Regulatory technology or RegTech, along with wealthtech and proptech (property technology), is on the rise. Regulators are using it more and more and venture capitalists are investing in it, even though its take-up among firms seems to have plateaued temporarily.

Firms using RegTech

Binance, one of the world's most recognisable cryptocurrency exchanges, is using Coinfirm, a RegTech company, to help it comply with new guidelines pertaining to the Financial Action Task Force's anti-money-laundering rules. As Binance operates in 180 countries, Coinfirm stands to benefit to a massive degree.

Meanwhile, AQMetrics, the provider of cloud-based software to asset managers and asset service providers, says that it has signed a number of new contracts, hinting that most of them are to do with regulatory reporting. An unnamed accountancy firm of middling size is using it to support its FCA-regulated customers; the rest of its equally unnamed new users appear not to be in wealth management.

Standard Chartered PLC has deployed BearingPoint’s tax reporting solution FiTAX to fulfill CRS, FATCA and QI reporting obligations in 63 countries all over the world.

SteelEye, the compliance technology and data analysis firm, has been hired to help the customer base of CME Group's Trade Repository in Europe to report data to regulators in accordance with EMIR, the European Market Infrastructure Regulation. EMIR calls for all derivatives to be reported to trade repositories (TRs), which collect and keep the records of all derivative contracts.

The SteelEye RegTech service fully automates the reporting process and manages breaks and validations. Since SteelEye is cloud-based, it claims that costs are at a minimum. Matt Smith, the CEO of SteelEye and a frequent contributor to our web-pages, is arguing that (his own products notwithstanding) EMIR reporting has become astronimically expensive and difficult for firms to manage over the last five years.

ClauseMatch has announced that it now operational at Intesa Sanpaolo. This piece of work apparently sprang from a meeting at FinTech Innovation Lab hosted by the bank. A proof-of-concept exercise soon followed.