Global FinTech Guide
Country Name
FinTechs belonging to this category provide identification services, which are required for most banking services.


Attitude of the country towards identification services

The non-face-to-face nature of FinTech businesses, or businesses supported by FinTech, can also present challenges where businesses are subject to AML/CFT requirements, with a traditional reliance on physical documentation supporting customer due diligence identification and verification. 

These challenges have, however, provided opportunities for FinTech businesses that have developed innovative solutions for on-boarding customers entirely online, whilst ensuring the accuracy, adequacy, and veracity of the customer identification and verification.

Legal affairs

Obligations and requirements to provide identification services

As there is no specialist licensing regime for FinTech businesses, the regulatory compliance issues faced by FinTech businesses will depend on the nature of the services provided, and the nature and extent of the regulatory requirements associated with those services.

FinTech businesses dealing directly with consumers will also have to be conscious of consumer protection requirements. Businesses involved in unregulated activities will need to be conscious of their obligations under the Consumer Protection Act 2013, and regulated businesses will likely also need to comply with the CBI's Consumer Protection Code (“CPC”).

Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area


Economic conditions

Market size for identification services and biggest companies in this business area

No data available.

Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area




© 2022, Philip Lee LLP. All rights reserved by Philip Lee LLP as author and the owner of the copyright in this chapter. Philip Lee LLP has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.


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