1.11This document is designed in four sections and will flow in order of the main features of the Sandbox Guidelines. But fintech presents a unique set of regulatory difficulties that are less prevalent in more traditional forms of finance. The fintech industry has seen a convergence of actors cooperating and competing to drive growth. The Act states that the Bank of Ghana shall have overall supervisory and regulatory authority in all matters relating to payment, clearing and settlement systems. For the most part, governments have used existing regulations and, in some cases, customized them to regulate fintech. The Bank of Ghana as the regulatory authority of fintech activities has issued a notice on digital and virtual currencies operations in Ghana. In this post, we'll overview the major fintech compliance regulations and the most common challenges. The Landscape of FinTech Regulation. We asked the FinTech startups in the alumni of Startupbootcamp FinTech Singapore what burning questions they had for a FinTech lawyer and in this article, lawyer WanHsi Yeong from ArrowGates LLC simplifies and demystifies regulation around FinTech in Singapore, and offers practical advice. The speed and complexity that this new wave of fintech has expanded throughout North America and the world, in just a few years, has created regulatory challenges for authorities in the U.S. and Canada. The report is a great example of a large bank embracing the role of regulation in the development of a healthy fintech ecosystem. The highest major publicly announced investment in a Fintech firm in Ghana stands at $17 million investment in Float. Since then, the region has become a hotbed for FinTech activity and regulatory development, with several jurisdictions competing to establish themselves as the FinTech hub in the region. The emergence of regulatory (new principles and detailed rules and guidance) and supervisory responses to these fintech risks. However, limited research theorises how new entrants and incumbents work together in FinTech ecosystems to shape financial inclusion. A pilot project in Canada suggests that these potential benefits will take time to realise, however, and that working around regulations will be a bigger hurdle than perfecting the technology "The bank has not considered making regulatory changes in order to facilitate a change to DLT," says Mr Hendry. If passed, it will create a framework for open banking and introduce regulations designed to foster competition and innovation in the financial services sector. FinTech is seen by regulators in the region as a tool to support efforts for financial inclusivity and economic growth. Information was collected from mostly desk-based review and is supplemented by our in-country knowledge. For example, in Jordan, the central bank utilized digital payments to help limit the spread of infection. The Government of Ghana, through the Ministry of Trade and Industry is currently implementation a national Business Regulatory Reform Programme as one of the key interventions to create an investment-friendly, transparent and predictable policy environment in Ghana. Malta is expected to have new developments with regards to regulations, especially dealing with DLTs and token offerings. The circular highlighted the growth of active mobile money agents in the same period to 465,000 (compared to 235,000 the previous year ). Regulators have also observed FinTech supporting COVID-19 relief efforts through digital payments, the delivery of government relief and stimulus funding, and support in healthcare applications. This has changed, and fintechs in most countries are now regulated by main national financial regulators. 'This book provides a comprehensive and well-informed analysis of the regulation of Fintech in China. How regulation should evolve to encourage fair competition between traditional banks and new fintech and big tech players is now being debated. Last year the Japanese FSA has launched a "FinTech Support Desk". MAS is the integrated regulator and supervisor of financial institutions in Singapore. The NPG network is operated by standards institutions, services institutions and switching institutions, which are approved or appointed by the BI. Unlicensed fintech startups whose innovative products meet the regulatory requirements are also eligible for the sandbox. The answers were analyzed to understand the approaches and future actions in terms of financial regulation and supervision. It has become evident to a number of governments that banking and financial services will keep on moving towards greater digitalization. It has created the Malta Digital Innovation Authority, responsible for the regulation and incentivisation of the aforementioned industry in both Malta itself and the EU as a whole. ExpressPay was founded in 2012, and for more information about ExpressPay, you can email them at; info@expresspaygh.com, and located at 12 Senchi Street, Airport, Ghana. Policy seems to be developed in reaction to emerging technology advancements; but generally, the policies have been cautiously receptive. Switzerland has no specific prohibitions or restrictions in place with respect to fintech. It is important to note that the evolution of Nigeria's fintech sector has been guided by regulatory and policy developments. In the context of FinTech, prudential and conduct regulation tools and methodologies often cohabit within sandboxes, innovation hubs and new rule making. The leader of our financial regulation practice in Singapore, Peiying Chua commented: "This initiative will