What’s regulatory technology( regtech)?
Regulatory technology, in short regtech is the use of technology to solve regulatory problems, ranging from anti-money laundering requirements to regulatory problems and more. It also helps to automate and streamline processes that financial organizations have in place, making them more efficient. Thus, reducing cost burdens, such as compliance related expenses.
RegTech puts a particular emphasis on regulatory monitoring, reporting and compliance and is thus benefiting the finance industry. Just like blockchain, the aim of RegTech is to enhance transparency, consistency and to standardize regulatory processes, to deliver sound interpretations of ambiguous regulations and thus to provide higher levels of quality at lower cost.
Regtech, consists of a group of companies that use cloud computing technology through software-as-a-service (SaaS) to help businesses comply with regulations efficiently and less expensive.
Regtech is a community of tech companies that solve challenges arising from a technology-driven economy through automation. The rise in digital products has increased data breaches, cyber hacks, money laundering, and other fraudulent activities.