So youre thinking of expanding yourfintechcompany to another market?
Congratulations, youre in for an interesting ride.
As you know, fintech is somewhat of a different beast than other consumer-facing applications.
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Know your customers
How much should you localize your app?
Take Germany, a country where users place a lot of value on a German language interface.
This also goes for marketing materials, customer services, and content so you better sei vorbereitet.
Where do you organize customer service?
Also, its hard to gauge beforehand how many representatives a territory will need.
How fast can you get to market?
In the UK, there are now roughly 1.5 million vacancies open.
The great resignation started in the US and has now moved across the western world.
see to it to familiarize yourself with the educational and experience levels of the local labor market.
To mitigate these problems, it can often save time and headaches to outsource parts of the hiring process.
What do locals expect from fintechs?
Attitudes towards financial services differ from country to country.
crypto assets differs from country to country and demographic to demographic.
Know your regulation
What country-specific regulations do it’s crucial that you comply with?
As fintech providers are a relatively new phenomenon, regulation is highly divergent per country.
Regulators in some countries have already passed down stringent requirements for the use of decentralized finance andcryptocurrencies.
Meanwhile others are only just beginning to deliberate on how these new finance trends fit into the national regulations.
This means regulations are and will continue to evolve dramatically over the next few years.
How will you perform KYC?
The remaining 30% of manual oversight can easily be provided by a third-party outsourcer.
What anti-fraud measures do you oughta take?
Depending on where you expand to and what products you offer, anti-fraud regulations differ.
In Japan, different tokes fall under different regulations.
