Since the 2008 financial crisis, regulators around the world have been reshaping the financial environment. Each year, compliance to the new set of rules leads to rising costs, and can be a burden to small and big players. RegTechs offer fully developed solutions to handle the requirements and help transform the regulations into opportunities.
The current regulatory environment is propitious for Regtech development, with more and more institutions facing tougher requirements each year on KYC, AML, reporting… The list is getting long and the budgetary impacts significant. In these tough times and with the support of regulators, Regtechs try to bring some fresh air thanks to their innovative solutions. Yet, changing things doesn’t come without its challenges, developing an innovative solution isn’t a walk in the park and implementing one may be a source of trouble too.