> While fintech has traditionally been default local — most banks are driven by country-specific regulations, infrastructure, and consumer payment preferences — many global companies are now adding financial services.
This is not true at all. Regulations that span multiple countries like the EU's MIFID I (2007) have been around for a long time. Even institutions in countries outside these markets would need to comply when they want to participate in the market. One of the companies I worked for previously has been licensing financial software (including those implementing national and international regulations) for decades to financial institutions across world, and they were not alone in their market. Going global is nothing new in this industry. Neither is open source. QuickFIX, for example, is two decades old.
That was precisely my thought when reading this article.
Literally how many startups spawn in America for simple financial tasks that are easily handled by banks in the UKEU? In some cases, there are banks in India and most of the developing world that have more advanced services for consumer banking than the US. China has obviously already raced ahead far more than the US.
This is not true at all. Regulations that span multiple countries like the EU's MIFID I (2007) have been around for a long time. Even institutions in countries outside these markets would need to comply when they want to participate in the market. One of the companies I worked for previously has been licensing financial software (including those implementing national and international regulations) for decades to financial institutions across world, and they were not alone in their market. Going global is nothing new in this industry. Neither is open source. QuickFIX, for example, is two decades old.