Challenge

A fintech firm offering innovative mobile payment solutions sought to expand into the UK and other European markets. Challenges included:

Licensing Requirements: Obtaining necessary financial licenses under EU and UK regulations.
Security Compliance: Meeting stringent cybersecurity standards and data protection laws.
Market Trust: Building credibility in a market with established financial institutions.
Integration with Local Systems: Ensuring compatibility with existing banking infrastructure.

Solution

Regulatory Compliance Support:
License Acquisition: Assisted in applying for a Payment Institution license under PSD2 (Payment Services Directive 2).
AML/KYC Policies: Developed Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures compliant with local laws.

Cybersecurity and Data Protection:
Security Audit: Performed a comprehensive audit to ensure compliance with cybersecurity regulations.
GDPR Alignment: Updated data handling processes to comply with the General Data Protection Regulation.

Market Entry Strategy:
Partnerships with Local Banks: Negotiated integration agreements with UK banks to facilitate transactions.
Marketing Campaigns: Launched targeted marketing initiatives emphasising security, convenience, and innovation.

Technical Integration:
API Development: Adapted their technology to integrate seamlessly with European banking APIs.
Localisation: Customised the user interface and support services to cater to UK customers.

Building Trust:
Certifications: Obtained relevant industry certifications to enhance credibility.
Customer Support: Established a local customer service center with multilingual support.

Results

License Approval: Secured all necessary licenses within eight months.
User Adoption: Gained 100,000 active users in the UK within the first six months post-launch.
Strategic Partnerships: Partnered with three major UK banks and several retail chains.
Revenue Growth: Increased overall company revenue by 40% due to successful European expansion.