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Tokenization Basics – Part 1

Let’s dive into some tokenization basics. Blockchain technology is a widely commented trend in recent years. It was originally created as a solution to the so-called double-spending problem of digital currency. Several years have passed since then and blockchain is finding more and more applications. One of them is tokenization. What is it all about? What is the terminology? What is tokenization? Tokenization is the transfer of value from the real world to the digital world that allows you to trade assets fully online. In the traditional form, for example, to acquire shares in a company or purchase real estate, an agreement should be signed in an agreed and legally binding paper form. In the digital world, this traditional form… Read More »Tokenization Basics – Part 1

Fintech Onboarding Requirements for 5 Different Entities | Comparison

What are the needs of different Fintech Businesses and what data have to be gathered in specific cases. Let’s talk about Fintech Onboarding Requirements. Fiat Exchange The simplest Onboarding is probably at Fiat Exchange where you exchange currencies online, but the money is handled by regulated banks. Obviously your customers need to have bank accounts, but you do not need to do e.g. Liveliness Check, at least in Poland. However, still a lot of data might be useful, like the bank account verification. You want to have the money coming from the same person, the same owner of the bank account as the one which was registered on Fiat Exchange platform. Probably also a declaration that he is a Beneficial… Read More »Fintech Onboarding Requirements for 5 Different Entities | Comparison

8 Best Practices for Fintech KYC | AML | Customer Tests

What are the best practices when designing an Onboarding process and Customer Tests, or a Fintech KYC | AML? Everything in all onboarding is driven by the needs of these procedures. Mobile-First Approach So, nowadays to do it well, it’s wise to do it mobile friendly at least, and perhaps even Mobile First or Mobile Forced. Mobile Forced, like e.g. at Degiro. It is often preferred because of low quality of video cameras in the PCs or lack of some interfaces like NFC or geolocation. For these reasons you may opt for Mobile Forced or Mobile First Fintech KYC | AML process because you will have access to such devices or interfaces on the user’s smartphone. A lot of people,… Read More »8 Best Practices for Fintech KYC | AML | Customer Tests

Why is Fintech Onboarding so Challenging?

Generally, a lot of data which we need to gather and things we need to do with a prospect before she becomes a Customer of a FinTech or a Bank are guided on a few levels of legal and financial supervision. Financial Action Task Force (FATF) is a global body which multiple countries are members of. They think of how to address and limit problems like laundering money from drugs or weapons or how to limit bribery of politicians. So not to allow terrorists to gain resources and to protect us citizens. FATF makes regulatory recommendations in these areas that can be checked online. They constitute a key legal determinant for many legislators in various countries, as well as for… Read More »Why is Fintech Onboarding so Challenging?

Crowdfunding in the light of new EU regulations (2020/1503)

The sector of modern technologies in the financial sector is developing very dynamically. On the one hand, the construction of digital tools has become the foundation of the operational action of many companies. On the other, consumers eagerly reach for financial technology and use financial services in remote channels. The development of FinTech has also changed the face of capital markets. New investment opportunities have arisen, such as e.g. crowdfunding, which is conquering new markets and sectors and uniting investors around joint projects. The EU legislator also noticed the popularity of this new form of investing cash and launched a project to harmonize the law in this area in the European Union. After almost two years of work, on October… Read More »Crowdfunding in the light of new EU regulations (2020/1503)