The 2008 crisis highlighted the difficulty, particularly for incumbents, in promptly analyzing and managing the data needed to comply with compliance, reporting and anti-money laundering requirements. This opened up unexpected financial scenarios that required an appropriate regulatory response to prevent new crises. On the part of the Authorities, an increasingly voluminous and rigid regulation has been drawn up which has caused problems for the banks, forced not only to keep up with the pressing regulations but above all to contain the explosion of the relative costs. On the other hand, even the authorities have not had an easy time in verifying the conformity of regulated subjects and have had to innovate their methods and technologies of verification. The knowledge and use of RegTech have become fundamental both for regulated entities and regulators. This is the context for our research project. We started with an analysis of RegTech from a definitional, policy and business application perspective. The thesis intends to offer a contribution both from a theoretical definitional point of view and from a more practical one, focusing on regulation, policies and applications in one of the most known and appreciated markets by investors and start-ups, the Swiss one. The first chapter of this research paper specifically aims to study the definition of RegTech starting from those proposed by the main actors in the academic world, consultancy firms and Authorities, and this in order to discover what is behind the word "RegTech" through a work of "codification" of definitions. The usefulness of reaching a definition as complete as possible is to monitor and map technologies and applications so as to determine a perimeter of RegTech and, indirectly, of its mirror counterpart for the Authorities, known as SupTech. Current contributions are primarily focused on the legal aspect but are not intended to create an industry perimeter. We will examine, gap in the literature, the technologies employed by RegTech and its applications inside and outside the financial system with an examination of whether RegTech is only part of fintech or is cross-sectoral. At the end of the analysis emerges a definition of RegTech that encompasses both Academics', Industry's and Regulators' perspectives: "RegTech is the use of technology in the context of regulatory compliance requirements, in fraud detection, aimed at lowering the cost of complying with regulations but also for insight into customer characteristics and needs, risk monitoring and management and anomaly reporting that is more advanced than existing capabilities. RegTech started as an offshoot of FinTech, it is used by regulators for oversight in the field of financial firms but is now peacefully used in many industries”. The second chapter examines one of the most active markets from the point of view of RegTech development, that is, Switzerland, given the important innovations present there in terms of regulation and the development of startups specialized in technology linked to financial markets. After a necessary introduction that illustrates the peculiarities of this market and the reasons for its interest, we examine the measures and rules implemented by the Swiss political and regulatory authorities regarding the development of technology applied to finance and regulation. To conclude this chapter reflects future policy developments and lessons learned by the Swiss regulator. In the third chapter we delve into the Swiss ecosystem of RegTech startups, centered around the Swiss incumbent Swisscom, associations and incubators in the RegTech sphere, grasping their characteristics and the strongest business opportunities in this sector. Through an in-depth study of the single realities, by means of direct on-site contact and a series of interviews, we collected, compared and studied ideas, experiences and projects and expectations in progress. Finally, in the fourth and final chapter, after the necessary reflections and considerations induced by the interviews conducted and the overall documentation collected, we set out our conclusions, focusing on what we learned about the Swiss RegTech market, reporting and comparing examples of best practices that could be implemented and even imported into Switzerland from the rest of the world.
La crisi del 2008 ha posto in evidenza la difficoltà, in particolare per gli incumbent, nell’analizzare e gestire prontamente i dati necessari per adeguarsi alle prescrizioni di compliance, reporting e antiriciclaggio. Ciò ha aperto scenari finanziari inaspettati che hanno richiesto una risposta adeguata del regolatore per prevenire nuove crisi. Da parte delle Autorità è stata elaborata una regolazione sempre più voluminosa e rigida che ha causato problemi alle banche, costrette non solo a stare al passo con la incalzante normativa ma soprattutto a contenere l’esplosione dei relativi costi. Anche i regolatori non hanno avuto vita facile nella verifica della conformità dei soggetti regolati ed hanno dovuto innovare le proprie modalità e tecnologie di verifica. La conoscenza e l’utilizzo del RegTech sono diventati fondamentali sia per i soggetti regolati che per i regolatori. In tale contesto si inserisce il nostro progetto di ricerca. Siamo partiti da una analisi del RegTech sotto il profilo definitorio, di policy e di applicazioni aziendali. L’elaborato intende offrire un contributo sia dal punto di vista teorico definitorio che da quello più pratico, concentrandoci sulla regolazione, sulle policy e sulle applicazioni in un mercato dei più noti ed apprezzati dagli investitori e dalle start up, quello svizzero. Il primo capitolo del presente elaborato di ricerca, nello specifico, si pone l’obiettivo di offrire una nostra definizione di RegTech partendo da quelle proposte dai principali attori del mondo accademico, della consulenza e delle Autorità, e ciò al fine di scoprire cosa c'è dietro la parola "RegTech" attraverso un lavoro di “codifica” delle definizioni. L’utilità di raggiungere una definizione il più possibile completa è quella di monitorare e mappare le tecnologie e applicazioni così da determinare un perimetro del RegTech e, indirettamente, della sua speculare controparte per le Autorithies, nota come SupTech. I contributi attuali sono principalmente concentrati sull’aspetto giuridico ma non sono destinati alla creazione di un perimetro settoriale. Si esamineranno, cosa inedita, le tecnologie impiegate dal RegTech e le sue applicazioni dentro e fuori dal sistema finanziario con la disamina se RegTech sia solo parte del FinTech o sia cross settoriale. Al termine della mia analisi emerge una definizione di RegTech che contempla sia il punto di vista degli Accademici, che dell’industria che dei regolatori: “RegTech è