6 Shortcomings of Regular FinTech Platforms when Planning High Value Transactions
FinTech is definitely gathering hype, investment, and promotion. It is a fashionable word to use. Very often it is promoted as the future and the only solution to be realistically considered.
However, the question remains:
Can a regular FinTech platform handle high value transactions?
The answer is a “no”. These platforms are usually profiled and equipped to handle smaller transactions. This allows the FinTech business to scale through the smaller transactions and attract smaller, but dependable users. Most users are comfortable with smaller numbers, risks, and exposure.
This is what you find when you look around in the marketplace. There are numerous platforms. However, then these are the usual limitations:
- We only do corporate clients;
- We do not do private clients;
- We cannot do complex high value transactions.
These platforms are unable to serve the ultra high net worth individuals and their high value transactions.
There are many issues with it:
- The staff is not trained;
- The systems are not in place to handle complex legal files;
- No idea how an ultra high net worth individual and intrinsic high value transaction shows up;
- Clear lack of sophistication;
- Not sure how the compliance requirements are observed and complied with.
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Saule Voluckyte, M.A.E.S, LL.B, FAIA
I have been working exclusively with UHNWI in Mayfair, London since January 2008. I built specialist knowledge and expertise required to serve ultra high net worth individuals investing, operating and relocating to the UK or Switzerland.
Within the industry, I am the single adviser who is able to traverse the different areas of expertise and bring a comprehensive approach across: global structuring, UK immigration, international taxation and FOREX to develop their global wealth strategy, while they build, grow and expand their wealth worldwide.
Previous experience as one of the senior advisors for the government, made me a go-to person when delicate and uncomfortable scenarios involving heads of state need to be handled with care and preserve privacy.
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