The global financial system has changed thanks to the phenomenal growth in digitalisation, fusion of technologies, embracement of technology and ultimately establishing new trends. Thanks to this, the banking industry has gone through a revolutionary change.
A well-functioning financial system is fundamental to a modern economy, and banks perform important functions for society. We can conclude that banking is essential, and a business cannot operate without a secure bank account. Therefore, banks must comply with strict regulations.
Opening of bank accounts is increasingly challenging and this situation came to place thanks to an increase in money laundering and terrorism financing worldwide and to many new businesses which are deemed as high-risk businesses, such as online dating sites, porn sites, cannabis-related businesses, online gambling sites, cryptocurrencies and more. Furthermore, doing business with high-risks jurisdictions as become even more common. Many of these business models may not be fully understandable to banks as they are out of the classic way of doing business.
Having said this, many businesses that are being rejected by what we call traditional banks, are turning to regulated FinTech (Financial Technology) companies, digital banks. Electronic Money Institutions, also known as EMI’s, are giving the opportunity to individuals and businesses to set up a virtual bank account, eliminating the need of visiting the bank physically. These FinTechs has changed completely the way we do banking and have created a very competitive market within the financial services.
Digital banks are borderless and offer a great substitution to the traditional bank accounts keeping the same benefits but with less requirements. There is no need to travel to the bank, you can have your cards delivered to your door, pay for any expenses from anywhere worldwide, you can have multiple currency solutions, have it linked to your mobile, and with a 24/7 helpdesk readily available for you.
If you would like more information, we invite you to check the following web page Banking Introduction Services and get in touch with us. Banking does not need to be complex. Depending on your company activity, we can assist you with banking solutions.