These include: (i) systems integration difficulties where countries are at very different stages of payments system development, and (ii) the cost of meeting regulatory compliance requirements, for example those relating to anti-money laundering and counter-terrorism financing (AML/CTF), as rules can vary greatly between payment originating and receiving jurisdictions. The latter is a particular issue when it comes to remittances.
So far, the regulatory approach has generally been built on the assumption that opening up market access to new fintech companies will increase social surplus and spur innovation, similar 3/6  BIS central bankers' speeches  to what we have seen in other network industries. At the same time, rules are still in place that protect incumbents.