FINTECH REVOLUTION, REGULATORY AND SUPERVISORY CHALLENGES, AND OPPORTUNITIES FOR IMPROVEMENT BY UTILIZING REGTECH AND SUPTECH

Although the use of technology for compliance and supervisory monitoring predates the 2008-2009 financial meltdown, a new regulatory landscape in response to this crisis has been a catalyst for greater use of technology. Global systemic shocks such as 2008-2009 financial meltdown and contained domes...

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Bibliographic Details
Published inInternational journal of business research and information technology Vol. 8; no. 1; pp. 82 - 91
Main Authors Aktas, Elvan, Roland, Karin
Format Journal Article
LanguageEnglish
Published New York City International Academy of Business and Public Administration Disciplines 22.12.2021
Subjects
Artificial intelligence
Bank technology
Business models
Financial institutions
Financial markets
Financial services industry
Information technology
Innovations
Laws, regulations and rules
Regulation of financial institutions
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Summary:Although the use of technology for compliance and supervisory monitoring predates the 2008-2009 financial meltdown, a new regulatory landscape in response to this crisis has been a catalyst for greater use of technology. Global systemic shocks such as 2008-2009 financial meltdown and contained domestic glitches such as the flash crashes in 2010, 2015 and 2019 are forcing regulatory authorities and major actors in the financial sector to rethink about the future of regulation and supervision of the contemporary financial institutions and financial services, i.e. RegTech and SupTech.
ISSN:2327-0845