Financial services startups will be driven to find regtech solutions to make sure they are compliant, according to Veriluma.
The software firm’s chief executive, Elizabeth Whitelock, said this was the result of various policies and reforms within financial services as a whole along with the corporate regulator’s oversight.
“There are concerns amongst the various big end of town firms in the financial services world but also the regulators want make sure there are no opportunities for issues,” Whitelock said.
“I suspect that regtech and fintech are likely to come closer together with people partnering to ensure those capabilities around compliance and governance are put into place.
“We have been talking to the fintech guys and they can see how we can backend their solutions. I suspect part of this is that we will end up partnering with fintechs because they can see how it gives them a value differentiation.”
She said regtech was a wave of change and that it was just the beginning for regtech development.
“There will be a flow of activity and then a bedding down of regtech really means, and questions will arise on who needs to be involved, how do we manage risk, do people go off on their own? I think we’re all finding our feet and there is definitely interest, and people heavily involved and connected to this for change,” Whitelock said.
“I think you’ll see the governing bodies and the regulatory bodies are getting behind it. I suspect it’s a sit and watch because there are certainly interesting players, and interesting solutions.”
