fintech federal supervisory companies also financial business

techsuch May 9, 2021 0 Comments

FinTechTalent: Germany has an internationally recognized education system withuniversity and non-university training. The country is also a desirable placeto work for people from Europe and further afield.Financing: A variety of financing options are available within the FinTechsector. Innovative business models are financed in particular by VC donors andcorporate VC’s but also by other investors and banks.Accelerators and Incubators: Banks, insurance companies and other companiesinitiate corporate start-up programs and establish accelerator and incubatoroffices in order to establish new FinTech companies in the market. Somecompany builders are also focussing their activities in FinTech.Coworking: Housing and commercial rents in German cities are relativelymoderate compared to international FinTech centers. A wide range of coworkingspaces and other flexible solutions are available across the country.Financial Regulation: The Federal Financial Supervisory Authority (BaFin)brings the supervision of banks, financial service providers, insuranceundertakings, and securities trading together under one roof. It is anautonomous public-law institution and is subject to the legal and technicaloversight of the Federal Ministry of Finance (BMF). FinTech business modelsare diverse and may – depending on their structure – require authorizationfrom the Federal Financial Supervisory Authority.Entrepreneurs and FinTechs can contact the supervisory agency on the BaFinwebsite. Here, they can also make preliminary inquiries via a contact form andsubmit specific questions regarding the business model. In order to facilitatethe companies dealing with supervisory issues, BaFin offers a FinTech-tailoredand compact set of current FAQs about FinTech business models on its website.Hub Initiative of the Federal Government: A series of regional digital hubshave been established in Germany as part of an initiative of the FederalMinistry for Economic Affairs and Energy. Start-ups, science, SMEs, industry,and local administration join together to become centers of digitaltransformation. The cities of Berlin and Frankfurt are home to one FinTech hubeach and the cities of Cologne and Munich each have an InsurTech hub.

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