The use of technology to provide financial services is an important driver in the financial sector. New players are challenging traditional financial services, while traditional players are using technology in new ways. Traditional banking is also challenged by legislators. The introduction of the revised Payment Services Directive (PSD2) has in earnest made it possible for fintech undertakings to offer a wider range of services.
The development creates a need to clarify which regulatory framework conditions fintech services are subject to, including whether providers need special licensing. Furthermore, the services must be adapted to the requirements of privacy and consumer legislation. The introduction of PSD2 and the GDPR has increased the complexity of the legal framework. In addition, the process from idea to product/service could also trigger the need to ensure protection of the technology.
Wiersholm has considerable expertise in all relevant areas of law for fintech undertakings. This includes protection of technology (intellectual property law), assessment of whether the technology/service triggers a licence requirement, as well as assistance with application processes and contact with public authorities, regulatory framework conditions, including consumer legislation and market law, privacy issues (GDPR), financing, including project financing, loan agreements and share issues, as well as tax issues.