RegTech In Asia: 8 Things You Need To Know

RegTech has definitely become one of the areas to watch in 2017 and this trend is likely to continue in the years to come. Here are eight things you need to know. RegTech, short for regulatory technology, is the use of new technologies to address compliance and regulatory challenges not only more efficiently but also more effectively. There are now numerous RegTech startups globally looking at tackling pain points, from know-your-client (KYC) and onboarding to compliance monitoring and fraud detection, using some of the latest technologies, from big data analytics to artificial intelligence. Since the global financial crisis, banks across Asia and globally have dealt with the numerous new regulations by hiring thousands of compliance officers, thus solving an important problem by adding costly headcount.