The Platform Economy Series: Regulatory Requirements

In this next instalment of our platform economy series, we delve into regulatory requirements and what platform providers and developers should consider when launching their platforms.

For certain types of apps, particularly those in more regulated industries such as banking, developers need to ensure that their apps comply with specific industry laws and regulations. However, in some instances, the platform provider itself needs to be compliant. Developers and platform providers must perform a careful risk assessment before launching their apps to ensure that they do not fall foul of any legislative or regulatory requirements. Doing so can result in significant financial loss and reputational damage. This is particularly so where a regulator is involved, as penalties and fines may be imposed, which may lead to public criticism, lack of trust and reputational risk.