KoreConX – What is RegTech?
In the wake of the 2008 economic crisis and the subsequent recession that followed, there was a push to create new regulations to govern financial institutions in the United States. With these regulations came requirements that businesses had to follow to be compliant with the new laws. What followed the new regulations was a rise in companies offering services to help companies manage compliance easily and efficiently, both in time and cost. This is the purpose and application of RegTech.
What is RegTech?
RegTech are the various technology solutions to improve compliance through efficiency, allowing companies to keep up with evolving regulations