RegTech seeks to keep regulatory compliance up to date with the evolution of 21st century technology.

Where FinTech used new developments in technology to improve the financial industry, RegTech will see a similar overhaul when it comes to compliance.

In an increasingly digital world, when we step ever closer to the Internet of Things and truly digital economies, we need solutions that are as advanced as the areas they are overseeing; there is little point in having paper-based method of regulation in the modern world, but some industries still rely on physical documentation and checks.
Instead, as blockchain, cryptocurrencies, AI and IoT disrupt the finance industry and more besides, solutions using those same technologies – RegTech – needs to be implemented.

“There are huge benefits to the introduction of RegTech and they are essentially equivalent to the advantages that were seen by the financial industry with the introduction of FinTech”