Is RegTech the future of compliance?

RegTech is not a new kid in the fintech block anymore.

Projected to reach $28.33 billion by 2027, the RegTech industry has grown rapidly to become a formidable force. It holds immense potential to combat financial crimes and losses by disrupting risk management, compliance, regulatory reporting, identity management, and cyber resilience.

RegTech companies leverage technology innovation to ensure effective and efficient delivery of regulatory requirements. They proactively work on building a sustainable regulatory technology ecosystem that is compatible and scalable with evolving regulatory requirements. Challenger banks, fintech, and new-age financial firms were among its early adopters. Today regulators, traditional banks, and other businesses are embracing the benefits of RegTech (listed below).

• AI-Based Digital KYC Solutions (For Government ID cards such as Aadhaar/PAN/Voter ID/Driving License verification)

• Advanced AI for Facial Recognition & Matching

• Advanced Anti-Money Laundering (AML) solutions

• Digital Know Your Business (KYB) for B2B acquisitions

• Video KYC (fully compliant with regulators)

RegTech enables faster onboarding and disburse settlements, automates credit assessment, and streamlines healthcare benefits, among several other benefits across industries.

In short, RegTech is the future of compliance and regulatory monitoring.

Vamsi Kotte, SVP, Business Development, M2P Fintech, shared valuable insights on how to empower builders and businesses to build a better India at AWS Empower India.

M2P Fintech was a proud title sponsor of Shaastra 2023, the annual technical festival of the Indian Institute of Technology Madras (IITM). Shaastra is one of Asia's largest student-run techno-managerial festival that provides collegiate students with a platform to showcase their scientific and engineering talents.

That's it for now. See you again soon with all the need-to-know fintech updates!

Stay tuned. Stay curious.