FINTECH REGULATIONS

Country Regulations Remarks

Singapore Most, if not all, financial products and services With over 750
provided by banks and organisations that affect the organisations, Singapore
public interest are regulated in Singapore. is expected to be the
For the various sorts of services/products delivered, preferred site for over
distinct legislation has been implemented. The 40% of all fintech
following are some of the most significant acts of enterprises (payments,
legislation in this regard: blockchain, data
management,
 In Singapore, the Payment Services Act 2019 crowdfunding, and
governs the licencing and regulation of others) in Southeast Asia
payment service providers and payment by 2020.
services.
 The Securities and Futures Act governs the On January 28, 2020, the
securities and derivatives industry's activities much-anticipated
and institutions, including leveraged foreign Payment Services Act
exchange trading of financial benchmarks 2019 went into force,
and clearing facilities. establishing a new
 The Moneylenders Act governs licencing regime for a
moneylending, credit bureau designation and variety of payment
regulation, and the gathering, use, and services.
disclosure of borrower information and data.
 The Commodities Trading Act is a piece of
legislation that governs certain aspects of
commodity trading.
 The Insurance Act governs Singapore's
insurance industry, including insurers,
intermediaries, and related organisations.

Digital Banking License initiative by Singapore:

The Singapore Monetary Authority (MAS) has

authorised digital banking licences, making financial
services more accessible to underprivileged groups
like SMEs. Traditional banks provide the same
financial services as digital banks, but they do it
without the need for physical infrastructure. Digital
banking licences are divided into two categories:
digital full bank licences (DFB) and digital wholesale
bank licences (DWB).

An company with a DFB licence can use its online

platform to provide deposits, loans, and investment
 products. DFB licensees can only provide retail and
corporate banking services, whereas DWB licensees
can only provide services to companies, namely small
and medium-sized firms (SMEs).

The granting of digital banking licences is expected to

boost Singapore's banking and finance industry,
ensuring that it stays robust, inventive, and
competitive, particularly given Hong Kong's approval
of eight digital banking licences in 2019.

Digital banks may be able to swiftly develop in

ASEAN due to its low-cost structure and efficient set-
up and operation systems. Many companies will use
Singapore as a base from which to expand into other
regional markets.

Financial services will be more accessible to

underrepresented groups, such as millennials and
small businesses, thanks to digital banks. Indonesia,
with 42 million underbanked and 92 million
unbanked individuals, would have the largest market
potential in ASEAN. Despite this enormous figure, the
digital economy of the nation is expected to reach
US$124 billion by 2030.

The fastest path to formation and development for

digital banks will be through strategic partnerships,
notably with payment solution platforms or e-
commerce marketplaces. As a result, digital banks
will have access to a larger client base, allowing them
to provide more consumer-centric goods and
services than traditional banks.This might involve
using alternative credit score evaluations to grant
microloans to numerous underprivileged SMEs in the
region, as well as potentially offering deposit
accounts to individuals with no minimum deposit
requirements.

Australia In terms of financial services regulation, Australia has

a dual peaks model:

 Australia's major corporate, markets,

financial services, and consumer credit
regulator is the Australian Securities and
Investments Commission. It is in charge of
ensuring consumer protection and market
integrity within the financial sector. ASIC is in
charge of overseeing and regulating
Australian businesses, financial markets, and
financial service and consumer credit
 providers.

 Australian Prudential regulating authority

maintains safety and soundness of financial
institution,promote financial stability in the
country and protect the interest of policy-
holders,depositors and superannuation fund
members.

The Australian Competition and Consumer

Commission enforces the Australian Consumer Law,
which may apply to fintechs. Misleading and
deceptive conduct, false or misleading promises,
unconscionable conduct, and unfair contract terms
are all prohibited in some form.

Fintech companies in Australia must follow all

existing rules and regulations governing financial
services and consumer credit. The Australian
government has made steps to reduce the regulatory
burden on fintechs trying to test the market before
launching a full product or service.

Fintech companies must adhere to Australia's

financial services regime's licence, registration, and
transparency requirements.

 Fintech companies operating in the financial

services industry in Australia must have an
Australian financial services licence (AFSL) or
be exempt from the need. Financial services
are broadly defined as providing financial
product advice, dealing in financial products
(as principal or agent), making a market for
financial products, operating registered
schemes, and providing custodial or
depository services under the Corporations
Act 2001, which is administered by ASIC.

