Cayman’s anti-money laundering legislation and intellectual property protection in copyright, trademark and patent laws are prime examples of legislative areas that have given rise to fintech solutions.
For credit cards, there are some pretty well established global networks, Visa and Mastercard, there is no equivalent for direct debit,” Sood said.
As a result, users will enjoy increased straight-through processing rates, greater efficiency, and lower cost for their financial messaging operations.
Regulators awarded the third licence to a consortium comprising Taiwan’s IBF Financial Holdings and Japan’s Rakuten International Commercial Bank, which is currently applying to open a bank in the US.
The hot trend isn’t exclusive for startups and young companies: in the last years, we’ve witnessed some tech industry giants taking the lead with products like Apple Pay and AliPay, with others are expected to reveal more services soon.
Accion Venture Lab has added $33m to its initial capital pool, with the launch of a new $23m fund and an additional, separate $10m investment from nonpofit Accion.