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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
The identification market is an established market. FinTechs services in this business area are used by other FinTechs or by credit and financial institutions.
Legal affairs
Obligations and requirements to provide identification services
Regarding the collection, storage, modification, and transfer of data retrieved during the identification process the Private Data Protection Regulation must be complied with.
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
We do not have current numbers regarding the market for identification services. Prominent KYC-services provider are CeroRiesgo and Equifax.
Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area
N/A.