With an increase in regulatory compliance, innovation in technology has become increasingly prevalent throughout the professional and financial services. With the birth of RegTech, we ask, what is it, and how can it be effectively utilised by firms across sectors.
9. The FCA define RegTech as:
“….a subset of FinTech that focuses
on technology that may facilitate the
delivery of regulatory requirements
more efficiently and effectively than
existing capabilities.”
10. RegTech versus FinTech
Financial Technology aka FinTech has been
leading the way
First mention of #FinTech on Twitter was
2007
It was not until 2012 we see the first
mention of #RegTech
14. How RegTech developed
There is no one solution: all work
differently and solve different problems
RegTech has progressed as compliance
laws have changed
Firms in the UK are spending
over £15bn on tech to support
regulatory change
22. “In the short term, RegTech will help
firms to automate the more mundane
compliance tasks and reduce
operational risks associated with
meeting compliance and reporting
obligations.”
23. “In the longer term, it will empower
compliance functions to make informed
risk choices based on data-provided
insight about the compliance risks it
faces, and how it mitigates and
manages those risks”
30. ReferencesEY Innovating with RegTech - View Publication
Deloitte. RegTech Is The New FinTech - View Publication
Encompass Anti-Money Laundering Know Your customer : A Business Process Ready for
Digitisation - View Publication
Business Insider The RegTech Report - View Publication
Financial Times Market frows for ‘regtech’ View Article
Jan-Maarten (JM) Mulder RegTech is real and 120+ startups to prove it – View Publication
JWG The state of RegTech today – Read report
CB Insights RegTech Market Map - View Report
CH & Co Landscape of Existing RegTechs, View Slide Deck
The RegTech Book Next Generation KYC Software Eases Regulatory Burden, Vote for us!
