This text was submitted as an answer to the UK Financial Conduct Authority’s Call for Input on Regtech. We’re publishing it also here on our blog to foster wider discussion.
Based on our extensive experience in this field, we have been discussing several RegTech-related ideas here at Alyne (further thinking on this in our blog).
In the tradition of other “-Techs” (such as “FinTech”), we understand RegTech as digitisation of regulatory compliance processes. Digitisation is of course a buzzword itself, but it helps to frame it more in the context of automation. In other industries and topic areas, it is envisioned to completely substitute manual processes at some point or at least augment human capabilities and capacity to rapidly scale and leverage the output of manual processes.