 Fintech companies that offer marketplace

loan products and related services will be
considered consumer credit activities,
necessitating the need for an ACL. The
Australian credit licence (ACL) regime applies
to businesses that provide consumer credit
in Australia, such as credit under a credit
contract or a consumer lease.
  Fintech businesses may also need to hold an
AML (Australian market license) where they
operate a facility through which offers to buy
and sell financial products are regularly made
(i.e.exchange). If an entity operates a
clearing and settlement mechanism that
allows parties engaging in financial goods to
meet their commitments to one another, the
entity must have a clearing and settlement
facility licence or be excluded from it.

The Government and ASIC have established a

sandbox for fintech businesses to test financial
services, financial products, and credit activities for
up to 12 months without holding an AFSL or an ACL
under the Corporations (FinTech Sandbox Australian
Financial Services Licence Exemption) Regulations
2020 and National Consumer Credit Protection
(FinTech Sandbox Australian Credit Licence
Exemption) Regulations 2020. The types of firms that
can enter the regulatory sandbox, as well as the
products and services that qualify for the licence
exemption, must meet tight qualifying conditions

Australian BNPL Market

Buy now, pay later (BNPL) has remained a hot topic

in Australia, with certain suppliers currently
dominating the financial scene. On the basis of
exemptions, several BNPL providers operate outside
of Australia's credit licencing process. This has
prompted demands for action on BNPL sector
regulation, and ASIC conducted an assessment of the
business in 2020, reflecting on the impact on
customers and impending regulatory changes.

The Australian Finance Industry Association (AFIA),

which represents a number of BNPL providers,
established a voluntary BNPL Code of Practice (BNPL
Code), which took effect on March 1, 2021. The BNPL
Code outlines nine Key Commitments for how BNPL
products should be produced and provided to
customers, and it has been endorsed by nearly all of
the Australian BNPL market.
USA Fintech is regulated at both the state and federal In USA,most financial
levels, just like all financial services in the United products and services
States. Each of the 50 states, as well as the federal are actively regulated by
government, has enacted legislation that may apply the federal government;
to financial services and financial service providers. in many cases, this
regulation is vast and
The banking industry, including Fintech businesses complex. Additionally,
that engage in the business of banking, is primarily any state (as well as the
regulated by four federal prudential regulators. District of Columbia) is
Despite the fact that each agency focuses on various free to create its own
aspects of the industry, they have all taken steps to laws and rules, so long
accept Fintech. as they don't clash with
or obstruct the relevant
 State-chartered banks that are not members federal regulations. In
of the Federal Reserve System are regulated some cases, these
by the Federal Deposit Insurance Corporation additional state laws
may be in conflict with
 National banks and federal savings one another and are not
associations are regulated and chartered by necessarily the same
the Office of the Comptroller of the across all jurisdictions.
Currency. The Office of Innovation has been Federal and state laws
formed by the OCC to develop a regulatory may concentrate on the
framework that encourages responsible service providers or on
innovation. the conditions under
 The Federal Reserve Board of Governors which the services are
oversees the operations of all depository provided.
institution holding companies and is the
primary regulator of all state-chartered
banks that are members of the Federal
Reserve System. The FRB is committed to
fostering responsible innovation, with an
emphasis on facilitating real-time payments,
researching the dangers and opportunities
associated with digital currencies, and
encouraging the use of artificial intelligence
in financial services.
 National credit unions are chartered by the
National Credit Union Administration
("NCUA"), which also governs all national and
state-chartered credit unions. When it comes
to Fintech, the NCUA has taken a more
cautious approach.

Fintech Regulation in US

The particular restrictions that fintechs must follow

will vary depending on their activity. However, there
are a few basic rules that any fintech operating in the
United States should be aware of.

Fund Transfer Act and (Consumer Financial

Protection bureau) CFPB Regulation E

 Many laws control payments-related

operations, including the Fund Transfer Act
 and CFPB Regulation E. They put certain
criteria on financial institutions in terms of
resolving transfer issues.

Securities Act and Exchange Act

 Initial Coin Offerings (ICOs) are becoming

increasingly popular among fintech
companies. In the United States, the
handling of these actions has been
contentious, but the Howey Test has now
established a precedent. This test establishes
the ICO's legal standing, and it will be subject
to the Securities Act and Exchange Act if it
fulfils the threshold criteria.

