Tatiana Sokolova, CMO, SPAYZ.io
As fintech continues to reshape the financial landscape, firms operating in the payments space must align their operations with evolving legal frameworks. Regulatory expectations are not static. They are actively advancing to address the realities of a rapidly digitizing economy. Key priorities for governments and regulators include consumer protection, financial system integrity, and defense against rising threats such as cybercrime, fraud, and money laundering.
At the same time, regulators are also focused on encouraging innovation. The challenge lies in striking the right balance by enabling growth through new technologies like blockchain, AI, open banking APIs, and real-time payments, while maintaining strong safeguards. As some companies are currently experienced, this is easier said than done. A forward-looking legal environment is essential which encourages a high standard of industry processes without compromising systemic security.
Legal compliance is not a tick-box exercise. It demands strategic foresight. From our experience, businesses that incorporate regulatory considerations into product design and internal policies from the beginning are better equipped to adapt and compete. Engaging early with regulators, participating in industry discussions, and staying informed about upcoming changes are key to building resilient, future-proof operations.
This philosophy underpins the approach taken by SPAYZ.io. Legal integrity is not an afterthought. Rather, it is embedded in the platform’s architecture and forms the foundation from which we are able to build, refine and launch our products into new geos.
Government and regulatory authorities are turning their attention to the payments industry.
In an environment dominated by digital transactions, data privacy is a central concern. Fintechs must go beyond basic regulatory requirements, adopting proactive cybersecurity practices and transparent privacy policies that build customer confidence. Compliance with standards like GDPR and the Payment Card Industry Data Security Standard (PCI-DSS) is crucial. The focus needs to be on reinforcing trust, not approaching this a tick box exercise.
Internal controls are equally vital. These include automated systems for transaction monitoring, regular audits, and real-time compliance mechanisms that adjust to changing threats. Effective controls serve dual purposes: deterring illicit activity and maintaining the accuracy of financial data.
Customer trust also depends on transparency in handling complaints. Fintechs must offer simple, accessible procedures with clearly defined timelines and escalation processes. A responsive complaints framework isn’t just about regulatory adherence.
AML obligations extend far beyond onboarding. Criminals frequently exploit financial systems to launder vast sums. There are estimates which suggest that up to 5% of global GDP is linked to money launder activities. SPAYZ.io’s compliance model addresses this head-on, with rigorous screening, ongoing transaction monitoring, and immediate escalation of suspicious activities. The company also upholds strict data protection protocols, including PCI-DSS certification for card transactions. These measures are reviewed regularly to maintain full alignment with industry standards.
As SPAYZ.io’s Chief Legal Officer notes, “Compliance is the foundation of trust in payments. It’s not just about meeting rules. It’s about delivering transparency, protecting clients, and setting the standard for responsible innovation. There has been an influx in new players entering the industry, seeking to meet the demand for cross border payment solutions. Competition of this nature is positive, but there needs to be an assurance that all companies are committing to the same high legal standard.”
