What is RegTech? Understand its importance in Banking and Fintech

Regulatory Technology (RegTech) has emerged as a revolutionary approach to managing complex regulatory structures in the financial sector. It leverages automation, data management, real-time monitoring, and adaptability to evolving regulations to streamline compliance processes. The financial services industry has been at the forefront of RegTech adoption, using it for enhanced financial crime management through KYC and AML solutions, improved detection capabilities, advanced data analysis, and streamlined regulatory reporting. Despite challenges such as data security, regulatory uncertainty, and talent gap, the future of RegTech looks promising with a projected market value exceeding $28 billion by 2027.