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Fintech and Regtech Adoption Takes Major Step Forward in 2020 As Businesses Prepare for Post COVID Environment: Report
The year 2020 has seen a dramatic shift towards all-digital platforms and services following the COVID-19 outbreak. Many businesses across the globe have accelerated their digital transformation strategies in order to maintain operations in a post-COVID environment.
By necessity and also by design, companies throughout the world have been adopting the latest technologies so that routine business activities can continue during nationwide lockdowns enforced by world governments throughout this year. Many more services have shifted completely online this year and are being supported by Fintech apps which are now an important part of the fast-growing digital financial services sector.
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NEW YORK (Thomson Reuters Regulatory Intelligence) - To read more by the Thomson Reuters Regulatory Intelligence team click here: bit.ly/TR-RegIntel
A man types on a computer keyboard in front of the displayed cyber code in this illustration.
As investment advisers continue to develop new ways to cope with COVID-19, “new challenges may arise from the solutions,” U.S. compliance professionals were told at a recent U.S. Securities and Exchange Commission outreach seminar.
“This is an evolving situation and we will remain cognizant of the reality on the ground,” Peter Driscoll, director of the SEC’s Office of Compliance Inspections and Examinations, told the event last month.
How firms can manage rising compliance costs
Thursday December 10 2020
Immaculate Kassait during her vetting by MPs for the Data Commissioner post on October 20, 2020. PHOTO | JEFF ANGOTE | NMG
By ARNOLD KARANJA
Summary
It could be a new term but not necessarily a new concept as tech companies and banks have always developed and relied on technology for regulatory solutions. Regtech effectively uses machine learning, cloud computing, blockchain and big data to solve the ever-increasing regulatory and compliance requirements. In today’s world, compliance without technology to support it is ineffective and costly a small error of oversight can have catastrophic effects if regulatory breaches cannot be prevented,” observes Susanne Chishti CEO of FINTECH Circle in