A few years ago, Vladimir Remi, CEO and Founder of SORQ, looked at the financial services outlook and saw that the FinTech space was an up and coming industry. With ten years of experience working hand in hand in startups and in traditional, deep-rooted financial institutions, Remi knew there was an opportunity to help the industry grow.)
Deeply passionate not only about growth, but sustainability and transparency, Remi founded SORQ. Designed to provide the consulting services young startups need to be successful, Sorq is committed to transparency. “We knew that this industry was primed for growth, and we saw all of the venture and institutional money coming in after the initial explosion in crypto-currency. We also knew that a lot of great ideas would fall flat on their face when confronted with the strong regulatory framework that financial services operates in.”
AIDING REGULATION AND COMPLIANCE
Here’s where SORQ helps its customers navigate. Transparency and compliance are huge cost centers for most traditional financial services companies. FinTech seeks to disrupt these older financial institutions, with a vast array of transfer and payments technologies that have the potential to revolutionise the entire financial services industry. From licensing to ongoing compliance and training, FinTech was seriously lacking in its understanding of how the financial services industry and its regulators work.
“There’s such a focus in the FinTech space on disruption and being disruptive that the innovators lose sight of the shore, and are adrift out at sea without knowing where they’re going to end up. They just want to push and push, and at the end, they hit that sea wall of regulation and compliance and can go no further. Then the money dries up because they’re not able to get the licensing and put into place the procedures they need to handle other people’s money. We wish we could’ve gotten to those innovators sooner.” – Vladimir Remi
A SHIFT IN TRENDS
The trend toward digitalisation of technologies and transfer payments has brought opportunities for investors. Great investment opportunities are born in risk, and being able to navigate those risks is what makes a company ultimately a successful company or a failed venture. The number of FinTech institutions is growing and interest from investors and the market rising, causing increased scrutiny of regulators. This creates an opportunity for smart FinTech innovators to add another arrow to their quiver of competitiveness. Transparent compliance with the rules of financial services and being prepared for future regulations that are down the road, which can differentiate.
If the future of finance is FinTech, then we can expect that future will come with some of the same regulatory issues that financial services already face. Like Uber did with taxis, FinTech seeks to move faster than the regulators in creating a new world for transfer payments and cross border transactions. The stakes in financial services are much larger, and a partner like SORQ can help organisations to navigate the headwinds of compliance that can capsize them. Contact SORQ today to grow your FinTech journey. EG