RegTech and compliance management
RegTech is composed of the words “regulatory” and “technology”. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.
Attitude of the country towards RegTech-services
The attitude towards RegTech is positive. However, general, and well-known concerns can be cited, such as those against digitisation and the use of artificial intelligence, both of which are key drivers in the RegTech market.
Moreover, the success of RegTech solutions heavily depends on the structuring of banks operating models and their affinity to change current models which seems to tilt towards transformation of new technologies.
Obligations and requirements to provide RegTech-services
RegTechs are not subject to an authorisation requirement themselves, because their business model consists of helping in handling the compliance with the growing regulation in the banking area.
Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area
Market size for RegTech-services and biggest companies in this business area
We do not have current numbers regarding the market for RegTech sector.
Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area