Regtech in 2023; With Conotoxia, EIS, Regnosys, Kyckr, Rise by Barclays and KYC Hub

Editorial Calendar Regtech in 2023; With Conotoxia, EIS, Regnosys, Kyckr, Rise by Barclays and KYC Hub Earlier this week,The Fintech Timesexplored thelatest standards and developments in regtechand the impact they have had. We now turn our attention to how the regtech space will continue to develop over 2023. To help understand and explain exactly where the space is, and how it may, or may not, develop during the remainder of the year, we reached out to industry experts for their input.

Robert Blaszczyk, head of strategic clients department at currency exchange fintechConotoxia, explained which sectors regtech will continue to best support in 2023: “Although regtech has a short history, it probably has significant potential and growth prospects. It is expanding with the increasingly widespread digitalisation of services (including financial services), the popularity of online transactions and growing competition in this market. According to standards applicable as early as 2021-2022, regtech is able to adapt regulations and legal frameworks on an ongoing basis for entities offering, for example, currency exchange, payments, online money transfers, accounts, payment card settlement, etc.

This happens because it is based on new IT technologies, the cloud, artificial intelligence or blockchain: the decentralised and distributed database on which cryptocurrencies are based. “In 2023, regtech companies will help banks and fintechs save time and money while reducing the risk of theft or the introduction ofillicit fundsinto circulation. Without the support of regulatory technology and companies specialising in this field, screening transactions ordered by customers at banks and fintechs would prove to be, first of all, time-consuming but also tedious and costly.

Regtech tools are and will be used daily to monitor transactions. In real-time, they can detect criminals’ endeavours, for example, related to so-called money laundering. After all, the technology identifies any abnormal activity.” Rory Yates, SVP of