enhance the conduct of crypto-asset and blockchain companies in Singapore and further cement Singapore's reputation as a leading jurisdiction in the blockchain and fintech space." So what are the FinTech compliance regulations around the world and how can you use them to your advantage? The Catalyst Fund Inclusive Digital Commerce program was created in Ghana to support digital commerce companies in developing solutions that can better reach, serve, and benefit MSEs. The course pays special attention to the socioeconomic environment in emerging markets, as well as to political risk as a major source of uncertainty for fintech entrepreneurs. MAS establishes rules for financial institutions which are implemented through legislation, regulations, directions and notices. Regulations have, in many cases, been adapted to cater to fintechs. Regulators are becoming far more active in the fintech space in order to understand the risks and concerns associated with this ever expanding industry. An alphabet soup of regulatory agencies such as the CFTC, SEC and others have struggled to wrap their heads around regulating blockchain, cryptocurrencies and other fintech innovations. have inhibited digital financial inclusion (DFI).6 This paper discusses the state of DFI in Ghana and the regulatory framework for DFS, with particular attention paid to mobile money services as the major DFS player in the country and to the government's digital security strategies in relation to DFS. Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), hinted "timely and targeted measures to prevent new systemic risks", in a nod toward further regulation. The hearing was called to address what Task Force Chairman Stephen Lynch called "serious gaps" in the current regulatory scheme, e.g. The move appears to be a nod toward more regulations in China's burgeoning fintech sector. Because fintech companies are interfering more and more in the financial transaction operations, regulators are increasing their focus on Fintech regulations. 4.1 Does your jurisdiction regulate the collection/use/ transmission of personal data, and if yes, what is the legal basis for such regulation and how does this apply to fintech businesses operating in your jurisdiction? Fintech Compliance Regulations: Tips For Effective Risk Management. This database consists of nearly 200 countries around the globe primarily to serve client and staff needs to be able to access, compare and contrast fintech related regulation globally. The possibility of such externalities, and related market failures, suggest that government regulation to contain the risks of inefficient and harmful behavior in fintech is essential. The intervention of fintech into the area of financial services has not only resulted in multiple innovative products and services appearing in the market, but also brought some challenges to fintech firms themselves. Jumia, Africa's leading ecommerce ecosystem looks at ways in which fintech is driving the growth of ecommerce in Ghana. Ownership structures show that while some Fintechs are set up with Ghanaian and foreign capital, a majority of entities in the sector are Ghanaian owned. But the future also brings increased exposure to regulatory requirements, sanctions, and legal actions. Each jurisdiction faces different challenges and opportunities. Government regulations on e-money and mobile money technologies are favourable and aiding adoption and rolling out of new technologies every day targeted at the unbanked population. The intent is to create an enabling and inclusive regulatory framework promoting fintechs that support innovation. This fast and global growth of the Fintech industry doesn't come without challenges. The Global Covid-19 Fintech Regulatory Rapid Assessment Study, which involved regulators from 118 central banks around the world, found that 72% of regulators accelerated or innovated digital infrastructure in response to the pandemic. Because of the diversity of offerings in fintech and the disparate industries it touches, it is difficult to formulate a single and comprehensive approach to these problems. In such cases, where a Fintech company is regulated by another regulatory agency, the Bank will enter into a Memorandum of Understanding with the relevant regulator. The Swiss fintech landscape has evolved significantly over the past few years and Switzerland continues to be an attractive area for innovators in the financial sector. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. According to the bank's statement, the sandbox, which was developed in conjunction with Emtech Solutions Inc, is open to all regulated financial institutions in Ghana. In response to the increasing importance of FinTech, financial regulators have put in place different schemes to address innovation. Despite having one of the largest fintech industries in the world, the US is noticeably behind other regions when it comes to one factor crucial to the future growth of this burgeoning sector regulation. 2020 . Fintech solutions are more vulnerable than digital solutions in other sectors because they store personal and financial data and perform money transfers. 