“RegTech is trust, as a service”: the outcome of this week’s RegTech for London event in Canary Wharf
As everyone in the industry will tell you, RegTech is styled to be ‘the next big thing’, ‘bigger than FinTech’, ‘more profitable than bitcoin’. Numerous events take place week on week, repeating the same story. At the same time, the financial industry has suffered serious reputational damage through the 2008 crisis and other scandals, including mis-selling and misconduct, facilitating money laundering and terrorist financing.
This week was the first in a series of events being held in London – The RegTech For London series. The event was attended by leaders from the financial services industry, consultants, as well as by a number of RegTech firms and the wider technology sector.
The title of this first session was “Do you really know and understand your customer?” taking the subject of AML and KYC, increasingly seen as a compliance burdens, and exploring how to regain the confidence of the market and to ultimately profit from KYC.
It has been made evident that RegTech will play a hugely important role in the defining of the future of the Financial Services Industry, in London, throughout Europe, and globally. For those who are not aware, RegTech is the application of technology to solve challenges relating to regulation, compliance and supervision. Regulatory Technology is the application of technology to facilitate regulation compliancy. It has become evident that the future of the industry depends upon the industry’s ability to redefine themselves by reapplying RegTech to the ever-fluctuating market. As regulation becomes more complex, it becomes harder to manage costs. RegTech allows the companies to shift their focus to true products and services instead of spending millions on compliance alone.
Advertised as “a completely different kind of RegTech event”, the event did not disappoint; “the program was outstanding!” said Digital Trust’s Bharat Pathiavadi. The series of events is the brainchild of RegTech visionary, Matt Elton who added “we have brought speakers from around the world, to London, the home of RegTech, bringing speakers London hasn’t seen before, with a message the industry hasn’t heard before. We brought a line-up of speakers from around the world who came from as far away as Silicon Valley, Toronto, and Singapore as well as throughout Europe”.
One of the speakers, Laurent Marochini, Head of Innovation & Quality at Société Générale described the session as a “great discussion around a challenging topic, that need to be transformed into an opportunity”, he concluded that “RegTech is trust, as a service”.
The series is organised by FinnoLux; an international firm focussed on enabling organisations to thrive in a digital world through delivering Expertise, Technology Solutions and Projects. A key part of the firm’s activities is in working with firms to develop and deliver holistic RegTech strategies. FinnoLux CEO, Matt Elton believes that “the future of the industry depends on us looking at regulatory compliance through another lens – it is not just about cost and burden, regulation provides opportunities for business growth, technology is the key to unlocking these opportunities.
The next session in the series will tackle another complex and controversial topic – “Brexit and regulatory divergence” and will be held in September. For more information please see https://regtech.events/london.
The event featured a number of influential RegTech leaders:
Matt Elton, CEO at FinnoLux
Donna Bales, Co-Chair of RegTech RoundTable Foundation from Toronto, Canada
Rosalie Koerts, Senior Sales Manager at Keesing Technologies from Netherlands
Sam Gibbins, MD/Lead Facilitator at Complilearn Pte Ltd from Singapore
Kunal Patel, Senior Business Leader, Product/Strategy from UK (previously in India and Singapore)
Laxmi Ramanath, CEO at La Meer Inc from Silicon Valley, California
Sian Lewin, Client Delivery Director at RegTech Associates from London
Laurent Marochini, Head of Innovation and Quality at Société Générale from Luxembourg
Rhys Collins, Director of Business Development at Total Systems plc from London
Adam Richards, Operations Director at Albany Group from London