What is RegTech? By all accounts, RegTech is something to watch as 2017 has been touted as the “Year of Regulation”.
Regulation of Bitcoin Exchanges and Enterprises is being led by Japan and China with more countries following suit. Bitcoin Regulation is also on on Swiss Government’s Fintech-Friendly Agenda. This is a very positive move for Bitcoin’s growth in value which creates a bullish outlook for the future.
DEFINITION of RegTech – “A blend word of ‘regulatory technology’ that was created to address regulatory challenges in the financial services sector through innovative technology. RegTech consists of a group of companies that use technology to help businesses comply with regulations efficiently and inexpensively.” Full Definition
In an article recently published by Deloitte, they explore how companies can benefit from RegTech and how they can leverage regulatory focused data to manage compliance.
Here are the highlights:-
• RegTech solutions (and underlying technology) which are becoming more prominent in the market
• The benefits of RegTech
• The significance of the experienced financial services professional in the RegTech / FinTech era
• How best to leverage RegTech to plot your Regulatory journey for the future.
Technology has been used to address regulatory requirements for some time, but what is new and exciting about RegTech? Technology has been used to address regulatory requirements for some time, but what is new and exciting about RegTech?
Here are some of the key characteristics of RegTech:
1. Agility – cluttered and intertwined data sets can be de-coupled and organised through ETL (Extract, Transfer Load) technologies
2. Speed – Reports can be configured and generated quickly
3. Integration – short timeframes to get solution up and running
4. Analytics – A recent Deloitte report quoted biologist Edward Wilson “We are drowning in information, while starving for wisdom”. RegTech uses analytic tools to intelligently mine existing “big data” data sets and unlock their true potential e.g. using the same data for multiple purposes.”
Read more: Blockchain and the growing RegTech ecosystem
Read more: 10 RegTech Startups transforming compliance
Read more: Bitcoin Exchanges must toe the line in China
Read more: Japan, a Good News Story
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