Open banking platform Railsbank recently announced it has formed a partnership with Portugal-based The Fintech House. According to Railsbank, The Fintech House started in 2019 and is an initiative of Portugal Fintech.
“[The Fintech House] was a natural step to keep developing this ecosystem after all of the initiatives we’d been doing over the last few years: the Portugal Fintech Report in its 2017, 2018 and 2019 editions, the Portugal FinLab program with the 3 regulators, the Fintech Pitching Competition at Web Summit and different events of the industry.”
Railsback also noted that it asked Portugal Fintech’s startup community if this step made sense, and it was a “big yes.”
“We partnered with Sitio, one of the biggest coworking operators in Portugal, to have one of the highest quality spaces through their experience of giving companies the best conditions to work.”
Meanwhile, Nigel Verdon, Co-Founder and CEO of Railsbank, recently called on the UK Fintech industry as well as regulators to join forces to “upgrade existing client money safeguarding regulations” in the Fintech sector and to follow the lead of establishing new rules as exemplified by the Fintech friendly Monetary Authority of Singapore (MAS). Verdon stated:
“I believe fundamental changes could and should be made in the industry to ensure healthy market growth and stability – something that the Wirecard scandal brought to light.”
Verdon also revealed that MAS put in place regulation for material outsources to give the industry comfort on matters like orderly shutdown. Railsbank is conforming with those rules to support its customers and it endorses MAS’s approach.