In this episode of the Fenergo FinTalks podcast, recorded at Money 20/20 EU, we talk to the CEO of The RegTech Association, Deborah Young, about their work in accelerating RegTech adoption in financial services.
The RegTech Association is a non-profit organization with a simple goal: to accelerate adoption of RegTech. Their mission began as one to create a global center of excellence and, in the last twelve months, its model has expanded globally beyond its origins in Australia to reflect the global nature of most RegTechs.
Right now, RegTech is having its moment in the sun. For many years, fintech was a homogenous term used to include RegTech and other key industries in the space.
Today, it’s gaining recognition as its own distinct category that enables those financial institutions (FIs) disrupting the financial services industry – as opposed to being disruptors themselves.
“If you think about it, a fintech company actually needs RegTech right?…We see RegTech as a range of enabling technologies rather than a disrupter, so that's why we're careful to separate out the two.” – Deborah Young, CEO of The RegTech Association
Where there are consumers involved and a license held, FinTechs need RegTechs to address the challenges of compliance with anti-money laundering (AML) and the complex requirements of data management, as well as bringing productivity and efficiencies that allows them to focus on their customers.
Deborah explained the importance of creating and nurturing a community between regulators, regulated entities, and RegTechs on a global scale to open up strategic channels of conversation and showcase the opportunities that collaboration can bring.
Our discussion covers:
- The importance of collaboration between regulators, financial institutions and RegTech companies to drive innovation
- The need for a common regulatory language and taxonomy to help overcome issues of interoperability
- The impact of venture capital funding on the growth and development of RegTech companies
- The future of regulation and the role of technologies like generative AI
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