What is Regtech?
Regtech stands for Regulatory Technology. It refers to the use of technology to help organizations comply with regulations efficiently and affordably.
The term was first used by the UK’s Financial Conduct Authority(FCA) in 2015 who called it: “A subset of fintech that focuses on technologies that may facilitate the delivery of regulatory requirements more efficiently and effectively than existing capabilities.” In simple terms it refers to any technology (such as Web3) that ensures companies comply with their regulatory requirements. Applications include:
- * Regulatory reporting and analytics
- * Risk management and compliance
- * Identity verification and authentication
References:
https://www3.weforum.org/docs/WEF_Regulatory_Tech_for_the_21st_Century_2022.pdf
https://www2.deloitte.com/us/en/insights/industry/public-sector/reducing-compliance-costs-with-regtech.html
https://www.juniperresearch.com/resources/whitepapers/how-ai-and-blockchain-are-shaping-regtech/
https://www.cbinsights.com/research/tech-market-map-regulatory-tech-regtech-financial-institutions/