What is Regtech ?
Regulatory Technology (RegTech) is an innovation that enables firms to effortlessly adjust to the weight of expanding regulatory reporting, while at the same time being savvy and secure. This innovation enables organizations to automate the way toward monitoring information. Regtech improves the procedure of regulatory prerequisites.
Every new regulation creates opportunity for the regtech companies to work on new technology and offer it to banks, financial institutions and the fintech companies.
What is Suptech ?
Suptech is a short form of Supervisory technology. SupTech refers to the technology that supports supervisors. The Bank for International Settlements (BIS) defines Suptech as the use of innovative technology by supervisory agencies to support supervision”. Supervisory agencies typically lay down the rules and regulations. Though they follow different regulations, they need technology to check compliance by the constituents.
Besides regtech and suptech there are many other variations of Financial Technologies popularly known as Fintech.
- Bankingtech – Also known as banktech refers to the new age technologies created for the banking systems typically using the methods like Artificial Intelligence and Machine Learning.
- Wealthtech – They offer a new way of investing money by leveraging technology and expert financial knowledge
- Insure tech – Also known as insurtech is the use of technology innovations designed to improve the efficiency of the current insurance industry model.
Difference between Regtech and Suptech ?
Though there are different variants of Fintech, Regtech and Suptech appear similar in nature. However, the basic difference between both is that, Regtech addresses the need of Financial Institutions, Fintech companies and banks. On the other hand Suptech provides aid to Supervisors and Regulators.
Suptech enables supervisory offices to accomplish their goal of advancing trust by monetary specialists in financial institutions also, markets. Suptech is probably going to prompt supervision that can adjust all the more rapidly because of an always developing condition. Innovative Technologies can be connected at the plan phase of new guidelines to evaluate the potential effect of arrangement recommendations.