MITIGATION OF REGULATIONS BURDEN IN FINANCIAL SECTOR BY APPLICATION OF HIGH TECH SOLUTIONS
MITIGATION OF REGULATIONS BURDEN IN FINANCIAL SECTOR BY APPLICATION OF HIGH TECH SOLUTIONS
Author(s): Nedyalko ValkanovSubject(s): Economy, Financial Markets
Published by: ЮГОЗАПАДЕН УНИВЕРСИТЕТ »НЕОФИТ РИЛСКИ«
Keywords: financial regulation; compliance; financial and technological innovations
Summary/Abstract: Introduction of new complex regulations after the crisis of 2007-08 made financial institutions face a peculiar burden caused by the significant increase in their regulatory spending. Meanwhile the application of blockchain-based technologies, artificial intelligence and big data is gaining more and more popularity in different segments of finance, including the regulatory related areas. Appearance of RegTech firms changes the traditional model for treatment of regulatory related issues by financial intermediaries themselves, introducing the opportunity for cooperation with external providers of technological expertise. The article treats the interaction between financial institutions and compliance orientated technological innovations outlining three possible perspectives for future development.
Journal: Икономика и управление
- Issue Year: 15/2019
- Issue No: 1
- Page Range: 19-30
- Page Count: 12
- Language: English
