One problem with fintechs is that they are severely ad disadvantage when it comes to regulations.
The first thing those banks face when they open in Italy is a huge surge of difficult customers and they realize too slowly how difficult and expensive it is to abide to anti laundering.
6 months down the road they start closing accounts left and right just because you do too many operations and it's expensive to track them.
The first thing those banks face when they open in Italy is a huge surge of difficult customers and they realize too slowly how difficult and expensive it is to abide to anti laundering.
6 months down the road they start closing accounts left and right just because you do too many operations and it's expensive to track them.