Alchemy Pay, a global Web3 payment solution provider, has recently announced its investment in LaPay UK Ltd, a fintech company based in the United Kingdom, which facilitates international business growth for corporations.
Regulatory Compliance Strategy Targets Key Markets
Notably, LaPay possesses an Authorised Payment Institution License in the UK, and operates under the regulation of the UK Financial Conduct Authority (FCA). This strategic investment aligns with its objectives to acquire over 20 licenses globally by the year 2024, focusing on regions, such as the United States, United Kingdom, Hong Kong, Singapore, Australia, and South Korea.
Alchemy Pay is building its Web3 payment ecosystem by integrating licensing resources and ensuring compliance on a global scale. Currently, Alchemy Pay holds 6 regulatory licenses spanning 4 continents.
Gibbs Lvy, the Co-Founder of Alchemy Pay, emphasized: "Innovative fintech firms like LaPay are reshaping the dynamics between traditional banking, finance, payments, and Web3. Currently, established financial giants like PayPal, Visa, Revolut, and others are venturing into Web3 fintech, marking the beginning of a transformative era in the global financial payments landscape, where payments, wallets, custody services, and stablecoins are gradually integrating into traditional banking, finance, and payment infrastructures."
The Necessity for Common International Approaches in Regulation
The Head of the FCA, Ashley Alder, stressed the importance of global cooperation in regulating financial technology (fintech) due to its rapidly evolving nature, as reported by Finance Magnates. He highlighted that while fintech innovation presents opportunities, it also brings risks that necessitate smart policy responses from regulators worldwide.
Alder emphasized the need for international collaboration to support firms and consumers in managing these risks effectively. He mentioned that fintech companies now rival traditional banks in major European economies, driving disruption and innovation in the financial sector.
Alder acknowledged regulators' dual mandate of fostering innovation while safeguarding stability and competition, mentioning regulatory sandboxes as a means of controlled experimentation. He underscored the necessity for common international approaches to address emerging risks in fintech and protect financial stability and competition.