US Anti-Money Laundering regulations (AML)

 The Bank Secrecy Act and the USA Patriot Act

are the two primary anti-money laundering
laws in effect in the United States. These
regulations impose duties on anti-money
laundering risk management programmes,
customer due diligence (CCD), and numerous
record-keeping responsibilities. Specific
regulations for cross-border transactions are
also included in the Patriot Act.

JOBS Act

 The JOBS (Jumpstart Our Business Startups)

Act requires crowdfunding platforms and
other financing gateways to register with the
SEC (Securities & exchange commission ) and
FINRA (Financial Industry Regulatory
Authority) . Additionally, the JOBS Act
imposes new duties and constraints on these
enterprises, such as fundraising limits and
transparency requirements.

Fair Credit Reporting Act (FCRA)

 The Fair Credit Reporting Act (FCRA)

establishes the methods through which
financial organisations can acquire consumer
credit information and expands consumer
rights to view credit reports.

Gramm-Leach Bliley Act (GLBA)

 The GLBA, also known as the Financial

 Modernization Act, mandates all financial
institutions to educate their clients about
how their information is handled and
protected.

STATE REGULATORS

 The Conference of State Banking

Supervisors , a group of state banking
regulators, works to coordinate and maintain
uniformity and consistency among state
banking regulators.

 Some state regulators have launched an

aggressive agenda to both regulate Fintech
and stimulate innovation, with the goal of
protecting consumers. Several states have
created "sandboxes," which are designed to
allow businesses to test new Fintech
products and services in the market without
having to secure the necessary licences.
Nevada, Utah, West Virginia, Arizona,
Florida, and Wyoming are among the states
that have created Fintech sandboxes.
Brazil Participants in the financial and payments markets
are regulated by the Brazilian Monetary Council
(CMN) and the Brazilian Central Bank.

Competition issues are regulated by the

Administrative Council for Economic Defense (CADE).
When financial or payment institutions are involved,
the Brazilian Central Bank and CADE are expected to
work together.

Regulation for Fintech Involved in Alternative Finance

activities.

Currently, the only legislation pertaining to

alternative financial activities done by FinTech
enterprises that have been issued are:

 CVM (Securities & Exchange Commission)

Instruction regarding crowdfunding through
securities issues on electronic platforms

 CMN Resolution No. 4,656 of 26 April 2018,

which regulates two kinds of financial
institutions specialised in granting loans
through electronic platforms, that is direct
credit company(SCD) and peer-to-peer (P2P)
 loan company(SEP)

The following are the main points of Resolution No.

4,656:

 The SCD is only allowed to grant loans and

financings through electronic platforms, and
to purchase receivables with its own capital
(that is, they cannot take deposits or raise
funds from sources other than shareholders),
but they can sell receivables from their loans
to financial institutions and securitization
vehicles, and fund their loans with lines of
credit from the National Economic and Social
Development Bank (BNDES).

 The SEP can link lenders and borrowers, as

well as facilitate loan and finance
negotiations using electronic platforms.

 Only a SEP can use electronic channels to

facilitate peer-to-peer lending.

 SEP loans and financings are restricted to

BRL15,000 each (except loans granted by
qualified investors, as defined in CVM
regulation).

 The SCD and SEP must have a minimum net

worth and capital of BRL1 million on a
permanent basis.

FinTech firms that want to participate in finance

operations other than those of a SCD or SEP must
follow the same regulations as traditional financial
services firms. Businesses that want to engage in
financial intermediation must follow these rules:
Obtain a licence from the Brazilian Central Bank.
Comply with the National Monetary Council (CMN)
and the Central Bank's broad requirements.

FinTech enterprises that want to engage in payment-

related operations must follow the same standards
as regular businesses. Activities involving payments
are governed at the national level. Law No. 12,865 of
October 9, 2013, as well as CMN and Central Bank
rules, control them. Unless an exception exists,
businesses that provide the following payment
services must get a licence from the Central Bank of
Brazil and are subject to Law No. 12,865 of October
 9, 2013, as well as National Monetary Council (CMN)
and Central Bank regulation:
 Issue of electronic currency in Brazilian
currency, such as pre-paid cards or e-tokens.

 Credit cards and other post-paid payment

devices are issued.

 Acquirer Services.

