Fintech Market Overview

This article does not constitute legal advice.

Client identification in the UK


At present, there is no national digital identity in the UK. However, a recommendation from the 'Kalifa Review of UK Fintech' was that the government create an ID trust framework for businesses and people. This should follow a federated system to ensure data is not centrally located. The Department for Digital, Culture, Media and Sport is collaborating with the UK Finance & Innovate Finance Task Force to further an ambitious agenda around data policy and digital identities. Individuals should have ownership over how their data is utilized for verification processes, and only be required to provide what is necessary for the transaction.1

Fintech companies are taking steps to make customer onboarding easier by introducing digital services. In particular, neo-banks are adept at onboarding customers through the use of passport photos and a short video. Additionally, there is a rising market for firms that promise to create digital identities with cryptographic hashing capabilities. This type of technology would allow individuals to authenticate their identity with a limited set of data, such as their personal hash - produced via cryptographic calculation based on all elements of one's identification - plus an additional verification factor like their birth year which is used to validate the personal hash.1

Artificial intelligence in financial products

Fintech in the UK

Fintech in other countries

Let's introduce you

UK Fintech Lawyers

Denis Polyakov

Denis Polyakov

Comprehensive legal services for businesses on corporate, tax law, cryptocurrency legislation, investment activities

Dr Irena Dajkovic

Dr Irena Dajkovic

International law firm authorised by the UK Solicitors Regulation Authority

Maxim Minaev

Maxim Minaev

We provide legal and organizational services for the creation, structuring and development of fintech companies

  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/spain