RegTech for small financial institutions

    What are the advantages of RegTech?

    Regtech provides distinct advantages. In addition to being more efficient, it allows for more consistent processing and also for more sophisticated analysis due to the amounts of data that can be automatically processed. As a result, financial institutions are implementing regtech and even developing their own regtech, by themselves or in collaboration with regtech companies or other specialists.

    Regulators also recognise the benefits of regtech. For example, the Monetary Authority of Singapore (“MAS”) recently endorsed the use of technology for pre- and post-trade checks: “Manual processes and data manipulation make] such checks labour-intensive, time-consuming, and highly susceptible to human errors. MAS encourages [private banks] to explore the use of technology and data analytics to automate and process data in a more efficient way that will reduce errors and ease resource constraints.”

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