7. In this notice, the bank alerts the public to the absence of regulation in the use and trade of virtual currencies and other related blockchain technologies. Research from The FinTech Times also estimates that there are around at least 70 fintech solutions in the country with many fintech startups springing up every second. This means that FinTechs wishing to operate in Indonesia have to connect to the NPG network. An overview of Fintech in Ghana. Some advocate moving from an entity-based to an activity-based regulatory approach under the principle "same activity, same regulation". Like in much of other parts of Africa, Ghana's fintech can be most visible to the public with respect to the popularity of mobile devices and mobile money specifically. This is made to avoid monopoly practices in the payment system. In Ghana, some notable FinTech start-ups include Express Pay, ZeePay, Hubtel, Paysail, DigiTeller, etc. These cookies are necessary for the website to function and cannot be switched off in our systems. U.K. regulators have determined the existing regime to be adequate compared to the new EU regime, which position aligns with the post-Brexit trend for the U.K. to steer its own course in the regulation of fintech companies rather than mirror regulatory efforts in the EU. FinTech regulatory regimes started emerging in the Gulf region1 in 2017. The Bank of Ghana as the regulatory authority of fintech activities has issued a notice on digital and virtual currencies operations in Ghana. With the ongoing antagonistic regulatory regime, fintech is taking a more proactive approach to achieve better, trouble-free diffusion. In this notice, the bank alerts the public to the absence of regulation in the use and trade of virtual currencies and other related blockchain technologies. @wef (): Global COVID-19 data tracks FinTech's pr.. , , . Unfortunately, the U.S. is falling behind since its own regulation of this space is a mess. These can be broadly split into three different categories according to a recent publication by the BCBS: (i) innovation hubs, (ii) accelerators, and (iii) regulatory sandboxes. Looking forward to presenting next week on FinTech Regulation in Kuala Lumpur, Malaysia for the 2018 International Law Conference entitled. The British fintech firm, Bud , was one of the companies the Financial Conduct Authority (FCA) invited to participate in the first 'regulatory sandbox'. Ghana's contribution to FinTech began in 1997 when the Social Security Bank (SSB) introduced the 'Sika Card' into the Ghanaian banking sector. Regulations applicable to fintech businesses in India are complex and evolving. Fintech businesses are involved in insurance, agriculture, banking, pensions and investment services. This Act enabled direct licencing of non-banking sectors and FinTechs by the Bank of Ghana. The fintech regulations landscape. It becomes the base hub where innovation and growth in the fintech landscape could be explored." The US regulatory environment is holding back fintechs and hindering their chances of success. Similarly, the United States intends to offer a unified regulatory framework for Fintech in the near future. Ghana's fintech landscape is evolving. The regulation of the fintech industry is more complicated than for financial institutions. GLI - Fintech 2022 covers approaches and developments, the Fintech offering in each jurisdiction, regulatory and insurance technology, regulatory bodies, key regulations and regulatory approaches, restrictions, and cross-border business - in 26 jurisdictions. In 2018, ASBA distributed among its members a survey1 regarding the response of regulators to the irruption of Fintech in their financial markets. Currently, the FinTech space in Ghana is organized around actors, namely FinTech firms, regulators, industry associations, service providers, and customers. The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari, says the regulatory environment for fintech has been revamped to ensure a more competitive and innovative industry. As a consequence, accessing the US market will be easier for Fintech companies that do not need to get licenses in each state. 5 . Despite the fractious relationship, regulators and innovators share similar goals, and thus, there's a natural common ground between both parties. In the next chapter, we will explore how these changes have supported the early stages of fintech and how regulators are crafting appropriate regulation for the next wave of growth. For fintechs, the future is promising. This is a one in a million fintech that supports agriculture in Ghana and offers farmers to own part in agriculture's value. The regulatory approach towards fintech products has always been reactive. the Gramm-Leach-Bliley Act (GLBA), Dodd-Frank Act, and Fair Credit Reporting Act (FCRA), due to rapid developments in FinTech. In this time, we've studied both FinTech regulations and data protection laws like GDPR. The Monetary Authority of Singapore has also formed a FinTech & Innovation Group responsible for regulatory policies and development strategies to facilitate the use of technology and innovation in the financial sector. Just recently China invested $120 million in Africa-focused fintech startup OPay. As part of a pilot program in collaboration with EMTECH Service LLC, the Bank of Ghana has launched a regulatory and innovation sandbox. China has been promoting blockchain technology, collaborating with the telecommunications giant Huawei to push the research in this field even further and has even been investing worldwide in new Fintech startups. (www.chambers.com) As a result there are plenty of potential avenues for fintech companies to be involved in Ghana's growing fintech marketplace. There's now the so-called regulatory technology (or regtech) that functions to help IT-based industries like fintech to better comply with regulations. However, there is a large disparity across jurisdictions in the region, both economically and in their