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FinTechs belonging to this category provide identification services, which are required for most banking services.
Introduction
Attitude of the country towards identification services
Identification services are easy to find and we are not aware of any reservations.
Legal affairs
Obligations and requirements to provide identification services
To acquire a license, the financial services entity must adhere to KYC and AML regulations. Costs for this depend on the service provider accessed by the financial services.
Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area
N/A
Economic conditions
Market size for identification services and biggest companies in this business area
Market size for identification services is unknown. Given, all financial services have to conduct KYC and AML procedures, it is fair to assume the market share is large. Canadian major banks would be the largest entities according to market share.
Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area
N/A