Use only licensed fintechs

G-Mart Borneo

THE wave of fintech start-ups sprouting up across the globe is good news.

Essentially, they promise faster, cheaper, safer and more convenience in financial transactions. But the financial sector is a highly regulated space and rightly so. The movement of monies needs to be always monitored to prevent its use in corruption, illegal investment schemes, gangsterism and terrorism, among others. This is why all licensed financial institutions have to have strict reporting lines with financial regulators and have alerts built into their systems to detect questionable transactions.