Masahiro Takasaki, the CEO of Doreming in the US and UK, attended the roundtable “Policy and Digital Transformation in Financial Services” in the World Bank’s Annual Meetings in Washington DC on Oct. 11, 2017.

Financial services are facing the three major hurdles to scale up: 1. cross-boarder regulation, 2. cloud computing, 3. data delivery (data residency).

To solve the above three hurdles, Sopnendu Mohanty, the CFO of Monetary Authority of Singapore stated that we should develop a common infrastructure.

According to Innovate Finance’s survey, Fintech startups in the UK spend the average £65,000 and 10 months for regulatory requirements. Startups demands the standardization of the procedures and speed-up the process by digitization.

Also, it was important to consider about “who has jurisdiction?” if a company made a problem between two countries. Which country’s jurisdiction shall be applied?