UK experience suggests that FinTech and RegTech innovations will create winners and losers within the banking industry. The Australian banking industry is no different.
Gen Advisory believes that considering the likely ubiquity of FinTech and RegTech innovations, ADIs simply cannot afford to ignore these rapidly-evolving fields. We also believe that banking and FinTech are not a “zero-sum game” - they are in fact complementary.
The Financial Stability Board’s (FSB’s) working definition for FinTech:
“Technology-enabled financial innovation …that could result in new business models, applications, processes or products …with an associated material effect on financial markets, institutions and…services” (FSB, 2017).
The BCBS has also adopted this definition for interim purposes.
Some common examples of FinTech:
Distributed ledger technologies
Gen Advisory has the expertise to provide advice on the following aspects of FinTech and RegTech:
Regulatory issues relating to FinTech
FinTech use cases
RegTech use cases
Open Banking implementation