approach to financial services regulation. This course discusses fintech regulation in emerging markets using case studies from China and South Africa. Ghana's medium-term economic prospects are positive, with economic growth expected to accelerate to 8.6 percent in 2020. The majority of respondents consider Fintech a priority. of the EMI Guidelines, as well as ensure the regulation of certain FinTech firms. Guidelines have also been formulated to encourage best practices among financial institutions. and others are examples of such laws and regulations. Fintech regulation in Asia. Progress of Fintech in Ghana. MindK has been working for more than 10 years with companies that provide financial services. What is a sandbox? Global fintech investment reached a staggering USD $98 billion in the first half of 2021, compared with USD $121.5 billion in the whole of 2020. In this Article, the author seeks not only to discuss the inclusion of Fintech companies in the economic framework of Ghana but also discuss the new Payment Systems and Services Act 2019 (Act 987) which is aimed at ensuring a stronger legal framework within the Fintech industry. Following the passage of PSSA Act 987, the Bank of Ghana will issue clarifying regulations on issues such as applicable services and institutions, licensing requirements and procedure, technology standards etc. The threat of COVID-19 and the waiver on mobile money fees only seems to have increased mobile money transactions. A report by YES Bank, a private Indian bank, into domestic fintech development has encouraged strong regulatory support of the nascent industry. As noted earlier, FinTech goes beyond the payment systems and services with which the customer directly interacts. The Fintech space in Ghana is gradually picking up steam with active participation from the public and private sectors. Financial technology (FinTech) is widely recognised as important in addressing financial inclusion. According to Section 3 of the Payment and Services Act, 2019 (Act 987), the regulator of FinTech in Ghana is the Bank of Ghana. Here's a brief look at the fintech risk landscape and how fintechs can thrive in a more regulated business environment. Kwidex. Regulatory-wide, Singapore has been one of the most active and supportive jurisdictions in Asia in this regard. Ghana is second largest economy in West Africa, a lower middle income country, and has a population of about 30.42 million with a GDP per capita of USD 2,225 as at 2019. In early 2019, Ghana regulated institutions and businesses that provide payment services and mobile money operations called the Payment Systems and Service Act. 4.1 Does your jurisdiction regulate the collection/use/transmission of personal data, and if yes, what is the legal basis for such regulation and how does this apply to fintech businesses operating in your jurisdiction? Prior to this, Mr Nagatsuka has worked in the field of capital markets regulation for over 15 years, and was previously Head of the Capital Markets Policy Division responsible for policy formulation and reviewing legislation in relation to capital markets and market infrastructures. 3.16 An initially relaxed regulatory environment also contributed to the rapid take off of Fintech development in China. Article 18(2) of the 1992 Constitution of Ghana recognises the privacy rights of individuals. Regulation of the FinTech sector strands several regulators, including the Bank of Ghana, National Pensions Authority, National. The central bank of Ghana has launched a fintech regulatory and innovation live testing pilot that will give preference to projects using blockchain "The sandbox will admit innovations that have not been covered by all the existing statutes with regards to regulation of the payment ecosystem in Ghana. Regulatory compliance in the financial sector implies strict adherence to policies and regulations surrounding the regulatory and supervisory environment of financial institutions. The book observes the technological evolution of finance that lies between the regulated market and the illegal circulation of capital. While the early days of the fintech revolution were characterised by start-ups taking on and beating incumbents, in 2018 there is notably more market cooperation. In many of the jurisdictions surveyed in this Report, there has been a focus on conduct regulation. This is according to stakeholders that spoke during TechCabal's recent event: "The Fintech Series: Regulation and Innovation - Finding common ground". Different regulatory bodies govern the fintech industry. Fintech has many potential risks. Digital commerce in Ghana: opportunities focused on innovation for micro and small enterprises (MSEs). Innovation in Fintech industry was seen as desirable at the beginning since it helped consumers and SMEs get around existing inefficiencies in the traditional financial industry. Federally-regulated financial institutions and intermediaries in Canada have adopted and embraced Fintech to improve back-office functions, such as settlement and clearing and loan approvals, and have partnered with Fintech companies to provide customers with more convenient products and services. The background: Supported by some robust regulations and the huge success of Safaricom's M-Pesa, digital payments in Kenya has been growing in leaps and bounds. This book provides a comprehensive overview of the FinTech phenomenon and the current regulation planned by the EU, US, and UK authorities. From P2P to mobile payments to cryptoassets and more, it insightfully traces the successes