Tax publication

Value creation in Fintech – A tax and TP lens

Publication
5 minute read
June 10, 2026

Fintech has long been a laboratory for innovation, with new entrants reimagining the “plumbing” of money movement, credit, custody, and markets. When done well, the reinvention can unlock new revenue, reduce frictional costs, and expand financial inclusion.

Fintech is a portfolio of business models rather than a single sector: payments, banking and payments platforms, and digital asset companies like trading venues, custody and wallet infrastructure, token issuance, and payments and stablecoin rails. In recent years, the industry has seen a change in trajectory from “product-first” innovation to “institution-grade” operating models. In payments, scaling has long required scheme access and bank partnerships, underpinned by robust payment processing technology and settlement capabilities.

Digital assets are now moving through a similar maturation curve, accelerated by the emergence of clearer licensing expectations in major markets (e.g., NYDFS, FinCEN, plus others in the United States, MiCA in EU, MAS in Singapore). As regulatory expectations harden, along with stricter capital and safeguarding requirements, enterprise value is increasingly driven by a combined asset base: (1) proprietary software technology (often built on open-source foundations), (2) high-value people functions blending banking/risk expertise with cutting-edge engineering expertise, (3) established regulatory licenses and the compliance infrastructure behind them, (4) capital and liquidity capacity to support settlement, custody, and market risk, and (5) access to reliable liquidity provision (in-house or via strategically managed counterparties). For CFOs, Heads of Tax, and COOs, the strategic question is no longer “where do we house IP?” but “where does value creation truly sit in our operating model, and can we evidence it under regulatory and tax scrutiny?”

Read the full article linked below for a deeper look at the value drivers shaping fintech today.