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Regulatory Compliance for Fintechs in Mali: Navigating a Complex Landscape

As the fintech industry continues to grow, so do concerns about regulatory compliance. In Mali, where fintechs are increasingly blurring the lines between traditional financial institutions and innovative disruptors, understanding the regulatory landscape is crucial for success.

Fintechs and Banks: Blurring the Lines

Historically, fintechs have prided themselves on being outside the regulatory framework of traditional banks. However, recent developments suggest that this may no longer be the case. Some fintechs are considering or pursuing bank charters, while banks are partnering with fintechs to leverage their innovative capabilities.

Fintech Risk: So Many Ways to Err

Recent regulatory actions against fintechs highlight the risks associated with non-compliance. These actions share several common traits, including a focus on customer treatment and the threat they pose to the safety and soundness of financial institutions.

Rising Regulatory Voices

Regulatory bodies such as the Office of the Comptroller of the Currency (OCC) are actively engaged in shaping the future of fintech regulation. The OCC’s “vision for responsible innovation” initiative has opened the door for fintechs to collaborate with regulators and develop solutions specific to their product offerings.

The Future of Fintech

Regardless of whether fintechs choose to become chartered institutions or remain as they are, having solid risk management controls in place is essential. A compliant company can increase its potential for success by differentiating itself through transparent risk management practices.

Conclusion

In conclusion, regulatory compliance is a critical concern for fintechs operating in Mali. By understanding the complex regulatory landscape and implementing effective risk management controls, fintechs can thrive in a rapidly changing environment. Deloitte’s Regulatory and Operational Risk practice offers expertise in navigating these challenges and helping businesses evolve regulations into opportunity.

Contact

Gina Primeaux Principal | Deloitte Risk & Financial Advisory [Email address] [Phone number]

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