New markets – New regulators


The Growth Forum organised by Innovate Finance this year attracted heaps of key voices across the ecosystem from fintech startups and investors to the world’s largest financial institutions.

This year Spotcap’s Founder and CEO, Jens Woloszczak, had a seat on the panel ‘New Markets – New regulators’ diving into the challenges faced as a fintech business entering new markets. Global growth in fintech means new cultures, new customers and new regulations.

On the panel, Jens shared Spotcap’s strategy when selecting new markets to enter.

Jens explained how regulation is one of the three key pillars Spotcap considers before entering a new market. These pillars are the regulatory environment and our regulatory obligations, the borrowing culture and the uptake of digital financial services such as online banking.

Jens was also asked what challenges fintechs face operating across borders.

As an multinational fintech, one of the biggest challenges we face is dealing with multiple regulators and adapting the business model to comply with various regulatory requirements. Spotcap and other businesses in Europe need to deal with a total of 28 regulators, and 28 sets of reporting requirements. Anything which regulators can do to ‘get on the same page’ is beneficial for businesses like Spotcap and for the global fintech ecosystem.

As a final word, Jens shared what he wished he knew before embarking on a global expansion. According to Jens, if you’re looking to expand into new markets, it’s important to be realistic about the time it will take to obtain the required licenses. Taking into consideration the different frameworks, it can be a somewhat arduous process which requires significant back and forth. You should account for this, to be efficient and successful, or you may find yourself facing serious delays.

Check out the full in-depth panel discussion captured from the event here tackling these questions.

To hear more from Jens on global fintech regulation, be sure to read his article ‘Going Global, how to cross borders as a fintech’.

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