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ECB Irons Out Process To Authorize Fintech Firms In The EU

Law360, London (September 14, 2018, 4:30 PM BST) -- The European Central Bank published guidance on Friday to ensure that financial technology firms have a “smooth and effective” process when applying for licenses that allow them to perform banking services in the eurozone, given the rise of interest from alternative lenders.

The ECB issued a guide, which supplements licensing requirements published in March, outlining how much capital firms must hold and how adequate their business operations must be to operate in the euro area. The central bank said it is aiming the guidance at fintech firms,...
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