The Spanish FinTech and InsurTech Association (AEFI, in Spanish) was formed recently to favor the development of startups and FinTech and InsurTech companies in Spain. One of its main goals was to launch the White Book on Fintech Regulation in Spain. Electronic IDentification played a crucial role in this endeavor.
We’re very proud of the result of this project because of the pressing need to drive ideas and proposals of change in the regulatory system that directly affect FinTech companies who operate in the financial sector in Spain, making it enormously difficult for them to do business.
As a RegTech business ourselves, we’re well aware of the need to adapt regulatory changes at the pace at which new technological needs arise since they have to be adopted for financial industry companies (and others) not be left behind.
In our case, our achievements in artificial intelligence and machine learning in the video identification process have garnered praise at the international level but all the RegTech companies continue to run into challenges, albeit less and less, to overcome certain regulatory barriers which hamper our business’ growth.
In 2017, more than 5,000 people were employed in the industry, with at least 300 FinTech and 90 InsurTech companies, in a total of 12 verticals represented in the Association. A promising, secure industry that the market can trust thanks to its cutting-edge solutions. Just in the RegTech market, the $70M mark is expected to be surpassed by 2020 around the world.
You can download your White Book on Fintech Regulation in Spain for free from this link.
This is Electronic Identification’s original article, the leading company in customer video identification.