 Services for initiating payments.

Payment service providers with a low transaction

volume or a narrow scope (as determined by
legislation) are free from licencing, including the
following:
 Purchasers and issuers of post-paid payment
instruments having a transaction volume of
less than BRL500 million in a 12-month
period.

 Only one chain store accepts pre-paid or

post-paid instruments.

 Pre-paid or post-paid instruments used to

pay for certain public utilities like public
transportation and telecommunications.

 Payment services connected to the provision

of employment legal benefits, such as pre-
paid cards provided by employers to their
employees for meal payment.

 Services for initiating payments.

China China, like the majority of countries throughout the

world, has yet to establish or designate an
independent supervisory authority to oversee the
FinTech industry's legislation.

The FinTech industry's related firms will be

supervised by traditional financial regulatory
agencies depending on the special characteristics of
the respective financial services.

 The China Banking and Insurance Regulatory

Commission (CBIRC) will be in charge of
overseeing FinTech businesses that rely on
services (or similar services) provided by
 commercial banks (such as Internet banking,
Internet lending, P2P lending, and so on) and
insurance companies (such as Internet
insurance).

 The China Securities Regulatory Commission

(CSRC) will be in charge of overseeing
FinTech businesses that are related to
securities market investments, such as
Internet funds, Internet securities.

 The People’s Bank of China (PBOC) will be in

charge of overseeing FinTech enterprises
that deal with currency issuance, circulation,
and clearing/settlement, including as third-
party payment services, digital currency, and
so on.

In 2019, the PBOC published the FinTech

Development Plan (2019-2021) (FinTech
Development Plan), bringing the long-awaited
Chinese FinTech regulatory framework to a close.

 The FinTech Development Plan aims to

Create a set of comprehensive, scientific, and
quantitative assessment criteria for the
development and optimization of financial
technology in China
 Improve the FinTech industry's top-down
design.
 Strengthen risk controls, including provisions
for a cross-market and cross-industry
financial risk early warning system.
 Prudently regulate FinTech companies to
ensure that risks including data security,
transaction security, and business continuity
are managed.

Regulation for crowdfunding Platforms

To date, there is no regulation on crowdfunding

financing as such. However, in July 2015, the PBOC
published its Guideline Opinion on Promoting the
Healthy Development of Internet Finance (Guideline
Opinion), which indicated that equity crowdfunding
should be regulated by the CSRC at a national level.
The Guideline Opinion defined equity-based
crowdfunding as equity financing in small amounts
through an internet-based platform, such as a
website or other digital medium.

In addition, in August 2015, CSRC published its Notice

on Special Inspection of Institutions Carrying Out
Equity Financing Activities through the Internet,
which provided that:

 Equity-based crowdfunding is an open and

public equity offering for a small amount of
money. As a result, it is distinct from private
equity financing as a type of online equity
financing.

 The Securities Association of China must first

approve equity-based crowdfunding
operations (SAC)

Regulation for Payment services

The PBOC, together with 14 other State Council

Ministries, announced the Implementation Plan of
Special Risk Remediation for Non-bank Payment
Institutions in April 2016, declaring that the PBOC will
no longer accept applications for new payment
institutions in principle.

The PBOC produced the following documents on

September 27, 2012, and December 28, 2018, to
carry out the spirit of these administrative measures:

 Payment Institutions' Prepaid Card Business:

Administrative Measures

 Administrative Measures for Non-banking

Payment Institutions' Online Payment
Business

The regulatory system for online payments and

online payment institutions is established by these
administrative acts. Institutions must comply with
the regime's requirements:

 Establish a reliable customer identification

system in accordance with Know-Your-Client
regulations.

 Securities, insurance, finance, trust, wealth

management, currency exchange, and
withdrawal services are prohibited.
 The PBOC announced Measures for the
Administration of Online Payment Business of Non-
bank Payment Institutions in December 2015, which
increased the payment platform reserve funds ratio
requirement from 20% to 50%. This essentially puts
more of payment providers' client e-wallet deposits
and escrow funds under the PBOC's centralised
supervision, making it simpler for customers to trace
how their money is spent.

The PBOC initiated the formulation of the

Regulations on Non-banking Payment Institutions
(Draft for Comment) in January 2021, with the goal
of:

 Increasing the consistency of regulated

institutions' compliance operations.

 Provisions for management requirements

should be improved.

