SPECIALIST INSIGHT
has focused less on serving SMEs due to various reasons , including a trend towards closing branches . This underserved segment has created opportunities for FinTech companies to fill market gaps , especially in providing diversified credit solutions tailored to SMEs that are technology-driven and easily accessible . illimity ' s b-ilty platform exemplifies this approach , offering a full range of banking solutions to meet the credit needs of SMEs with a tech-based approach .
The overall environment can make a big difference in fostering a conducive environment for FinTech growth , from labour market rules to investments to education , through the development of suitable skills that combine technology with business competences . Italy is making significant strides in university education , particularly in the realm of digital skills and AI , which bodes well for the future workforce supporting the FinTech sector .
How does illimity approach regulatory compliance and navigate the evolving regulatory landscape in the FinTech sector while maintaining agility and innovation ?
illimity was born as a bank . Hence , unlike most FinTechs , illimity operates within the regulatory framework of a bank , which is significantly more stringent particularly with regards to the governance of compliance and risk control .
illimity approaches regulatory compliance with a strategy based on three fundamental pillars : proactive engagement , risk management and Digital Transformation .
Proactive engagement : illimity actively engages with the relevant regulators and authorities to understand their expectations , communicate its business model and provide feedback on a range of regulatory developments . The bank also participates in industry events and initiatives to promote the interests and needs of the FinTech sector and foster collaboration and dialogue among various stakeholders .
Risk management : illimity adopts a risk-based approach to regulatory compliance , which means that it identifies , assesses , monitors and mitigates the regulatory risks that affect its business activities and objectives . While each corporate function has the responsibility for promoting and maintaining the relevant internal rules and regulations , the bank has dedicated compliance and legal functions that oversee the implementation and enforcement of the policies , procedures and controls that ensure compliance with the applicable laws and regulations , mitigating the legal risk . The compliance function also provides training and
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