The new era of regtech is here
Great developments going on in the Australian government and regulator in recognising the role of regtech in financial services moving forward, as the Treasurer announced recently (see article below).
My view is that regtech is the new domain which is requiring a blending and synthesis so many key subjects all at the same time, whether process, legal, conduct, technology, specific subject matter, and always the evolution of the way people interact with latest technologies.
I forsee that over time, we may find that many regtech firms start to define the standard and methods for the way that some activities in financial services may be best operated and delivered, and that such methods could over time almost become a key factor in firms justifying their compliance to regulatory themes.
However to achieve such, the regtech firms will have to consider not only regulation as it is formed or legislated, but actually have vision and foresight as to what is likely to be coming in the years to come, almost applying a method of recursion around their thoughts and ideas in a changing world.