Law in FinTech FinTech – the digital foundation of the economy
It is difficult to imagine a modern economy without modern financial services. Not only are they essential – they are even the bloodstream of the entire economy. Their role is absolutely indisputable.
Exactly like in the real bloodstream – any stoppage of the system can cause irreversible consequences. That’s why the legislature regulates the industry very meticulously. The basic strategy for survival in this industry is to adapt smoothly to new regulations.
At dotlaw – for our FinTech partners – we bring order and a stable legal structure – which allows us to adapt very smoothly to the ever-changing legal ecosystem.
Our partners we have worked with in the FinTech industry:
Competitive advantage in the FinTech industry
Whether we’re talking about the business of digital payments, online lending and credit, deferred payments, online factoring, cryptocurrencies, online exchange offices or insurtech, there are two key elements common to every business in this industry:
1. the need to meet stringent regulatory standards;
2. processing of sensitive data – sometimes including personal data.
How to stay ahead of the competition in this situation?
Building a well-thought-out and stable legal structure in the organization that will ensure greater maturity and stability from competitors.
Paradoxically – the traditional approach to law is a huge obstacle to business maturity and stability. On the one hand, the traditional approach to the law – each legal regulation is treated separately, in isolation from other regulations. On the other hand, the traditional approach to law is based on artificial and uncommunicative language.
In the traditional approach to law:
1
Registration of financial products. The pace of technology change and the industry’s regulatory pace that follows it require regular and rapid responses. Without a proper regulatory strategy – it is almost impossible to achieve this pace.
2
Dozens of contradictory internal regulations – often created just to formally fulfill a legal obligation – make it impossible to act effectively in emergency situations.
3
Moreover – the internal legal mess resulting from such a strategy makes it impossible to obtain various certifications that build trust in the market (for example, ISO certification).
4
Dozens of pages of contracts for contractors not only make it impossible to attract new customers quickly and safely – they often obscure the exact terms of the agreement for both parties.
The traditional approach to the law is a law disconnected from life.
What if legal solutions served to introduce technology instead of preventing it?
Traditional approach to law
The law of the digital revolution era
dotlaw for FinTech industry
Understanding the challenges of the FinTech industry – we base our services on four pillars:
Practicality
Successful legal solutions must carefully address your challenges and move your business forward whenever possible.
Describing abstract legal risks is not enough! We are always looking for solutions.
Full transparency
There will be no fruitful cooperation without full trust.
On our side, we understand that this means full transparency in the relationship with you.
Modern working methods
If legal solutions are to be tailored to your unique challenges – they must be created with you! That’s why we work through modern tools: Slack, Asana and Google Docs.
Plain Language
All our activities are based on the best practices of legal design. This ensures that the language remains understandable – further fully securing your business legally.
Our specialists in the FinTech industry
Typical projects in the FinTech industry that we implement:
- Regulatory consulting (FSC, BGK, ESNF);
- KIP, MIP, AIS, PIS registration;
- Consulting on the introduction of products and services in the regulated market;
- Negotiating outsourcing contracts and notifying the FSC;
- Implementation of ISO standards requirements in regulated institutions;
- Support in outsourcing risk analysis;
- DORA risk analysis;
- The use of AI in FinTech and regulated entities;
- Provision of IOD services in regulated entities;
- Consulting in the case of cross-border provision of financial services;
- Compliance support and strategic consulting;
- DORA, NIS2, ISO 27001 and related security standards training.
However, we will take on almost any challenge in the FinTech industry – contact us!
