Financial hub Singapore’s financial institutions are being oddly old-school about adopting a new technology. Regtech or regulation technology.
But regtech has quite the backer—the Monetary Authority of Singapore (MAS) has been championing regtech to financial institutions such as banks and financial services companies as a way to reduce compliance costs. In 2016, it even introduced a regulatory sandbox for regtech to grow.
But wait, what exactly is regtech? How can it help?
When you make a quick transfer to your friend’s account with a few clicks, you’re using fintech. But when the app you are using verifies if you’re real—pacifying the banks involved—you’re encountering regtech.