Report by Global Consultancy BFA Shows Promise of New RegTech Solutions for Central Banks
September 20, 2018. PR Web
Financial authorities are at a tipping point in embracing a range of new technologies like chatbots and artificial intelligence (AI) to help them tame the surge of data flowing from the digitization of the banking and finance sectors, giving them clearer insights into emerging risks and trends.
What is ‘RegTech’ and how it can help your compliance?
September 20, 2018. Professional Advisor
The relatively new idea of ‘RegTech’ comes in many forms, writes Chris Davies, as he takes a look at the now-burgeoning sector and the potential solutions it can offer to advice businesses.
RegTech and Policy – How to keep pace with innovation?
September 17, 2018. PwC Blog
Technology is undoubtedly changing the way financial services organisations operate with aging functions being removed or automated to drive efficiency and cost reduction. At the same time new delivery channels are emerging that allow companies to interact with each other and their customers in ways not imagined at the turn of the century.
September 14, 2018
You could call Philip Treleaven the father of regtech. The UCL Professor of Computer Science was compiling research for a Government Office for Science committee and coined the term while writing a paper on how to use technology to regulate fintech companies. It was then used by Chancellor George Osborne in his March 2015 budget speech when calling for increased investment into regulatory technologies.
September 14, 2018
Last year, I took unexpected sabbatical leave. If one of my doctor’s specialties had been spin, they would have said I’ve pivoted. Now I focus on medical research and services including being an oncologist’s ontologist. I’m trying to disrupt the evolution of cancer, and the massive industry it supports.
September 11, 2018
The Financial Industry Regulatory Authority (FINRA) has released a white paper outlining the potential opportunities and implications that developments within regulatory technology (RegTech) may have for broker-dealers.
August 29, 2018
More than $6.1bn has been raised by RegTech companies across 529 deals since 2014. The RegTech sector expanded steadily between 2014 and 2017, with funding increasing at a CAGR of 12.4% and annual deal activity staying above 100 transactions during the period.
August 28, 2018
Regtech is generally recognised as technology that addresses a regulatory challenge faced by a financial services provider, including monitoring, reporting and compliance obligations. It often uses automation and machine learning (ML) tools to simplify processes and reduce cost, time and effort.
August 23, 2018
Yoti is the free, secure digital identity app that lets you prove who you are to fintech, crypto and financial services at the click of a button. For businesses, it’s the easily integrated, F solution that lets you onboard and verify customers faster.
August 16, 2018
Blockchain continues its advance as a RegTech tool of choice as the American Association of Insurance Services (AAIS) announced it is using distributed ledger technology from IBM to automate its new regulatory reporting platform.
August 09, 2018
Since the global crisis in 2008 there has been no shortage of new regulations. Banks have subsequently added a costly headcount by hiring large teams of professionals to fulfil compliance and manage risk. For instance, 80% of the budget for anti-money-laundering (AML) is for tasks done manually. Part of RegTech’s merit is to substitute human capital with robotics to cut cost.
August 09, 2018
Chances are you’ll be surprised by the result of a google search for “RegTech Startup Switzerland”. There’s quite a number of them! Swisscom, a major services and consulting provider in Switzerland, counts 28 RegTech startups in the country and even publishes a RegTech market overview with a categorisation based on areas of activity.
August 08, 2018
Innovative fintech products are fast-becoming the lifeblood of global economic prosperity. Fresh and exciting developments have the power to expand financial inclusion across developing economies, unlock new sources of funding for businesses and help individuals to better understand how they buy, spend and invest.
July 24, 2018
For startups developing regulation technology for financial institutions that do business with marijuana firms, there’s one clear upside to the fact that medical marijuana remains illegal under federal law.
July 02, 2018
Bank of America is being sued for $120 million after failing to flag large deposits into small accounts, which were cleared a few days later. Previously, U.S. Bank was fined $600 million for failing to flag and report suspicious activity according to anti-money laundering (AML) requirements. These are big banks making these mistakes, and they aren’t the only ones making headlines for regulatory blunders. According to John Epperson, principal at Crowe LLP, that goes to show that the current approaches to regulatory and compliance technology (RegTech) aren’t working.
June 29, 2018
When you speak regularly about RegTech with both people at banks and start-ups, you can’t help but notice how the tide has turned over the last two years. In 2016 people would often shrug when asked about it, but 2017 certainly was a break out year for RegTech. Sure, technology has been used for many years in one way or the other to support compliance and adhere with regulatory obligations but it wasn’t until last year that RegTech made it into the headlines and has really come to the awareness of boardrooms and decision makers.
June 06, 2018
Large US and European banks are spending $20 billion a year on technology to help them comply with newly evolving regulations such as MiFID and PSD2. With regulatory environments becoming increasingly complex, 300+ million pages of regulatory documents will be published by 2020 & 600+ legislative initiatives need to be cataloged by a medium-sized, sell-side institution to have a holistic view of their rulebook – the silos of data generated by various business functions lead to significant resource expenditures on data collection, organization, and analysis.
May 23, 2018
Australian-based Regtech firm GCS Agile has signed its first international agreement in Singapore for the use of FACS, their FATCA (Foreign Account Tax Compliance Act) And CRS (Common Reporting Standard) Service.FACS is a world leading software program built specifically to manage the complex requirements for the Common Reporting Standard (CRS), for which reports in Singapore and Australia are due for the first time this year.
May 22, 2018
New compliance regulations concerning digital disruption and data privacy protection are driving opportunities for a new type of startup — regulatory technology (regtech) — in Thailand.
May 18, 2018
Regtech has been in the spotlight for the past couple of years, and with the ecosystem warming up to the trend, we see quite a lot of activity around events, awards and regtech forums emerging. Technology solving regulatory requirements has been around for a long time, especially post 2008 when regulators across the world increased the oversight on banks.
