New Framework for Outsourcing – A Challenge for Banks and Service Providers in the Interface Between technological Development and Regulatory Activism

Ola Espelund, General Counsel, Marginalen Bank, Sweden

The use of financial technology is increasingly important to banks and financial institutions. Financial institutions face the reality of operating in a fast-moving environment with an increasing technological development while regulators continuously impose incremental compliance and security requirements. This is obviously challenging for the business development in a heavy regulated domain. In the context of digitalization, many fintech providers and startup companies have emerged driving the development with new and innovative solutions. For financial institutions, many with vast legacy systems, this brings an opportunity to access new technology quickly. Although the adaption of new business models embracing such technology might reduce costs and improve efficiency, financial institutions must ensure to manage risk and maintain control of such activities.

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Sweden Outsourcing Banking & Finance August 2020 Vol.13, No. 52, Summer 2020

Ola Espelund

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Ola Espelund is the General Counsel and head of the legal team of Marginalen Bank. He is part of the bank’s Executive Management Team. Prior to joining Marginalen Bank, he was Lead Counsel for Group M&A and Finance at Telia Company. He has also a background from private practice at Mannheimer Swartling, the leading law firm in Sweden. Ola Espelund’s main focus areas are currently banking and finance law but he has also significant M&A and corporate law experience, with a track record of managing transactions and legal matters in 25+ jurisdictions on four continents.

Marginalen Bank

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Marginalen Bank is a licensed bank headquartered in Stockholm, Sweden. Marginalen Bank offers individuals and companies’ simple and clear banking services in the areas of loans, savings, cards and insurances.

Sweden Outsourcing Banking & Finance August 2020 Vol.13, No. 52, Summer 2020