Here at RegPac, we believe that the regulation and compliance fields should evolve into the digital era and RegTech is what will power this change.
Technologies including automation, blockchain, AI and others will improve efficiency and reduce costs in regards to businesses compliance obligations.
We are here as an educator to help businesses understand their compliance requirements and as an intermediary - to match businesses seeking regulatory solutions and the providers of such solutions thus helping to integrate firms into the South East Asian market.
Why is this important?
Compliance failings - since the 2008 financial crisis, more than US$321 billion in fines have been paid by financial institutions around the world, essentially for an abundance of regulatory failings from money laundering to market manipulation
Increased Regulation - globally, regulation has been increasing with recent examples including GDPR in Europe, California Consumer Privacy Act in the US and MAS guidelines on Outsourcing Risk Management to Financial Institutions in Singapore
Cost reduction - in order to avoid fines resulting from compliance failings and increased regulation, with some major banks spending up to $500 million on due diligence programs, RegTech reduces this workload.