Have you ever wondered when was the last time you visited a bank where you open a bank account in Great Britain or wrote out a check?” If you have, you probably had a hard time remembering the exact date.
International online money transfers are made through mobile applications, bank cards or mobile payment services. It is estimated that by 2023, approximately three quarters of the UK population will be banking via telephone.
It is projected that over the next few years, technology will be continuing to have a big impact on the regulation of the financial services sector in the UK.
ApplePay is already hugely popular, and Apple has recently teamed up with Goldman Sachs to launch a new consumer credit card, further prompting entrepreneurs to consider registering a company in the UK financial sector.
Amazon is reportedly in talks to launch cloud-based banking services. And it looks like Facebook is aiming to emulate WeChat, the Chinese messaging and payments app, by offering a payment service that allows users to purchase services and pay bills.
How will the financial market be regulated in the future? What will it take to open a financial company in the UK? What requirements will businessmen have to comply with to obtain a fintech license in Great Britain? Giants like Amazon and Apple are currently expanding their online payments services & may be subject to more onerous banking & financial regulations.
The main financial regulators in the UK have acknowledged that the increase in the number of financial services offered through new technologies is leading to increased competition in the financial services market.
Greater competition and diversity in lending, payments, insurance, commerce and other areas (including provision of fintech services in Great Britain) can create a more efficient, user-friendly, cost-effective and sustainable financial system.
From an antitrust perspective, the most important issue arising from the increased involvement of technology in financial services is how these emerging markets can be analyzed.
It is expected that fintech solutions will supplant traditional payment & banking methods within the next few decades. In fact, by registering a fintech company in Great Britain, entrepreneurs can obtain tangible financial benefits in the not so distant future.
If you’re considering launching a fintech company in Great Britain but don’t know where to start, your best bet would be to entrust it to real professionals. And you don’t have to go too far to find them. Having provided legal consulting services for more than 10 years, IQ Decision UK has assembled a team of experienced legal experts capable of taking on any legal challenge. They’ll be happy to lend you a helping hand with establishing a fintech company in Great Britain or any other legal matters pertaining to the provision of financial services in Great Britain.