RegTech Unleashed: Discovering the Pathways Beyond Finance
By Sebastian Ko
Co-Founder and Chief Operating Officer, DHB Global
RegTech is defined and analysed extensively in this book as a category of FinTech or in the context of financial services (FS), but this limits our imagination and the potential for innovation. Legal and regulatory issues do not exist in silos. The same facts, for example, surrounding a conflict of interest situation could lead to claims in tort, contract, and equity. Similarly, industry divisions and jurisdictional boundaries cannot confine online data flow. Moreover, contrasting regulatory and compliance approaches adopted in FS and non-FS sectors can provide fertile grounds to cross-pollinate innovation. This requires seeing RegTech broadly.
While considering the lessons provided by FS RegTech solutions, this chapter examines the factors impacting RegTech in (i) its development as a business and product, (ii) its ability to attract investment, and (iii) its potential social impact to attract buy-in from the public and the public sector – and thereby the conditions for unleashing the potential of RegTech.
More than FinTech and Finance
While some RegTech solutions address compliance issues unique to banking, corporate finance, and securities regulations, most commercially available solutions, especially those in the enterprise solutions market, target issues that are also relevant and easily adaptable to non-FS regulations. Numerous RegTech products ...
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