Additional rules for a company almost always means additional costs, and with companies within the banking and insurance industries spending record amounts on compliance, estimated within the billion each year, an emerging form of technology has begun making waves. Regulatory technology, or RegTech, is a cutting-edge form of technology that has been making use of blockchain technology and artificial intelligence, creating a newer and cheaper way for companies to ensure compliance throughout all of their business jurisdictions. Last year, global management consulting firm, Bain, and Co. identified about 80 emerging RegTechs that are sure to shake up the industry. As of now, these emerging RegTechs are just as they are being described, with the majority of them remaining private, as they are still in the startup phase of development, but with major corporations around the globe taking notice, and in essence inviting them a seat at the table, the potential for growth in the RegTech market seems to be without limits.
There is tremendous potential for growth in the RegTech sector, and this notion has been backed up by the fact that, as of late, regulators within the industry are taking notice of regulatory technology, and are even inviting them to join their ecosystem. Recently The Bank of England, the monetary authority for Singapore, as well as the U.S. Office of the Comptroller of the Currency, have both discussed making regulatory technology companies a mandatory part of their companies, thus making the potential for growth virtually unlimited. The fact that these companies are being offered a seat at the table is a tremendously optimistic sign for the business, as well as for the investors choosing to take advantage in the early stages.
Jeff Yastine joined Banyan Hill Publishing in 2015 as the editorial director. He is currently the editor of Total Wealth Insider, as well as a regular contributor to Banyarn Hill’s Sovereign Investor Daily and Winning Investor Daily. Mr. Yastine has over two decades of experience regarding investments and the stock market, and from 1994 to 2010, he worked as a new anchor for PBS Nightly Business Report. In the early 2000’s during his time as an anchor, he helped to predict the dot-com bubble as well as the failing real estate market. In 2007, Jeff Yastine was nominated for a business Emmy for his role in the reporting of America’s underfunded infrastructure, citing the deplorable conditions of many roads across the nation.