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Financial firms seek RegTech to cut regulatory chores 

November 14, 2016

Elzio Barreto, Reuters

Financial services firms are increasingly turning to digital technology to meet onerous regulatory demands aimed at fighting financial fraud, creating a niche tech market that is estimated to grow to around $120 billion by 2020.

Regulatory technology, or RegTech, offers banks automated solutions that can speed up the cumbersome process of vetting clients and transactions, which is necessary to prevent money laundering and other financial crimes.

Regulators are also looking for more standardized digital transaction reports from banks to spot potential fraud more reliably and with fewer staff.

"The demand for this is enormous, everybody needs it," said Peter Hetz, a director at Veridate Financial, whose software helps family offices and fund managers verify the identity and background of new clients and create reports for regulators.

Speaking at the Thomson Reuters Pan Asia Regulatory Summit this week, officials at the Hong Kong Monetary Authority and markets watchdog Securities and Futures Commission (SFC) said they saw major opportunities for technology to help financial firms meet growing regulatory requirements. Read more

 
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