In developed markets such as Europe, the US, Australia, HK and Singapore, KYC and DD have been commonplace for several years. In jurisdictions that have a developing approach to compliance, these ideas are significantly newer, and so current approaches are still more foundational. Providers must therefore be cognisant of providing solutions that are a solid fit for the market as it currently stands and for development in the following years. It is of limited use to turn around to clients who have only been ‘doing’ compliance for a few years, and have strained resources, to promote a range of solutions which do not solve any of their current problems.
A key outcome of the discussion was the focus on RegTech being Trust as a Service. In an earlier side conversation with some participants, Complilearn was described as ‘Training as a Service’, and, coupled with ‘Trust as a Service’, provides an interesting take on what has been traditionally viewed as a Client/Vendor model.
The idea of providing the Service based on the model of Trust certainly seems more in line with most RegTech companies approach of building long lasting relationships, and not focusing on transactional sales. The question now is whether this idea will take off whilst dealing with the myriad other challenges faced by providers.
As ‘Service’ providers become more attuned to their client needs, hopefully the level of Trust placed in them will increase. Recent cases of RegTech adoption certainly seem to indicate that there is a solid basis for this relationship, with excellent results based on industry adoption, enabling significantly improved outcomes. Long may it continue.
Finnolux have provided a write up of the event which is available here, and details of the other events in the series can be found here.
If you would like a copy of the Complilearn presentation, please contact us at firstname.lastname@example.org