l'uso della tecnologia nel contesto dei requisiti normativi della conformità, nel rilevamento delle frodi, finalizzato all’abbassamento dei costi per conformarsi ai regolamenti ma anche per la conoscenza delle caratteristiche e delle esigenze del cliente, monitoraggio e gestione del rischio e segnalazione di anomalie più evolute rispetto alle capacità esistenti. RegTech è nato come un ramo di FinTech, è utilizzato dai regolatori per la supervisione nel campo delle imprese finanziarie, ma ora è pacificamente utilizzato in molti settori industriali”. Nel secondo capitolo si passa ad esaminare uno dei mercati più attivi dal punto di vista dello sviluppo del RegTech cioè la Svizzera, viste le importanti novità ivi presenti in termini regolatori e di sviluppo di startup specializzate nella tecnologia legata ai mercati finanziari. Dopo una doverosa premessa che illustra le peculiarità di questo mercato e i motivi di interesse, si esaminano le misure e le regole messe in atto dalle autorità politiche e da quelle regolatorie svizzere in merito allo sviluppo della tecnologia applicata alla finanza e alla regolazione. Per concludere questo capitolo si riflette gli sviluppi futuri di policy e le lezioni apprese dal regolatore svizzero. Si approfondisce a seguire, nel terzo capitolo, l’ecosistema svizzero di imprese startup RegTech, incentrato attorno all’incumbent svizzero Swisscom, associazioni ed incubatori in ambito RegTech cogliendone le caratteristiche e le opportunità di business più forti in questo settore. Attraverso un lavoro di approfondimento delle singole realtà, mediante una presa di contatto diretta in loco e una serie di interviste, abbiamo raccolto, confrontato e studiato idee, esperienze e progetti e aspettative in itinere. Infine, nell’ultimo quarto capitolo ed ultimo, dopo le necessarie riflessioni e considerazioni indotte dalle interviste svolte e dalla documentazione complessiva raccolta, vengono esposte le nostre conclusioni, incentrate su quanto appreso sul mercato svizzero del RegTech, riportando e confrontando gli esempi di buone pratiche che potrebbero essere implementate e persino importate in Svizzera dal resto del mondo.
FinTech : the impact of regulatory policy and regulatory technology (RegTech) on financial institutions
Luca Federico, Battanta
2022
Abstract
The 2008 crisis highlighted the difficulty, particularly for incumbents, in promptly analyzing and managing the data needed to comply with compliance, reporting and anti-money laundering requirements. This opened up unexpected financial scenarios that required an appropriate regulatory response to prevent new crises. On the part of the Authorities, an increasingly voluminous and rigid regulation has been drawn up which has caused problems for the banks, forced not only to keep up with the pressing regulations but above all to contain the explosion of the relative costs. On the other hand, even the authorities have not had an easy time in verifying the conformity of regulated subjects and have had to innovate their methods and technologies of verification. The knowledge and use of RegTech have become fundamental both for regulated entities and regulators. This is the context for our research project. We started with an analysis of RegTech from a definitional, policy and business application perspective. The thesis intends to offer a contribution both from a theoretical definitional point of view and from a more practical one, focusing on regulation, policies and applications in one of the most known and appreciated markets by investors and start-ups, the Swiss one. The first chapter of this research paper specifically aims to study the definition of RegTech starting from those proposed by the main actors in the academic world, consultancy firms and Authorities, and this in order to discover what is behind the word "RegTech" through a work of "codification" of definitions. The usefulness of reaching a definition as complete as possible is to monitor and map technologies and applications so as to determine a perimeter of RegTech and, indirectly, of its mirror counterpart for the Authorities, known as SupTech. Current contributions are primarily focused on the legal aspect but are not intended to create an industry perimeter. We will examine, gap in the literature, the technologies employed by RegTech and its applications inside and outside the financial system with an examination of whether RegTech is only part of fintech or is cross-sectoral. At the end of the analysis emerges a definition of RegTech that encompasses both Academics', Industry's and Regulators' perspectives: "RegTech is the use of technology in the context of regulatory compliance requirements, in fraud detection, aimed at lowering the cost of complying with regulations but also for insight into customer characteristics and needs, risk monitoring and management and anomaly reporting that is more advanced than existing capabilities. RegTech started as an offshoot of FinTech, it is used by regulators for oversight in the field of financial firms but is now peacefully used in many industries”. The second chapter examines one of the most active markets from the point of view of RegTech development, that is, Switzerland, given the important innovations present there in terms of regulation and the development of startups specialized in technology linked to financial markets. After a necessary introduction that illustrates the peculiarities of this market and the reasons for its interest, we examine the measures and rules implemented by the Swiss political and regulatory authorities regarding the development of technology applied to finance and regulation. To conclude this chapter reflects future policy developments and lessons learned by the Swiss regulator. In the third chapter we delve into the Swiss ecosystem of RegTech startups, centered around the Swiss incumbent Swisscom, associations and incubators in the RegTech sphere, grasping their characteristics and the strongest business opportunities in this sector. Through an in-depth study of the single realities, by means of direct on-site contact and a series of interviews, we collected, compared and studied ideas, experiences and projects and expectations in progress. Finally, in the fourth and final chapter, after the necessary reflections and considerations induced by the interviews conducted and the overall documentation collected, we set out our conclusions, focusing on what we learned about the Swiss RegTech market, reporting and comparing examples of best practices that could be implemented and even imported into Switzerland from the rest of the world.File | Dimensione | Formato | |
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https://hdl.handle.net/20.500.14242/204512
URN:NBN:IT:POLIMI-204512