2024 is proving another standout year for the regulatory space, finding itself under the spotlight, for better and worse reasons. This month, The Fintech Times is looking at some of the biggest issues regarding compliance and financial rules, as well as the solutions hoping to ease the compliance journey for firms and make the fintech world fairer and safer.
Regtech, or ‘regulatory technology’, refers to the use of technology to help businesses manage regulatory compliance. The global regtech market was valued at $12.82billion in 2023, and is projected to grow from $15.80billion in 2024 and reach $85.92billion by 2032.
The Digital Operational Resilience Act (DORA) will into play in January 2025 across the EU. It will force fintechs to evaluate and, in many cases, enhance their cybersecurity capabilities and operational resilience. However, many have already revealed that this transition can be challenging and, above all else, costly.
Yet while DORA and other incoming regulations can present challenges for fintechs and financial service providers, the cost of not complying is almost certainly greater.
This month, we’ll be deep-diving into the biggest regulatory challenges facing financial companies of all sizes, and considering the various innovations and regtech solutions that can support them on this journey and make the industry safer and more transparent for all involved.
By speaking to industry experts, we’ll also explore the role of the regulators; how AI is impacting the regtech space; the importance of collaboration; supervisory technology (suptech); and try to understand what the future holds for the regtech space.
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