Fintechs have similar responsibilities as banks and, therefore, are heavily regulated, with new regulations raising the compliance bar over time. The fintech sector’s strongest suit is its innovative use of technologies and ease of use, while compliance and security issues remain its toughest challenge.
Companies can lose a lot of their capital, as well as their customers and reputations, because of data breaches, thefts, and regulatory laws violations. It’s crucial to know the regulations your business needs to be aware of, and ensure that transactions and data usage within your product are secured and compliant.
At MadAppGang, we opt for sustainable security practices and a solid risk management approach. If you’re launching a fintech startup and need an app, or if you’re considering the development of an app related to finances, contact us and we’ll discuss the scope of work and all the regulatory challenges.