Standard Chartered and Allen & Overy launch payment regulations guide to enhance FINTECH companies’ global expansion
Standard Chartered, in collaboration with global law firm, Allen & Overy, have published the first Guide to Payment Regulations, which outlines the prevailing regulatory frameworks and related licensing schemes for payments and e-money services. Covering eight key markets in Asia, the guide aims to support corporates and fintechs in navigating the rapidly evolving payments landscape and allows them to consider various factors that impact them as they expand their businesses across borders.
In addition to providing a brief summary of market-specific payment and e-money services regulations, the guide also draws on the expertise of the two organisations in addressing most common themes corporates and fintechs face when they scale their businesses in their home markets or across borders. One of the top themes the report demystifies is whether licensing requirements apply for B2B eCommerce platforms.
Payments is one of the most disrupted domains within the financial services industry due to continued technological innovations and the exponential growth of fintechs and the alternative solutions they present. This has translated to frequent reviews and changes to payments regulations to ensure that the financial ecosystem remains safe and secure. This makes keeping abreast of all these regulatory developments a challenge for Corporates and fintechs looking to provide or facilitate payment services across markets in Asia, Africa and Middle East.
“Digitalisation of business models is driving an exponential growth in digital payments,” said Philip Panaino, Global Head of Cash at Standard Chartered. “To support this rapid growth, regulators are updating and introducing new regulations to ensure a resilient and secure business infrastructure. As Corporates look to international expansion, it is often challenging to navigate the diverse regulatory payment and e-money guidelines. We are pleased to collaborate with Allen & Overy to launch this guide that interprets some of the most critical areas that corporates and fintechs consider when evolving business models or expanding to new markets.”
Allen & Overy lead Partner Shuhui Kwok said: “Thanks to the collective efforts of Standard Chartered, our A&O colleagues and local law firms where we have trusted relationships, we’ve been able to put together comprehensive and practical guidance to assist Standard Chartered customers to better navigate the opportunities and challenges of its expanding payment services offerings across the region.”
The current version of Guide to Payment Regulations covers Mainland China, Hong Kong, India, Malaysia, South Korea, Thailand, Taiwan and Singapore, with future plans for an updated iteration to include another seven markets. It is available for download at: https://www.sc.com/en/banking/banking-for-companies/transaction-banking/guide-to-payment-regulations-pr/
