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The financial environment because of new business model development and global financial transaction number dramatical increase is getting more complex / digitalized / globalized due to the FinTech deployment. Financial regulation authorities issuing more rigid and strict regulation with the intense never seen before
FinTech companies and non-financial professionals (lawyers, accountants, tax accountants, jewelers and expensive antique traders, etc.) related mandatory anti-money laundering legislation is being continuously developed and improved.
For the financial regulation related requirements satisfaction IT technologies need to be adopted. For deeper intellectualization / automatization / prevention and possible customization for specific areas support, flexible, responsive to changes and cost effective innovative solution is required.
As a response for these tendencies we can see rapid emergence of cutting edge technologies such as AI (artificial intelligence), rules, big data, cloud storage and blockchain, etc.
“Matching the basic risks of financial institutions, matching data and automatizing due diligence, RegTech is the main topic of reforms. We understand that basic law-abidity IT technologies etc. are not effective anymore, the basic law-abidity solutions are being left behind in the stiffen time outgrown by new ones, we hope for the entrance of new effective regulating maneuvering solutions that are based on real time needs using artificial intelligence, rule and big data analysis technologies.” - UK FCA: Financial Conduct Authority
‘RegTech’ offers innovative data analysis options (risk analysis, scenario/pattern analysis, trend/progress analysis etc.), monitoring and timely/suitable report features, it secures customers and guarantees market integrity starting from new innovative financial business models, it is a technology protecting financial entrepreneurs and their business models by cost effectively responding to punitive penalties and various regulations of regulatory authorities applying ultimately to financial entrepreneurs. .
‘RegTech’ is using recent cutting edge IT technologies such as artificial intelligence (AI), rules, RPA (robotic process automation), big data, cloud computing, module packaging and blockchain/surrogate keys, etc. and provides low cost customization by area/business for basic compliance solutions, preventive and automatic control and general compliance risk visualization. It’s a technology providing fast and cost effective response to regulation changes and protecting customers, financial institutions as well as financial system itself.
To create further cooperation ecosystem between related companies and to follow the next 6 RegTech tendencies innovative compliance solution is implemented and after securing leadership in compliance solution area for the APAC region, ultimately guiding the market to become a RegTech global leader.
By supporting cooperation between the related companies RegTech based compliance response ecosystem is formed and with following 6 direction RegTech strategic goals may be rapidly reached.