Deloitte FinTech Conference 2020
Deloitte Fintech conference for payment and electronic money institutions took place on 15 of September, 2020 and discussed different operational and regulatory challenges FinTechs are facing in Lithuania.
During the conference, experts gave a sneak-peak in the process of building international infrastructure through Direct Access, discussed topics as Key VAT considerations for FinTech companies, Information Security and IT Controls in FinTech Environment, Interplay between PSD2 and GDPR and other topics.
Key takeaways from FinTech Conference 2020:
🔑 The term “sensitive payment data” in PSD2 has considerably different meaning than in the context of GDPR and data protection law, be very aware of what is being checked;
🔑 Read the guidelines to address the key challenges. If you are not able to address one of the challenges, you will fail in the others;
🔑 Safeguard the funds by depositing these in a separate account in a credit institution, invest in a secure, liquid low-risk assets or cover these funds by an insurance policy or a guarantee;
🔑 Analyze your supplies – are they with VAT or VAT exempt;
🔑 Payment services need to be quick, convenient and affordable, although fintechs are addressing these needs they are still systemically dependent on banks;
🔑 Use outsourcing to improve operations, minimize risk, be more agile and reduce costs;
🔑 Don’t try to reinvent the wheel, let someone who is already experienced help you.