Two law firms in Singapore and Malaysia have launched fintech practices as the growth of the financial technology sector continues to gain pace in both countries.
Singapore-based Allen & Gledhill and Malaysia-based Rahmat Lim & Partners, which is also an associate firm of Allen & Gledhill, announced that they would be establishing fintech practices for both countries.
In a report from Finews.Asia, both practices will work together to deal with financial regulatory, technology and intellectual property matters. By doing so, they aim to present legal solutions in areas many financial technology firms in both nations are challenged with.
FinTech Law Firms On the Rise
Around the world more law practices are turning their attention to the fintech sector and establishing practices to aid new and existing startups.
Last November, it was reported that U.K. law firm, Addleshaw Goddard, was offering free mentoring and legal advice to fintech startups through a new scheme worth up to £500,000. Over the following twelve months, those chosen to take part in the AG Elevate Scheme can attend the law firm’s training and network events.
Global law firm Steptoe & Johnson LLP, is another law practice that has embraced the legal issues fintech companies experience by launching a multidisciplinary blockchain practice with lawyers involved across the globe.
Regulators such as the U.K.’s Financial Conduct Authority (FCA) are also taking steps to help fintech firms by aiding them through its regulatory sandbox. Set up in 2014, the FCA’s Project Innovate aims to provide businesses on the regulations they need to abide by.
Blockchain Regulation in Development
With regulation circulating the blockchain many companies are subjected to different laws in separate authorities.
Even though the European Securities and Markets Authority (ESMA) has said that regulatory action for the blockchain at this ‘early stage’ is still ‘premature,’ Shanghai’s Financial Service Office has called for the legal regulation of blockchain.
This shows how important the use of law firms and established fintech practices are for many financial technology companies with law firms realizing how vital it is to set up these practices to help govern the law in complicated matters.
Further understanding of the blockchain is being achieved day by day. As a result, with the fintech sector continuing to gain pace, it’s highly likely that more law firms around the world will begin launching their own practices as their way of furthering assistance for new and existing companies within the industry.
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