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RegTech 2.0
During the first phase of RegTech, startups focussed more on the technology to drive compliance use cases and were less conversant with the nuances of the regulations in a holistic manner. This lack of understanding of regulatory complexities by
RegTech startups proved a significant challenge for banks wishing to work with them. RegTech firms in RegTech 2.0 are expected to collaborate more, with banks, regulators and domain experts, to
demonstrate their offerings’ success far more quickly.
Also, as offerings in the next phase evolve from niche propositions to broader compliance propositions, they are in far more need of active support from regulators and industry consultants.
The market of regulators and central banks around the world are also struggling with the data deluge and supervision of new entrants in the banking industry.
The entire lifecycle of policy making, enforcement and supervision is ripe for disruption with the use of advanced technology. Startups would need to be patient in handling the bureaucracy of state-run organizations and even longer sales cycles. Startups
would also need to improve their knowledge of regulators’ underlying objectives and demonstrate unambiguously how their solutions can help the regulators do a better job than the status quo.
Equipped with past learnings and strong support from regulators and governments across the world, RegTech 2.0 is at an inflexion point for a new era of efficient and effective compliance powered by technology.
Learn more / En savoir plus / Mehr erfahren:
https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=blockchain
https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=AI
https://www.scoop.it/t/luxembourg-europe/?&tag=FinTech
https://www.scoop.it/t/luxembourg-europe/?&tag=LHoFT
RegTech 2.0
During the first phase of RegTech, startups focussed more on the technology to drive compliance use cases and were less conversant with the nuances of the regulations in a holistic manner. This lack of understanding of regulatory complexities by
RegTech startups proved a significant challenge for banks wishing to work with them. RegTech firms in RegTech 2.0 are expected to collaborate more, with banks, regulators and domain experts, to
demonstrate their offerings’ success far more quickly.
Also, as offerings in the next phase evolve from niche propositions to broader compliance propositions, they are in far more need of active support from regulators and industry consultants.
The market of regulators and central banks around the world are also struggling with the data deluge and supervision of new entrants in the banking industry.
The entire lifecycle of policy making, enforcement and supervision is ripe for disruption with the use of advanced technology. Startups would need to be patient in handling the bureaucracy of state-run organizations and even longer sales cycles. Startups
would also need to improve their knowledge of regulators’ underlying objectives and demonstrate unambiguously how their solutions can help the regulators do a better job than the status quo.
Equipped with past learnings and strong support from regulators and governments across the world, RegTech 2.0 is at an inflexion point for a new era of efficient and effective compliance powered by technology.
Learn more / En savoir plus / Mehr erfahren:
https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=blockchain
https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=AI
https://www.scoop.it/t/luxembourg-europe/?&tag=FinTech
https://www.scoop.it/t/luxembourg-europe/?&tag=LHoFT