Raising the bar: fintechs face tougher tests from regulator

In a rapidly changing environment, fintechs need to up their game when it comes to compliance and ensure effective governance and safeguards are in place, writes Jonathan Keane

Merging a new tech mindset with a staid financial services sector has not been without its array of growing pains. Picture: Getty

In January, the Central Bank of Ireland wrote a lengthy letter to payments and e-money companies under its supervision.

The 11-page ‘Dear CEO’ letter laid out concerns that the financial regulator has about the governance and safeguards in place at the fintech companies that it regulates.

It described its “intense supervision” of the sector and the need for companies to up their game.

“The level of intensity, which is beyond what we would expect for ...