FinTech – Welcome to the Wild West!
Are you a FinTech pioneer – a disruptor – an innovator? If so you will be aware that we are living in exciting times – some say it’s like the wild west out there and regulations are light. But that’s not always going to be the case.
The Financial Conduct Authority is concerned that FinTechs should be regulated and answerable to the same standards around the world;
“Ultimately, if firms are going to grow to scale they need to engage with the financial regulatory system as it exists today, they need to be prepared to do that in whatever testing environment they’re in, and ultimately consumers need to have confidence in the products and services coming to market if those products and services are going to be successful long-term.” Christopher Woolard
What’s more, Venture Capitalists are already letting it be known that they want Fintech startups to have robust systems of record keeping in place so that they have a firm footing on which to scale and grow.
Accountable into the Future
Firms which are going to exist in the long term – outside the experimental sandbox environment, need to engage with the real word of regulations if they want to exist in the future. You do not want to be held back but you do need to comply.
What’s more, while you’re ripping up the rule book and making it easier for people to carry out a whole range of financial transactions, you want to make sure you have the systems in place to make your own business run more smoothly.
Is Cloud ERP the Answer?
An out of the box Cloud ERP system could be what you need. Business ByDesign from SAP has been designed for mid-sized companies that need to be compliant with regulations across the globe and operate across multiple currencies.
ERP offers a totally flexible structure where consolidation, data sharing and inter-company transactions happen seamlessly. What’s more a branded system such as SAP Business ByDesign, or Oracle’s Netsuite will give you the ability to compile reports simply and quickly – and when regulations change updates are fed through automatically so you can get on with the business of finding customers and growing your business without missing a beat.
Investors and regulators want to see that you have the right systems in place so do consider upgrading soon – Excel spreadsheets are not a sustainable way to run a hi tech company into the future! Give us a call and we will happily run you through the options in person or online.