May 17, 2018
RegTech as a segment has been witnessing immense interest and activity in the recent past – be it due to the huge fines for non-compliance being imposed by regulators across the world; the reputational damage resulting from these fines, especially for the large, well-known banks; or the realization of the huge potential cost savings and other strategic benefits (RegTech – The Triple Bottom Line Approach).
April 30, 2018
Minister for Trade and Industry Niall Blair today announced the NSW Government was backing new events designed to drive growth in the state’s emerging regulatory technology (RegTech) industry with the first event in Sydney this week (on 3-4 May). Mr Blair said the Government was supporting The RegTech Association with $30,000 in sponsorship to run the program of education and industry forums.
April 30, 2018
It’s becoming clear these days that a sizeable chunk of the most disruptive innovations being applied within the financial sphere is coming from RegTech. As we mentioned in our previous article, demand for RegTech solutions is expected to skyrocket, as firms intensify their search for ways to effectively deal with the increasingly labyrinthine demands from regulators across such areas as compliance, regulatory reporting, and risk management.
April 18, 2018
Since the global financial crisis a plethora of regulation has been introduced and enforced. Whilst the pace of new regulatory initiatives has certainly ebbed, the consequences of such change are vast and remain in play. Many industry commentators question whether this increasing level of regulation will hinder innovation and slow down processes. Contrary to this belief, the opposite trend is emerging with a greater focus on developing technological solutions to new/greater regulatory requirements.
April 04, 2018
Banks and regulators need semantically enabled regulatory technology to deal with the huge, and constantly expanding, volumes of regulations, according to a new report by the London-based RegTech Council, “A New Paradigm for Regulatory Change and Compliance.” “it took 30,000 pages and 1.5 million paragraphs to describe the rules in MiFID II…And the problem is only going to get more complicated. Over 50,000 regulations were published across the G20 between 2009 and 2012.
Global regulatory compliance – RegTech isn’t a panacea but provides critical tools in the right hands
March 19, 2018
Global regulation has developed like a slow growing but increasingly powerful storm system over the last five years. And whereas big wave surfers welcome such conditions thanks to the epic waves it produces, there are, it could be argued, precious few C-suite executives relishing the equivalent regulatory waves being cast ashore. Asset managers today must contend with complex data aggregation tasks due to reliance on multiple data sets often operated and managed on multiple systems. But whilst this is putting great pressure on internal resources, creating a tug-of-war between compliance departments and the front-office as they compete for additional dollars, there is a way forward; one that uses both top-down and bottom-up approaches to create a more cost-effective, automated regulatory compliance program.
March 19, 2018
The UK’s Financial Conduct Authority says that it will start working with partners in Europe, the Far East and the US on a blueprint for a global regulatory fintech sandbox. Having launched the world’s first domestic regulatory sandbox in 2016, the FCA last month floated the possibility of a global version, enabling fintech firms to carry out tests in different countries at the same time and helping watchdogs to identify and solve common cross-border problems.
March 08, 2018
New technologies such as machine learning and blockchain could help solve the de-risking problem among banks globally and widen access to trade finance in emerging markets. That’s according to a new study by Centre for Global Development, which assesses six new regulatory technologies – machine learning, biometrics, big data, know your customer (KYC) utilities, blockchain and legal entity identifiers (LEIs) – and their potential to address the de-risking problem.
Global Tech Review
March 07, 2018
Compared to pre-financial crisis spending levels, operating costs spent on compliance have increased by over 60% for retail and corporate banks. With that, the global demand for regulatory, compliance and governance software is expected to reach $118.7 billion by 2020. Investments and regulatory compliance solutions, however, cannot be seen exclusively as an expense account anymore and proven to be worth the hassle. Estimates suggest that investments in regulatory software can lead to an ROI of 600% or even more with a payback period of fewer than three years.
Fabruary 16, 2018
“Europe is a hotbed for regtech startups focused on financial services”. That’s according to CB Insights, a data analysis firm. The company’s “2018 Fintech Trends Report”, released on 25 January, counted more than 60 such startups in the EU, including 2 in Luxembourg: Governance.io and TheMarketsTrust.
January 16, 2018
Going in to 2018, we have chosen five areas of interest to focus on. Each represents a vital area of innovation in the financial industry, and has a particular relevance to Luxembourg’s thriving financial technology ecosystem. Each week we will be choosing one of the topics to focus on, both in the content we share on social media, but also in a dedicated newsletter looking at the top five stories from that week.
Why is collaboration important for regtech? (Interview – Chris O’Driscoll, head of disruptive change at PA Consulting Group) – If I think about the word “collaboration” in the context of regtech, it’s not about two similar organisations pooling ideas or resources. For me, it’s about any firm that has a stake in technology as a means to simplify compliance becoming part of an ecosystem. I’d include banks, insurers, asset managers, regulators, tech firms, consultants, accelerators, and academics in that eco-system. They all have something to bring to the table to support the regtech industry.
New regtechs are popping up all the time, and while this may cause some alarm for incumbents, many don’t make much of an impact on the industry.
October 2, 2017
Hong Kong’s Securities and Futures Commission (SFC) has launched its SFC Regulatory Sandbox to provide a place for firms to test out their ideas.
October 5, 2017
Technology and regulation are intersecting in ways that create uncertainty in a number of areas, but for those who work in compliance, the big question is whether advanced technologies like artificial intelligence and blockchain will ultimately replace people.
September 21, 2017
A race for regulatory talent is about to begin. Regardless of the outcome of the Brexit negotiations, it’s almost certain many UK banks will relocate their headquarters or employees, and European financial capitals will swell in size.