Why Compliance is Key to Fintech Success?

93% of fintechs struggle with compliance demands, with over 60% facing hefty fines in the past year.

Mitigating compliance challenges remains a critical component for fintechs serving as a silent force driving success and sustainability.

On the other hand, the compliance software market is projected to reach USD 200 billion by 2030. This growth emphasizes that fintechs prioritize compliance as a top priority for the following reasons.

• Regulatory Adherence

  To comply with government and industry regulations for maintaining trust and avoiding legal issues.

• Risk Mitigation

  To safeguard consumers and investors, mitigating risks of fraud and money laundering.

• Operational Stability

  To ensure stability, prevent fines, and avoid reputational damage. While complying with regulations is essential, maintaining operational stability through risk management practices is equally important for fintechs.

  Here’s how:

• KYC & AML Vigilance

  Implementing stringent procedures to thwart fraud and illicit activities.

• Data Security & Privacy

  Ensuring user data protection through robust cybersecurity measures and strict privacy regulations.

• Tech-Driven Compliance

  Investing in compliance technology to streamline processes and minimize errors effectively.

• Ensure Compliance with Precision

  Adhering to PCI DSS, PCI3DS, PCISSF, ISO27001, and ISO22301 standards and uphold meticulous processes to guarantee regulatory alignment.

  Staying compliant in the evolving fintech landscape through vigilant monitoring of regulatory changes is paramount. Implementing real-time compliance monitoring enhances the ability of fintechs to navigate regulatory complexities, ensuring operational excellence and fostering customer trust.

Compliance market is expected to reach USD 200 billion by 2030.

Nayan Ambali, SVP (Lending Products and Business), M2P Fintech, participated in a panel discussion at the 3rd IITBAA Fintech Summit in Bengaluru. Along with fellow panelists, the panel shed insights on the topic 'The Embedded Revolution: Shifting Finance to Points of Consumption'.