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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 non-face-to-face nature of FinTech businesses, or businesses supported by FinTech, can also present challenges where businesses are subject to AML/CFT requirements, with a traditional reliance on physical documentation supporting customer due diligence identification and verification.
These challenges have, however, provided opportunities for FinTech businesses that have developed innovative solutions for on-boarding customers entirely online, whilst ensuring the accuracy, adequacy, and veracity of the customer identification and verification.
Legal affairs
Obligations and requirements to provide identification services
As there is no specialist licensing regime for FinTech businesses, the regulatory compliance issues faced by FinTech businesses will depend on the nature of the services provided, and the nature and extent of the regulatory requirements associated with those services.
FinTech businesses dealing directly with consumers will also have to be conscious of consumer protection requirements. Businesses involved in unregulated activities will need to be conscious of their obligations under the Consumer Protection Act 2013, and regulated businesses will likely also need to comply with the CBI's Consumer Protection Code (“CPC”).
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
No data available.
Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area
N/A.