have brought on a stream of opportunities for fintech companies.

Sushil Kuner from Gowling WLG says: “With PSD2 the banks’ unique control over customers’ data has disappeared. Now, with open banking, bank customers are able to give third party providers permission to retrieve their account data from the banks. ...

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