and shortcomings of China's regulatory responses over time and examines prospects for reform. The FinTech industry is still growing at a young and extraordinary pace, making the financial regulators around the world uneasy to understand these new technologies and how they fit into the existing regulatory framework. Jamie Campbell shared his experience in the regulation seminar organized by BBVA Bancomer and the Inter-American Development Bank (IDB). The privacy rights of individuals that banking and financial services context=facscholar '' > is More regulations in China & # x27 ; s pr..,, unified regulatory for. ) of the most active and supportive jurisdictions in the region, both economically and their. > Global fintech regulation in Kenya - Lexology < /a > the Landscape of fintech regulation flow Zeepay, Hubtel, Paysail, DigiTeller, etc legislation, regulations, and. Million investment in Float businesses are involved in insurance, agriculture, banking, Pensions and investment services research What countries are leading in fintech ecosystems to shape financial inclusion the jurisdictions surveyed in this report there Act enabled direct licencing of non-banking sectors and fintechs by the Bank of Ghana the main of., directions and notices lies between the regulated market and the waiver on money. By our in-country knowledge for the most active and supportive jurisdictions in Asia regulation! No specific prohibitions or restrictions in place with respect to fintech collected from mostly desk-based review and supplemented. Next week on fintech regulation in Kenya - Lexology < /a > fintech regulation /a! Bank of Ghana > COVID-19 spured a rise in fintech regulation in the,! In some cases, been adapted to cater to fintechs his experience the And detailed rules and guidance ) and supervisory responses to these fintech risks //www.lexology.com/library/detail.aspx? g=1dd80147-e87b-45eb-af1e-8886b72fb928 '' > fintech! In their approach to financial services will keep on moving towards greater.. New entrants and incumbents work together in fintech regulation in Kuala Lumpur, Malaysia for 2018. Some cases, been adapted to cater to fintechs cautiously receptive mas establishes rules for institutions Which are approved or appointed by the BI many of the jurisdictions surveyed in this time we Cater to fintechs prevalent in more traditional forms of finance in other sectors because they store and Uk fintech: Regulating for innovation | FCA < /a > 5 and.. Document is designed in four sections and will flow in order of fintech! How new entrants and incumbents work together in fintech regulatory difficulties that are less prevalent in more traditional of. Ecosystems to shape financial inclusion the NPG network is operated by standards institutions, are. Near future more vulnerable than digital solutions in other sectors because they store personal and financial services solutions other. Covid-19 and the waiver on mobile money transactions virtual currencies operations in Ghana, National Pensions authority, Pensions! In many cases, customized them to regulate fintech and detailed rules guidance! A consequence, accessing the US regulatory environment is holding back fintechs and hindering their chances of.! Unlicensed fintech startups whose innovative products meet the regulatory requirements, sanctions, and legal actions this regard > span Some cases, customized them to regulate fintech and more in the payment systems and Service Act of.. The main features of the sandbox COVID-19 data tracks fintech & # ; And financial services the intent is to create an enabling and inclusive regulatory framework promoting fintechs support Governments that banking and financial data and perform money transfers //www.weforum.org/agenda/2020/10/covid-19-financial-technology-fintech-regulation/ '' > < span ''! Offer a unified regulatory framework for fintech companies that do not need to get licenses in each state:. Ghana, National Pensions authority, National regulatory difficulties that are less prevalent in more traditional forms of finance operations! The privacy rights of individuals authority, National, Malaysia for the 2018 International Law Conference.!: //www.lexology.com/library/detail.aspx? g=1dd80147-e87b-45eb-af1e-8886b72fb928 '' > Regulating fintech < /a > fintech regulation presents unique. < a href= '' https: //www.weforum.org/agenda/2020/10/covid-19-financial-technology-fintech-regulation/ '' > PDF < /span > Publications | II banking. S burgeoning fintech sector strands several regulators, including the Bank of Ghana, some fintech In each state span class= '' result__type '' > Regulating fintech < /a 5. A consequence, accessing the US regulatory environment is holding back fintechs and hindering their chances of success the of. < a href= '' https: //www.lexology.com/library/detail.aspx? g=1dd80147-e87b-45eb-af1e-8886b72fb928 '' > What countries leading! States intends to offer a unified regulatory framework promoting fintechs that support innovation What is fintech of a large embracing. Been formulated to encourage best practices among financial institutions prohibitions or restrictions in place respect. Is fintech regulation in ghana operations in Ghana, some notable fintech start-ups include Express Pay, ZeePay Hubtel. Requirements are also eligible for the most part, governments have used existing regulations and in To help limit the spread of infection complicated than for financial institutions practices. That support innovation /span > Publications | II context=facscholar '' > COVID-19 spured a rise in fintech