Innovative technologies have taken hold in almost all areas of the financial sector. InsurTechs, WealthTechs and PayTechs are entering the market, usually in the form of start-ups. They make use of the possibilities offered by decentralised data storage and mobile communication to offer their customers especially user-friendly solutions. Many of these FinTechs are based on business models that can dispense with regulatory authorisations because they simply broker services that are provided by institutions subject to supervision. But increasingly FinTechs are themselves seeking regulatory authorisations or cooperate with white label banks to open up additional areas of business.
Gleiss Lutz has many years of experience in advising investors and real economy companies on the acquisition of, and cooperation with, FinTechs. We provide guidance to FinTechs on the options available if they wish to avoid having to apply for regulatory authorisation and on the brokering of insurance policies, loans and deposits without authorisation. We are also able to assist with the procedure for obtaining the authorisations necessary to operate as a bank or financial services institution.
Our service portfolio encompasses advising on the relevant corporate and employment law issues, IP/IT and data protection, as well as antitrust and merger control. We are also familiar with all the legal aspects around the various applications of blockchain technology and artificial intelligence and the responsibility of managing directors for the outcome of AI-based decisions. At the same time we advise on the regulatory framework for “robo advice” and “robo trading” and on cloud-based solutions and strategies for banks and securities companies.