Ireland now has a world class regulatory technology sector

The Irish fintech sector has long been dominated by the payments industry but there is one sector in particular that has been quietly achieving great heights globally and without much fanfare until now – ‘regtech’, the short name for regulatory technology.

Often overlooked as a sector as it is not consumer-facing, Regtech has been steadily growing in sophistication and applicability. So, what is it? There are varying definitions out there but, at its core, it is the use of new technologies by institutions, banks, insurance companies or any regulated entity to meet regulatory compliance challenges in a more efficient way. It transforms risk management and compliance functions and enables companies to strategise and grow while complying with even the most complex regulations.

Ireland is an important centre for international financial services with a high-quality talent pool working in legal, risk and compliance functions. Currently, regtech is the largest indigneous fintech sub-sector and it is bubbling with promise.

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Source: Ireland now has a world class regulatory technology sector  – Independent.ie