Welcome to the fourth edition of ICLG - Fintech. This guide provides corporate counsel and international practitioners with a comprehensive worldwide legal analysis of the laws and regulations of fintech.

1 AI in the Fintech Sector: The Importance of Transparency and Explainability Rob Sumroy & Natalie Donovan, Slaughter and May 7 The State of Fintech in Central Asia: How Kazakhstan Drives the Regional Fintech Industry Assylbek Davletov, Ainur Zhanturina, Aigerim Omarbekova & Maken Ibragimov, Astana International Financial Centre 14 Corporate Venture Capital Investment in Fintech: A Transatlantic Perspective Jonathan Cardenas, Stanford Law School 21 Australia Gilbert + Tobin: Peter Reeves, Catherine Collins & Emily Shen 29 Austria PFR Attorneys at Law: Bernd Fletzberger 35 Belgium Janson Baugniet: Muriel Baudoncq & Quentin Metz 40 Brazil Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados: Larissa Lancha Alves de Oliveira Arruy & Fabio Ferreira Kujawski 46 Canada McMillan LLP: Pat Forgione & Anthony Pallotta China Llinks Law Offices: David Pan & Xun Yang 54 61 Colombia Lloreda Camacho & Co.: Santiago Gutierrez & Stefania Assmus Cyprus Christiana Aristidou LLC: Christiana Aristidou & Evdokia Marcou 67 74 Czech Republic FINREG PARTNERS: Ondrej Mikula & Jan Sovar Denmark 79 Gorrissen Federspiel: Tue Goldschmieding & Morte Nybom Bethe 85 Estonia Sorainen: Reimo Hammerberg & Oliver AEmarik 92 France Bredin Prat: Bena Mara & Ariel Axler 100 Germany Gleiss Lutz: Stefan Weidert, Martin Viciano Gofferje & Maximilian von Rom 107 Ghana Addison Bright Sloane: Victoria Bright, Justice Oteng & Elsie Gyan 113 Gibraltar Triay & Triay: Javi Triay & Jay Gomez 119 Hong Kong Slaughter and May: Peter Lake & Mike Ringer128 Iceland BBA//Fjeldco: Stefan Reykjalin & Baldvin Bjoern Haraldsson 135 India AZB & Partners: Srinath Dasari, Anu Tiwari & Rachana Rautray 141 Indonesia Walalangi & Partners (in association with Nishimura & Asahi): Sinta Dwi Cestakarani, Anggarara C. P. Hamami & Jovico Nicolaus Honanda 147 Ireland A&L Goodbody: Kevin Allen & Peter Walker 158 Isle of Man DQ Advocates Limited: Adam Killip & Andrew Harding 163 Israel Goldfarb Seligman & Co.: Sharon Gazit & Ariel Rosenberg 170 Italy BonelliErede: Federico Vezzani & Tommaso Faelli 177 Japan Anderson Mori & Tomotsune: Ken Kawai & Kei Sasaki 184 Jersey Carey Olsen Jersey LLP: Peter German, Robin Smith, Chris Griffin & Huw Thomas Korea Lee & Ko: Jongsoo Yoon & Hyun Koo Kang 193 Liechtenstein Koenig Rebholz Zechberger Attorneys at Law: Dr. Helene Rebholz 199 Lithuania Ellex in Lithuania: Ieva Dosinaite & Domantas Gudonis 205 Malaysia Shearn Delamore & Co.: Timothy Siaw & Christina Kow 211 Mexico Galicia Abogados, S.C.: Claudio Kurc Citrin & Arturo Portilla 219 Morocco 225 Hajji & Associes: Ayoub Berdai 230 Netherlands De Brauw Blackstone Westbroek: Willem Roeell & Christian Godlieb 238 New Zealand Hudson Gavin Martin / The Blockchain Boutique: Andrew Dentice & Rachel Paris 245 Nigeria Udo Udoma & Belo-Osagie: Yinka Edu, Joseph Eimunjeze & Pamela Onah 252 Norway Advokatfirmaet BAHR AS: Markus Nilssen & Eirik Basmo Ellingsen 260 Philippines Gorriceta Africa Cauton & Saavedra: Mark S. Gorriceta 268 Poland Domanski Zakrzewski Palinka sp. k.: Andrzej Foltyn, Maciej Zajda & Katarzyna Biarda 277 Portugal Uria Menendez - Proenca de Carvalho: Pedro Ferreira Malaquias & Helder Frias 285 Romania Furtuna si Asociatii: Mihai Furtuna & Sergiu-Traian Vasilescu 291 Russia QUORUS GmbH: Maxim Mezentsev & Nikita Iovenko299 Senegal LPS L@W: Leon Patrice SARR 305 Singapore RHTLaw Asia: Ch'ng Li-Ling & Aaron Lee 311 South Africa ENSafrica: Angela Itzikowitz & Byron Bromham 319 Spain Uria Menendez: Leticia Lopez-Lapuente, Isabel Aguilar Alonso & Livia Solans Chamorro 328 Sweden Mannheimer Swartling: Anders Bergsten & Carl Johan Zimdahl 335 Switzerland Bar & Karrer Ltd.: Dr. Daniel Fluhmann & Dr. Peter Hsu 345 Taiwan KPMG Law Firm: Sonia Sun & Kelvin Chung 351 Thailand Chandler MHM Limited: Nuanporn Wechsuwanarux & Prang Prakobvaitayakij 357 United Kingdom Slaughter and May: Rob Sumroy & Ben Kingsley 365 USA Shearman & Sterling LLP: Reena Agrawal Sahni