The City of London Corporation have announced on Monday a partnership with Innovate Finance, the trade association for RegTech (regulatory technology), to strengthen the collective voice of the sector.
The City Corporation and Innovate Finance will work together to set up a ‘RegTech Platform’. The platform will host strategic dialogues between vendors, financial institutions, and other key stakeholders in the RegTech ecosystem to tackle problems that are affecting the sector. The dialogues will take the form of workstreams in 2023 identifying and solving these knotty issues.
Policy Chairman at the City of London Corporation, Chris Hayward, said, “RegTech is a fast-growing area that has the potential to help ease the burden of regulatory and compliance processes for firms.
“The City Corporation is delighted to be working with Innovate Finance to support the RegTech Platform. I look forward to it making progress in key areas such as financial crime or ESG so that RegTech solutions can help firms meet their regulatory requirements. A thriving RegTech sector will help the City of London be more internationally competitive.”
Janine Hirt, CEO of Innovate Finance said, “As the industry body for UK FinTech representing the RegTech community, Innovate Finance is delighted to be working with the City of London Corporation to establish the new RegTech Platform.
“This Platform will strengthen strategic initiatives and dialogue between RegTech companies, financial institutions, regulators and other key actors in the ecosystem to find solutions to some of the critical regulatory challenges faced by the sector and help scale UK RegTech”.