Regulatory technology
Regulatory technology , known primarily as RegTech , is a new area of financial technology that makes it easier to deal with regulatory requirements, especially in the area of compliance .
RegTech uses technologies such as artificial intelligence , big data , cloud computing or machine learning to meet regulatory requirements. The term RegTech was first defined in 2015 by the UK Financial Conduct Authority (FCA):
" FinTech has the potential to be applied to regulation and compliance to make financial regulation and reporting more transparent, efficient and effective - creating new mechanisms for regulatory technology, RegTech ."
The market for RegTech services is growing continuously. It is estimated that corporate spending on regulatory technology will increase from $ 10 million in 2017 to over $ 75 million in 2022.
Leading Regtech companies can be found in the UK, Germany and Switzerland. The IRTA - International Regtech Association - is based in Switzerland. Regulations such as Basel II , Solvency II , PSD II , MiFID II or the General Data Protection Regulation (GDPR) influenced the development of RegTech, among other things.
Individual evidence
- ↑ FinTech Futures. UK Government Chief Scientific Adviser, March 18, 2015, p. 12 , accessed March 15, 2019 .
- ↑ RegTech spending to exceed $ 76BN by 2022, as compliance costs soar. Juniper Research, October 24, 2017, accessed March 15, 2019 .
- ↑ What does RegTech mean? Retrieved March 15, 2019 .