How APAC FIs Are Leveraging RegTech Solutions for Efficient Data Management

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Being the greatest opportunity in FinTech, the RegTech ecosystem has grown to meet the demand for effective technological solutions in areas of regulatory reporting, governance, eKYC/AML/CFT, data management, fraud monitoring & control, digital identity, risk management, and more. A recent study of 38 banks around the world analyzed their third-party RegTech implementations – where the solutions were offered by RegTech startups and large GRC providers – found that RegTech solutions in the space of eKYC/real-time AML screening, AI/ML-based fraud prevention, and real-time compliance monitoring had the highest level of adoption by banks. More than 15 banks had implemented eKYC/advanced AML and sanction screening solutions. Solutions in the space of real-time compliance monitoring and AI/ML-based fraud detection were implemented by eight banks each. With a promise to deliver a 634% in ROI realizable over a three-year period, end-to-end RegTech implementations are not far in the future, with a large number of…

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