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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
There are no specific reservations or special acceptance or rejection of identification services.
Legal affairs
Obligations and requirements to provide identification services
There are no specific licences or regulations required to provide identification services. However, most providers pair their solution with offering an e-signature, which does require regulatory authorization and meeting certain requirements. FinTechs in this space that deal with banks also have to comply with certain requirements (which apply to banks for their outsourcing agreements).
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
Information is not readily available.
Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area
N/A