In recent years, two opposing phenomena have occurred simultaneously - on one hand, the unstoppable progress of the digital economy has caused deep disruptions in how certain sectors function and has led to the rise of new business models. On the other, the economic crisis that began with the bankruptcy of Lehman Brothers in 2008 interrupted the global trend towards deregulation in certain sectors, specifically in the financial and insurance sector, a situation that led to new and complex regulation standards.
The coincidence of the timing of this global economic crisis, along with the greater regulatory demands applied to banks and insurance companies, has caused the emergence of new technology companies under the new subsector of fintech: the RegTech.
In this post we will explain what RegTech is, what are its fields of application and how the future is presented for those companies that operate in this subsector that also uses technology to eliminate inefficiencies and facilitate legal and regulatory compliance in the digital era.
This post is also available in Spanish.