Regulation is part of all financial services sectors and operations. In recent years regulation and technology have been merging in order to create a situation whereby regulation is adhered to automatically and as part of the operating processes of semi automated and automated financial services and fintech companies. This is often referred to as Reg Tech, regulation technology.
“You might think regulation slows down a market, and in some instances it does, if the regulation is badly considered or lacks clarity or is too localised. On the other hand, regulation also helps form it, shape it, give it structure, and credibility, and enables trust in the market, and these factors provide confidence to investors, and that’s what drives the market expansion. Regulation provides stability. It can also provide opportunity, in the case of PSD2 for example.” Tony Craddock, CEO, Emerging Payments Awards
“We’re just a few years away from streamlining the collection of data from the financial services sector and evolving it from annual reporting to live real time reporting using real time connected data.” Joel Oliver, CEO, MyFirmsApp
“There’s huge EU wide changes and regulations all concerned with enforcing transparency and accountability. The regulators are keeping up with the tech and actively encourage it the codification of compliance, building in transparency….. a very new thing for banking …compliance was previously more administrative but now more technology based…..moving towards a place where your compliance electronically monitors your trading.” Oliver South, CEO, Hedgd.com