TECHNOLOGY

Industry establishes global RegTech association

Organisation aims to ease and accelerate innovation in the fast-growing RegTech industry.

By Hayley McDowell hayley.mcdowell@strategic-i.com June 30, 2017 9:10 AM GMT

A non-profit organisation has been formed bringing regulatory technology industry heavyweights together in a bid to support global RegTech.

The International RegTech Association (IRTA) is sponsored and funded by its members and aims to ease and accelerate the evolution of industry through integration and sharing of knowledge.

The newly appointed global chair of the ITRA, Subas Roy, explained the organisation believes in the “globally integrated, hybrid ecosystem, and supports the premise that the whole is very much greater than the sum of the parts”.

The executive board consists of CEOs and founders of RegTech firms, as well as RegTech leaders from PwC and FIS. 

It will operate three advisory councils working in areas of research and development, innovation and adoption for regulators and also the wider market.

“For the first time in over 40 years, innovation in RegTech is taking precedence over innovation in new Financial Services markets and products.

“This reflects the fundamental, enabling role of RegTech, and how it is already helping to shape and determine the future of Financial Services, including its competitive advantage,” Roy added.