The RegTech Landscape from a Regulator’s Perspective
By Benedicte N. Nolens
Chair of Advisory Council, Global Digital Finance and Board Member, Hong Kong FinTech Association
As noted by the World Economic Forum (WEF), the world is experiencing the fourth industrial revolution:
We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before. We do not yet know just how it will unfold, but one thing is clear: the response to it must be integrated and comprehensive, involving all stakeholders of the global polity, from the public and private sectors to academia and civil society.1
This revolution is far-reaching, driven by the ever faster development of technology and automation, and the data it generates. It is transforming nearly all industries, with finance being only one of them. Experts have grouped the technologies that affect finance in several core clusters, including FinTech, RegTech, WealthTech, and InsurTech. These clusters, however, are not static and continue to evolve as new technologies see the light of day and affect industry dynamics.
As the WEF notes, the long-term impact on financial industry structure is not yet known, but we can draw some clues from the developments that have already materialized. This chapter sets out the landscape in which the term RegTech is emerging:
- The emergence ...
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