A global organisation has launched to promote innovation in the field of regtech: software that helps corporates and financial firms to meet their compliance obligations.
Formally unveiled on 28 June, the International RegTech Association (IRTA) said in a statement that it “exists to ease and accelerate the evolution of the global regtech ecosystem, through integration, collaboration and knowledge sharing”.
“The IRTA brings together the people, tools, processes and policies that are required to thrive in today’s rapidly evolving regtech landscape.”
Its emergence demonstrates that technologies once grouped within the fintech bracket are now decisively breaking out to forge their own paths.
Outlining its values and programme of work, the new body said that it will:
To drive those activities, the IRTA will harness the ideas of three in-house regtech advisory councils, working in the areas of:
Former EY global head of regtech Subas Roy has been appointed IRTA chair. Roy said: “The IRTA believes in the globally integrated, hybrid ecosystem, and supports the premise that the whole is very much greater than the sum of the parts.
“The IRTA community is a combination of talented, agile and experienced minds, striving for innovation, and to establish regtech as a profession for the years to come.”
Roy added: “We stand in one of the most exciting times, as the innovation and international collaboration for regtech continue to expand.”