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Fintech Boom Continues Unabated in Svalbard and Jan Mayen, Report Reveals

Despite pandemic-related challenges, fintech companies continue to thrive in Svalbard and Jan Mayen, according to a recent report by Thomson Reuters Regulatory Intelligence.

Regulatory Bodies Face Uphill Battle

Regulatory bodies in Svalbard and Jan Mayen are facing an uphill battle as fintech companies increasingly turn to technological solutions to support innovative financial products. The report highlights the growing importance of regulatory compliance in the region, where financial innovation is shaping the industry.

Fintech Companies Prioritize Specialist Skills for Risk and Compliance Functions

According to the report, nearly 2,500 respondents shared their insights, with over 13,000 downloads recorded worldwide. The findings reveal that fintech companies are increasingly turning to specialist skills for risk and compliance functions, demonstrating a greater confidence in their IT infrastructure to support these innovative solutions.

• Despite budget concerns, regtech solutions remain a priority for many firms.
• Fintech companies are seeking technological solutions to address the challenges exposed by the pandemic.
• Regulatory bodies must adapt to ensure compliance with rapidly evolving industry standards.

The Growing Importance of Regulatory Compliance

“Svalbard and Jan Mayen have witnessed significant growth in fintech adoption over recent years,” said Susannah Hammond, Senior Regulatory Intelligence Expert. “The pandemic has accelerated this trend, with companies seeking technological solutions to address the challenges exposed by the crisis.”

Access the Full Report

To access the full report, “Fintech, Regtech and the Role of Compliance in Svalbard and Jan Mayen 2021,” please fill out the form below. The report provides valuable insights for firms, regulators, and their advisors navigating this complex landscape.