RegTech or Regulatory Technology is, as the word indicates, the use of technology to facilitate entities in regulated industries, like the financial one, to comply with the current regulations in place; with the ever-increasing regulatory burden as well as the rising responsibility of independent directors, RegTech becomes more and more popular.

RegTech creates a rise in efficiency, by automating backoffice functions, which involve a high risk of human errors, and a savings of costs as the use of technology will avoid having to kick off another multi million Euro project to comply with every new regulation put in place.

For Luxembourg, as a major Financial and Funds Center, RegTech will become key in their strategy to keep their leading role in the EU, next to the USA. As the financial world is confronted with commoditization of the industry, pressure on the margins and tighter regulation, RegTech might and should become an essential part of the strategy to remain the preferred location for asset managers in the EU.

RegTech Solutions for the Funds Industry

To give the people in the Funds sector in Luxembourg the opportunity to gain a deeper understanding of the value RegTech can bring to the competitiveness of the industry, FinnoLux, Enterprise Ireland and International RegTech Association (IRTA) are hosting ‘RegTech Solutions for the Funds Industry’ on 28 June at the Hotel Le Royal (12 Boulevard Royal, Luxembourg-ville) from 08:00. Attendees will be able to connect with RegTech entrepreneurs, learn more about their solutions and to change thoughts with internationally acknowledged RegTech leaders.

Subas Roy, former RegTech leader for EY and current Chairman of the International RegTech Association will provide the keynote speech and already shines his light on the value RegTech can bring to Luxembourg: “The future success of Luxembourg, as the leading EU investment center, will depend on its ability to maintain the flexibility. Flexibility to design, flexibility to serve, and to provide customer focussed products and services with a fine tuned legal and regulatory framework”. He continues: “A combination of factors including, an ever-increasing regulatory scrutiny, uncertainties in the European Union and the pricing pressure has further fuelled the need for change and Innovation. Such innovation need to focus on enhancing the competitive advantage of Luxembourg’s funds industry and to provide more automated, smarter ways of working including advanced data analytics and real-time, by design solutions for regulatory compliance and cross-border transactions.”

His position as Chairman of the IRTA enables him to understand and to see how the use of technology for regulatory matters is expanding and is embraced on a global scale. “Regulations Technology is already being used by other countries to improve the quality of compliance, to get more value out of customers’ data, to provide a more secure, trusted yet “operationally cheaper” business environment. It is high-time that Luxembourg defines a RegTech strategy for its Fund industry.”

Matt Elton, Vice Chair of IRTA and CEO of FinnoLux, will talk about the opportunities for collaboration across borders. “One of the key value propositions of Regulatory Technology is to ensure compliance, which in itself is of course not a market differentiator. It is therefore useful to look across the borders and see within the EU framework where collaborations are most promising”. 

For more information or to register for the event, please see http://finnolux.com/index.php/2017/06/08/regtech-solutions-for-the-funds-industry-event-28-june-2017-luxembourg/