Banking-as-a-service fintechs are discovering that compliance is the product.
"Crypto native folks generally think compliance is an evil word or KYC is a bad thing."
"You live and die by your partner bank. If your partner bank says, I don't want to support you anymore, it doesn't matter how many products you have, you're dead in the water. Now you have to look for another partner bank or you've got to migrate all of your customers into a completely different bank."
"It wasn't that we're just going to take any crypto company. It was, we're going to be very intentional and we're going to ask the right questions and form the right compliance model and policy that lets our partner banks have faith in us and trust us that we're not just going to go wild west and onboard a bunch of vaporware."
"Banking is by far the most conservative industry you'll ever be in. We have to understand our customers, and we have to have a bulletproof compliance team and policy."
@randombankguy, Head of Global & Crypto @FlexSuperApp on the show yesterday.
