New startup shows fintech developers the way in global jungle of compliance and regulation laws – removes expensive bottlenecks
London, England, March 15, 2018 /Isentia Wire/ – The latest wave of financial technology has the potential to shake up legacy systems and improve consumers’ lives, but small promising startups get choked by complicated compliance laws, rules and regulations before they even have launched. A new European start-up offers a solution to this global problem that is also a big factor in the Chinese market.
Fintech is an unstoppable force, but right now it’s meeting an immovable object: compliance laws. Small teams of talented fintech developers may come up with groundbreaking technology, but before they can bring it to market they’ll have to hire an army of lawyers to ensure they comply with national financial and consumer laws. Start-ups with multinational ambitions have to go to this process with every new market and economic region they enter.
Aleksandrs Malins spotted this problem and decided to do something about it. His company, Forty Seven Bank, allows developers to create new technology under its umbrella, and offers them access to the entire array of banking licenses so that they can be fully compliant in any market they operate in. ‘Engineers and founders shouldn’t have to focus on stuff like compliance, risk management or setting up customer service organisations. When we do that for them they can focus on what they are good at, and market their product’, Malins said.
This Banking as a service (BaaS) model not only puts Forty Seven bank in pole position for when the PSD2, a payment service directive that will shake up European consumer finances later this year, takes effect, it also offers great advantages in red-tape markets like China with very specific and unique compliance laws.
‘The entire Forty Seven Bank project revolves around being compliant’, Malins was quoted saying. ‘The goal is to provide conditions to talent to build cool things that add value to people’s lives. Being compliant is the first and most important step in that process. New technology has to prove itself first and there will always be a healthy forcefield between the regulator and the disruptor, so the first thing we do wherever we operate is make sure to play by the rules.’
Forty Seven Bank is planning to launch globally soon and will be headquartered in London. For more information about its philosophy, goals and background, please visit www.fortyseven.io
ABOUT FORTY SEVEN
Forty Seven Bank wants to create an innovative, flexible and open application platform for fintech (Financial Technology) developers. They will be able to work under Forty Seven Bank’s umbrella and will have access to the banks infrastructure and customer base. This will create opportunities for developers with limited access to capital to create white labeled applications that can compete with traditional banks. Our Bank as a Service (BaaS) solution will disrupt financial markets in Asia and elsewhere by reducing barriers to enter the fintech market.
For further information contact:
Chief Marketing Officer
Forty Seven Bank
E: [email protected]
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