Cartoon: Wanderer above the sea of fog
“Wanderer above the sea of fog” by Iantoons
This new cartoon illustrates how regulatory changes and the complexity of compliance stymies new entrant fintechs.
According to the Competitive Enterprise Institute, financial firms are now reporting the average cost to maintain compliance can total up to $10,000 per employee.
While a number of start-ups have responded by shopping around for more favourable regulatory jurisdictions, the most interesting response is the rise of the Compliance-as-a-Service (CaaS) market.
Meanwhile, some more forward-thinking jurisdictions have set up fintech sandboxes where new consumer services can be tested under a light regulatory environment.
You can find more Iantoons cartoons here.
