A new handbook outlining standards for the financial technology (fintech) sector has been released in an effort to unify regulators, policy makers and stakeholders. This interesting topic came to us from the Business Mirror in their article, “Group pushes standards to unify fintech industry.”
The fintech taxonomy carries the title “Unchartered Beyond” and includes standards for nomenclatures, definitions and classifications of concepts that are yet to be explored by the industry.
The handbook comes in the absence of a distinct legal regime for fintech. Regulators may fall back on the traditional norms applied to financial institutions, but issues of consistency arise when taxonomies embodied in old laws are applied to new technologies.
The manual addresses real-life examples of conflict between players and regulators, current regulatory framework and legal analyses of identified functional categories—including payments, remittances, lending and asset management, among others.
Taxonomies serve a purpose. They provide consistency in terminology, assign classifications and provide a solid framework for indexing and findability on the other side.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.
