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
RegTech is a growing market in Spain. There are currently 82 RegTech start-ups in Spain focused on compliance matters, digital-onboarding, cybersecurity, or big data.
Obligations and requirements to provide RegTech-services
Currently, there are no special legal licenses required to create or operate this kind of FinTech. In the terms described by the market, the RegTech companies provide technological support for developing and implementing compliance policies and procedures; hence, this technology does not perform direct investment services. However, CNMV has stated these companies should cooperate with the public agencies to afford a better supervision of the market.
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
It is an emerging and fast-growing market.
Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area