Kicking off any business requires planning and patience, the same goes for Fintech companies. We at Genome have already passed this starting stage and are very aware of the challenges and difficulties this journey entails.
And recently, our team was contacted by Tech.eu to share our experience on the matter, and we gladly did. You can check out the interview of Genome’s COO Daumantas Barauskas in the article “Genome’s lessons learned on best practice in the fintech game”.
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In turn, we will share a couple of points brought up in the article as a part of our “Genome media” blog section.
So, what do you pay attention to when establishing a Fintech company?
Get the basics: what you are, and how do you want to build your product. First and foremost, you should clearly distinguish what will your company specialize in and which services it will provide. Then you can get to creating your Fintech product: you can either do it on your own, or partner with a third-party-provider (TPP), which will provide you with a white label solution. While the first option is costly, in the second case your product will depend on a TPP, so choose wisely.
Always keep up to date with the ever-changing regulations and don’t neglect safety. There are many regulations Fintechs should comply with, which takes time and resources, so you should be ready for that.
Also, one of the things you want to get around to is a KYC checking provider, which is vital for identity theft and fraud prevention. When choosing a provider, pay attention to the terms, supported countries, and remember to spare no money when it comes to the safety precautions.
If you want to issue cards, there are two ways to go about it. Once again, you can do everything yourself and be a direct principal member of issuing with Schemes, or use a BIN sponsor company, which will provide you with a white label solution. Note that the BIN companies are already a part of payment networks, and while the second option is faster and will cost you less, your card features may be limited.
We at Genome chose the first strategy: though expensive, in the long run, we can now be intermediaries ourselves, which is a huge advantage. Genome virtual and physical Visa debit cards for personal and business needs are now available for pre-order, you can find out more about it and our cards’ features in this blog post.