Watchdogs Should Do More To Boost 'Regtech,' Study Finds
Law360, London (April 19, 2021, 3:24 PM BST) -- Regulatory technology has the potential to enhance the financial services sector but regulators are hesitant about promoting the innovation, according to a joint report that calls for further talks between watchdogs and the sector.
The City of London Corporation, the governing body of London's financial district, and RegTech Associates, a company that conducts industry research, found that regulators are not anti-technology but are "somewhat hesitant" about being seen to champion specific types of technology, such as cloud applications.
The survey of 161 global so-called regtech companies also features interviews with banks and regulators. The results show that two thirds, or 68.6%, of the...
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