 Make anti-monopoly norms and measures

more clear.
Tax Benefits & other incentives for fintech in china

 A 15 percent income tax rate is available to

qualified high-tech businesses (compared to
the standard rate of 25 percent ).
 High-tech businesses that register in certain
special economic zones may be eligible for an
income tax exemption for the first two years
and a 50% decrease for the next three years.

In May 2018, a new tax benefit was introduced for

venture capital firms that engage directly in
technology companies at the seed or start-up stage
through equity investments. The specifics may be
found in the Ministry of Finance and State
Administration of Taxation's Notice on Tax Policies
Relating to Venture Capital Enterprises and Angel
Investors. A venture capital company that invests in
small or medium-sized high-tech businesses for at
least two years and meets specific conditions is
eligible to deduct 70% of its investment from its
taxable income under this programme.

UK In UK,Fintechs are treated in the same way as

conventional financial services companies. They will
need to be approved by the Financial Conduct
Authority (FCA) or the Prudential Regulation
Authority (PRA) if they carry out activities that come
within the scope of one of the regulated activities
under the Financial Services and Markets Act 2000
(FSMA). The FSMA (Regulated Activities) Order 2001
defines regulated activities. The PRA Rulebook and
the FCA Handbook augment this primary and
secondary law with principles, regulations, and
recommendations.

The Consumer Rights Act of 2015, the Data

Protection Act of 2018, and the Money Laundering,
Terrorist Financing, and Transfer of Funds
(Information on the Payer) Regulations of 2017 are
all important pieces of law. The second EU Payment
Services Directive, the EU Electronic Money Directive
2, the recast EU Markets in Financial Instruments
Directive, the EU Markets in Financial Instruments
Regulation, and the E-commerce Directive are some
major EU policies depending on a fintech's areas of
concentration.

The Prudential Regulation Authority (PRA) is the

prudential regulator, while the Financial Conduct
Authority (FCA) is the conduct regulator for banks,
insurers, and the major investment businesses. Other
businesses are regulated only by the FCA.

Both the PRA and the FCA have supervisory and

enforcement authorities. Both the PRA and the FCA
have the authority to inspect businesses on a regular
basis. They also have a variety of powers under
FSMA, including the ability to compel a company to
submit certain information or documents,
commission a skilled person's report, issue warning
notices, and levy financial penalties.

They can both put particular restrictions on

businesses, such as obtaining the regulator's
permission before doing certain actions. There are
also a variety of criminal offences under the FSMA,
such as carrying on a regulated business in the
United Kingdom, or claiming to do so, without the
appropriate authorization or exemption.

Regulation of Crowdfunding, peer-to-peer lending

activities in fintech space in UK.

 The regulation of investment-based

crowdfunding platforms is dependent on the
 activities that each platform engages in. The
reformed EU Markets in Financial
Instruments Directive (MiFID II) or the
Alternative Investment Fund Managers
Directive, as well as the appropriate Financial
Conduct Authority (FCA) Handbook
requirements, will be relevant for most
platforms. Under Article 25 of the Financial
Services and Markets Act (FSMA) (Regulated
Activities) Order 2001 (RAO), investing in
unlisted shares or debt instruments through
online crowdfunding platforms constitutes a
regulated activity ("Arranging deals in
investments"). The FCA classifies investment-
based crowdfunding as a high-risk
investment activity, and the FCA Conduct of
Business Sourcebook imposes special
marketing limits on retail consumers (COBS).

 Under Article 36H of the RAO ("Operating an

electronic system in connection to lending"),
the facilitation of lending and borrowing
between people or between persons and
enterprises through a peer-to-peer platform
is a regulated activity that needs approval by
the FCA.

 The FCA's Consumer Credit Sourcebook

(CONC) mandates peer-to-peer platforms to
give basically the same safeguards as
regulated consumer credit agreements
supplied by lenders that carry on the
business of lending when the lenders are
people.

 By classifying peer-to-peer agreements as

'designated investment business' for the
purposes of implementing key aspects of
COBS, the FCA hopes to safeguard individuals
from the dangers of non-repayment of loans
and ineligibility for the Financial Services
Compensation Scheme. By classifying peer-
to-peer agreements as 'designated
investment business' for the purposes of
implementing key aspects of COBS, the FCA
hopes to safeguard individuals from the
dangers of non-repayment of loans and
ineligibility for the Financial Services
Compensation Scheme.
Regulation of Payment services activities in fintech
space in UK.

