9RegTech Applicability Outside the Financial Services Industry
Unlike some definitions of RegTech which reduce it to a sub-set of FinTech, the editors apply a broad characterization of what RegTech covers. In short, application of technology in the context of any regulatory or compliance process falls under the RegTech umbrella, meaning that other regulated industries ranging from Manufacturing, Medicine, Environment etc. have a series of use cases for RegTech solutions.
The justification for this book's focus on the financial services industry is a reflection of the fact that the term RegTech has been coined within this sector and that investment to date in RegTech has primarily been in financial services. Once founders have demonstrated the value of their technology within this sector, they will rapidly expand beyond finance, looking at other industries that are heavily regulated and in need of efficiency gain if not outright disruption.
Therefore, readers should look at the previous chapters as a framework of understanding for a transformative trend that will repeat itself in other industries. As for these specific chapters, a series of use cases are shown. GDPR illustrates this trend as it covers any industry, globally as long as EU citizens' data are processed. On the technology side, the opportunity of blockchain to trace the provenance of goods has applications ...
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