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Jakarta Post

Empowering financial authorities with RegTech

Jakarta   /   Mon, September 3, 2018   /  11:39 am
Empowering financial authorities with RegTech Illustration of fin-tech. (Shutterstock/File)

Financial authorities all around the world are facing unprecedented challenges. While the aftermath of the financial crisis in 2008, which triggered the comprehensive transformation of financial supervision, has yet to be fully comprehended, the fintech revolution is coming. And it brings another profound complexity, raising questions over whether current regulatory frameworks are still relevant.

To appreciate this complexity, it is useful to understand what fintech is and how its existence can disrupt even the way the central bank operates. The Financial Stability Board (FSB) defines fintech as “technology enabled innovation in financial services” and the implementation of this definition in the real world is much wider.

The rapid advancement of digital technologies has seen business opportunities and markets, which until recently were known to ...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.