 Outside of FSMA, the FCA regulates payment

services. Placing money on a payment
account, performing payment transactions,
issuing payment instruments, acquiring
payment transactions, money transmission,
payment initiation services, and account
information services are all examples of
regulated activities. These final two services
are only available in conjunction with online-
accessible payment accounts.

 The Payment Services Regulations 2017

(PSRs) and (to a degree) the FCA Banking:
Conduct of Business Sourcebook control the
regime. The FCA Payment Services and
Electronic Money Handle Document shows
how the FCA and other relevant bodies
approach the PSR obligations.

 Payment services can be provided by banks

and e-money institutions (i.e., non-banks
producing e-money that are regulated by the
FCA outside of FSMA under the Electronic
Money Regulations 2011). Other firms must
register as payment institutions with the
FCA. Instead of becoming registered account
information service providers, businesses
that simply provide account information
services might become registered account
information service providers.

 Under the PSRs, providing payment services

without proper authorization is a crime
punishable by imprisonment, a fine, or both.

 Payment services carried out within the

European Economic Area (EEA) in euro and
other EEA currencies are fully covered by the
payment services regulation (eg, pounds
sterling). It also applies to payment services
in other currencies and payments made from
or to a payment services provider outside the
EEA to some extent.

 The PSRs require every company that

provides payment services to follow the
information and business behaviour
regulations.
India As the fintech industry grows, so do potential
hazards such as fraud, data breaches, and
cybersecurity risks. New payment systems and
models have the potential to jeopardise market
security and integrity. Customers who are unaware
of the dangers or who are unable to meet them may
be marketed new products and services. The risks of
fraud and hacking are growing in blockchain,
crowdfunding, and distributed ledger technology
(DLT).

Financial services are the most extensively regulated

industry in the world due to the hazards associated
with the financial sector.

In India, the fintech regulatory environment is

severely fragmented. In India, there are no specific
rules or regulations controlling fintech services and
products. It's tough to steer the regulatory
environment when there's no clear set of regulations
for fintech services, yet authorities understood it was
necessary to regulate the fintech sector in India.

 Guidelines governing P2P Lending Platforms:

The Peer-to-Peer Lending Platform Directions
of 2017 establish lender exposure norms and
borrowing restrictions for P2P lending
platform operations in India.

 Payment Bank Regulations: Payment banks

work similarly to banks, although on a
smaller scale. It is unable to grant loans or
issue credit cards. These banks are licenced
under Section 22 of the Banking Regulations
Act of 1949 and are registered as private
limited companies. Banks' actions are
restricted by certain licencing criteria,
particularly when it comes to accepting
demand deposits and making payments and
settlements.

 Payment and Settlement Systems Act (2007):

This law is the principal legislation, governing
the payments regulation in India. This act
prohibits the initiation and operation of any
‘payment system’ in India; without prior
authorization of RBI. Payment structures
include credit and debit card operations,
smart card operations, money transfers, and
 PPIs.

 NBFC Regulations: All NBFCs are governed by

the Reserve Bank of India Act of 1934.
According to the RBI's requirements, every
company that provides fintech services in
India must be registered. No NBFC can start
or run a non-banking financial institution
without first getting a certificate of
registration from RBI, according to section
45-IA of the RBI Act.

 NCPI Regulations on UPI Payments: The NCPI

has developed UPI Procedural Guidelines
that govern UPI payments in India. Money
transfer services using UPI platforms must be
created by banks, according to this
framework. Banks can work with technology
suppliers to operate mobile applications for
UPI payments, but only if they meet the
NCPI's eligibility and prudential standards.

References:-
https://www.mondaq.com/uk/technology/857896/fintech-comparative-guide

https://uk.practicallaw.thomsonreuters.com/w-019-4896?
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https://uk.practicallaw.thomsonreuters.com/w-014-5181?
transitionType=Default&contextData=(sc.Default)&firstPage=true

https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/
australia#:~:text=Fintechs%20may%20also%20be%20subject,conduct%20and%20unfair%20contract
%20terms.

https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/usa

https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/brazil

https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/china

https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/singapore

https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/united-kingdom

https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/india
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%20on%2028%20June,MAS'%20existing%20internet%20banking%20framework.