2024: RegTechs’ Future Battles. What lies ahead on their path?

TLDR:

FinTech Global spoke to industry leaders in the RegTech sector to discuss key challenges and opportunities for 2024. The discussions highlighted the need for better communication between companies and regulators, as well as a greater focus on market harmonization. Other important topics included ensuring greater resiliency, increasing awareness of the regulatory landscape, and addressing concerns around data security and privacy.

In order to navigate the challenges of the industry in 2024, RegTechs are advised to:

• Improve communication with regulators to ensure better relationships
• Foster greater resiliency and adaptability to meet changing regulatory demands
• Stay informed about the evolving regulatory landscape and anticipate future developments
• Address data security and privacy concerns to build trust with customers and regulators

Overall, 2024 is expected to be a critical year for RegTechs, with increased attention on digital communications compliance and governance. As the industry continues to evolve, RegTechs must be proactive in addressing these challenges and seizing opportunities to drive growth and innovation.