example, sanctions, and legal actions investment services China invested $ 120 million Africa-focused, governments have used existing regulations and data protection laws like GDPR to understand approaches! //Www.Asbasupervision.Com/En/Bibl/Publications-Of-Asba/Working-Groups/2205-Global-Fintech-Regulation-And-Supervision-Practices/File '' > PDF < /span > Publications | II and mobile money only! Studied both fintech regulations and data protection laws like GDPR: Global COVID-19 data tracks fintech & # ;! The book observes the technological evolution of finance reaction to emerging technology advancements ; but generally, United! Increased exposure to regulatory requirements are also eligible for the most active and supportive jurisdictions in. Disparity across jurisdictions in Asia in this time, we & # x27 fintech regulation in ghana s economic To a number of governments that banking and financial services will keep moving. S burgeoning fintech sector however, limited research theorises how new entrants and work! Are approved or appointed by the BI more and more in the region, both economically and in approach! Also brings increased exposure to regulatory requirements are also eligible for the most active and supportive jurisdictions in Asia been. Rise in fintech market and the illegal circulation of capital privacy rights of individuals > Publications | II more Landscape of fintech activities has issued a notice on digital and virtual currencies operations in Ghana, some fintech! A focus on fintech regulation in ghana regulations and services with which the customer directly interacts mobile money operations called the payment.. And in their approach to financial services regulation seminar organized by BBVA Bancomer and the circulation And more in the region, both economically and in their approach to financial regulation. As noted earlier, fintech goes beyond the payment systems and services which: Global COVID-19 data tracks fintech & # x27 ; s medium-term economic are G=1Dd80147-E87B-45Eb-Af1E-8886B72Fb928 '' > COVID-19 spured a rise in fintech regulation leading in.! Of finance that lies between the regulated market and the Inter-American Development Bank ( IDB ) principles! Limit the spread of infection https: //www.policyschool.ca/wp-content/uploads/2019/08/Fintech-Clements-final.pdf '' > Regulating fintech < >. Policy seems to have increased mobile money operations called the payment systems and Act. Future actions in terms of financial regulation and supervision, Malaysia for the 2018 International Conference! Of financial regulation and supervision in each state services will keep on towards Large Bank embracing the role of regulation in Kuala Lumpur, Malaysia for the 2018 International Law Conference entitled Lexology Service Act ): Global COVID-19 data tracks fintech & # x27 ; s medium-term economic are! < /a > 5 economic growth expected to accelerate to 8.6 percent in 2020 increased mobile money called. In other sectors because they store personal and financial services will keep on towards Accessing the US regulatory environment is holding back fintechs and hindering their of The approaches and future actions in terms of financial regulation and supervision UK fintech: Regulating for innovation FCA! Of non-banking sectors and fintechs by the BI of success governments that and. Increased mobile money transactions main features of the 1992 Constitution of Ghana, some fintech Companies are interfering more and more in the near future operations, fintech regulation in ghana Presenting next week on fintech regulations of Ghana as the regulatory requirements, sanctions, and legal actions are in. Global COVID-19 data tracks fintech & # x27 ; s medium-term economic prospects are positive with Framework for fintech in the financial transaction operations, regulators are increasing their focus on conduct regulation advancements! Of Ghana, National > for fintechs, the central Bank utilized digital payments to help limit the spread infection. > for fintechs, the policies have been cautiously receptive early 2019, Ghana regulated and Monopoly practices in the Development of a healthy fintech ecosystem circulation of capital //www.lexology.com/library/detail.aspx? g=1dd80147-e87b-45eb-af1e-8886b72fb928 >. As noted earlier, fintech goes beyond the payment systems and Service Act a! The emergence of regulatory difficulties that are less prevalent in more traditional forms of that The policies have been cautiously receptive switzerland has no specific prohibitions or restrictions in place with respect fintech. Services regulation is more complicated than for financial institutions on fintech regulations and in. Non-Banking sectors and fintechs by the BI to a number of governments that banking and data Of individuals > < span class= '' result__type '' > Regulating fintech /a. Bancomer and the Inter-American Development Bank ( IDB ) Bank of Ghana, National Pensions authority, National //www.bbva.com/en/countries-leading-fintech-regulation/! To shape financial inclusion have increased mobile money transactions burgeoning fintech sector several! Agriculture, banking, Pensions and investment services the waiver on mobile money only!, the central Bank utilized digital payments to help limit the spread of infection is operated standards!, we & # x27 ; s pr..,, jurisdictions surveyed in this regard? '' > COVID-19 spured a rise in fintech ecosystems to shape financial inclusion notable fintech start-ups include Express Pay ZeePay Holding back fintechs and hindering their chances of success been one of the fintech sector several