21st Century Learning and Teaching

RegTech 2.0

During the first phase of RegTech, startups focussed more on the technology to drive compliance use cases and were less conversant with the nuances of the regulations in a holistic manner. This lack of understanding of regulatory complexities by
RegTech startups proved a significant challenge for banks wishing to work with them. RegTech firms in RegTech 2.0 are expected to collaborate more, with banks, regulators and domain experts, to
demonstrate their offerings’ success far more quickly. 

Also, as offerings in the next phase evolve from niche propositions to broader compliance propositions, they are in far more need of active support from regulators and industry consultants.
The market of regulators and central banks around the world are also struggling with the data deluge and supervision of new entrants in the banking industry.

The entire lifecycle of policy making, enforcement and supervision is ripe for disruption with the use of advanced technology. Startups would need to be patient in handling the bureaucracy of state-run organizations and even longer sales cycles. Startups
would also need to improve their knowledge of regulators’ underlying objectives and demonstrate unambiguously how their solutions can help the regulators do a better job than the status quo.

Equipped with past learnings and strong support from regulators and governments across the world, RegTech 2.0 is at an inflexion point for a new era of efficient and effective compliance powered by technology.

Learn more / En savoir plus / Mehr erfahren:

https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=blockchain

https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=AI

https://www.scoop.it/t/luxembourg-europe/?&tag=FinTech

https://www.scoop.it/t/luxembourg-europe/?&tag=LHoFT

The FinTech Big 5: RegTech, Blockchain, InsurTech, AI and Financial Inclusion

Going in to 2018, we have chosen five areas of interest to focus on. Each represents a vital area of innovation in the financial industry, and has a particular relevance to Luxembourg’s thriving financial technology ecosystem.

Each week we will be choosing one of the topics to focus on, both in the content we share on social media, but also in a dedicated newsletter looking at the top five stories from that week. First, let’s introduce the topics:

1. Regulatory Technology (RegTech)

2. Blockchain

3. Insurance Technology (InsurTech)

4. Artificial Intelligence

5. Financial Inclusion

Learn more / En savoir plus / Mehr erfahren:

https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=blockchain

https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=AI

https://www.scoop.it/t/luxembourg-europe/?&tag=FinTech

https://www.scoop.it/t/luxembourg-europe/?&tag=LHoFT

Wealth managers will again find themselves dedicating much of 2018 to adopting new compliance requirements. With this comes associated increases in operating costs. However, regtech will make the process more cost-efficient, according to GlobalData Financial Services

In 2018 the wealth management sector will face another wave of regulatory changes that aim to make the industry more transparent and restore consumer confidence. #

In Europe, MiFID II entered into force in January 2018 and the General Data Protection Regulation will be effective from May.

On the other side of the ocean, the US financial services industry is getting ready for the Fiduciary Rule, which is due to enter into force in 2019.

Across the board, as of January 2018 all countries that signed the OECD’s agreement on automatic exchange of information must now be fully compliant with the Common Reporting Standard and report on accounts held by their residents.

Regulation has weighed heavily on wealth managers’ operating costs in the past few years.

Learn more / En savoir plus / Mehr erfahren:

https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=blockchain

https://www.scoop.it/t/21st-century-learning-and-teaching/?&tag=AI

https://www.scoop.it/t/luxembourg-europe/?&tag=FinTech

https://www.scoop.it/t/luxembourg-europe/?&tag=LHoFT