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Hee Jung, John Ho --- "REGTECH AND SUPTECH: THE FUTURE OF COMPLIANCE" [2019] ELECD 2012; in Madir, Jelena (ed), "FinTech" (Edward Elgar Publishing, 2019) 255

Book Title: FinTech

Editor(s): Madir, Jelena

Publisher: Edward Elgar Publishing

Section: Chapter 12

Section Title: REGTECH AND SUPTECH: THE FUTURE OF COMPLIANCE

Author(s): Hee Jung, John Ho

Number of pages: 25

Abstract/Description:

RegTech (short for regulatory technology) and SupTech (short for supervisory technology) offer a significant opportunity for financial institutions, regulators and supervisory agencies to improve compliance, reduce costs and promote innovation. Increasingly, financial institutions have embraced RegTech and SupTech solutions to help them keep up with the pace of change in both the regulatory and technology sectors. However, the use of new technologies in the regulatory and supervisory areas brings new challenges and risks, including operational risks. This chapter describes the development and key features of RegTech and SupTech. It then analyses potential benefits, challenges and growth of the RegTech and SupTech industries and their implications for the compliance sector.