Want to change the world with your fintech startup? You have to work within the world you have, says MaRS‘s Adam Nanjee.
Regulations are not designed to obstruct you or keep the status quo. They protect the economy from harm.
There’s no carte blanche for a good idea. Following the rules must be part of the DNA of a fintech startup.
The good thing is, regulators are open to discussion. Adam Nanjee’s fintech hub at MaRS helps make initial connections.
After all, regulators understand that rules that can’t be adapted and applied also can’t respond to change.
The right time for entrepreneurs to get regulators involved is before they start.
In Canada, especially, to achieve any sort of scale, you also must work with banks and think beyond your borders.
Each environment has different rules on reporting, retention of customer data, and risk.
Fintechs that proceed past the idea stage have to then budget time and money around regulation.
Although the consequences of not working with regulators might be catastrophic…