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UK regtech at the There are some stand-out observations for the significance
of digital technology and how it empowers those in the
forefront of global financial services industry to prevent financial crime and
remain compliant. In particular, the report states, "Fintech
(including Regtech) has the potential to deliver benefits for
compliance several aspects of financial services – including promoting
competition (for the benefit of consumers), improving
operational resilience, helping prevent financial crime,
By Jane Jee, CEO at Kompli-Global driving efficiency in the financial services industry, and
Kompli-Global supporting financial inclusion."
Vital recommendations
ollowing the release of the UK government-
backed Independent Fintech Strategic Review, However, the report also contains vital recommendations
led by Ron Kalifa, former Worldpay chief execu- the Financial Conduct Authority and Bank of England
F tive and chairman at Network International, the must take on board, including, for example, “encouraging
fintech/regtech community welcomes its publication and regulated firms, as part of their operational risk assessment,
the fine ideas it contains. Our hope is that the UK govern- to actively, and periodically, consider whether they are
ment takes these on board. supporting their operational resilience with effective
technology (including Regtech).”
The review is a shot in the arm for our sphere, as it identifies
the fintech sector as a key area of focus and a priority for Additionally, my favorite recommendation from the report
future industrial strategy efforts after Brexit. The fintech is the need to "deliver a digital finance package that creates
sector is estimated to be worth about £7 billion to the UK a new regulatory framework for emerging technology." The
economy, according to government figures, and employs review points out that many stakeholders are responsible
around 60,000 people in the UK. for policy and regulation that impact the fintech sector,
including government departments (such as HM Treasury,
DIT, DCMS, DWP, Cabinet Office and BEIS), the financial
regulators (the Bank of England, PRA and FCA) and other
regulators such as the ICO and CMA.

As Kalifa's report says, “If a single body existed for such
Payment Solutions purposes, this would help fintech firms during their
growth phase, as they may have limited resources at their
For App Developers inception and would find it easier if the number of bodies
they have to deal with is reduced.” The report further
recommends that this single body, the Digital Economy
Taskforce, be set up ASAP. Its mandate is to champion the
eProcessing Network provides fintech sector.
payment solutions that intergrate A welcome development
directly into web pages, shopping
carts, third-party software, Overall, the review is a welcome development. I hope the
and mobile apps for both iOS recommendations are implemented by the government in
and Android. a timely manner. We in the regtech, anti-financial crime
sector work hard to innovate and provide technology and
ePN’s FREE Developer expertise to enable regulated entities to keep progressing
Support Center provides and refining their financial crime programs and make
optimum use of their compliance budgets. By doing
online documentation, this, they can avoid fines and reputational damage and,
sample code, and support ultimately, reduce fraud and financial crime.
for registered developers.
The regtech sector must receive the backing required to
ePN has payment options to fit all of prevent criminals from laundering funds through their
your merchant’s needs systems and position the UK as the best place in the world
to do business.
(800) 296-4810

eProcessingNetwork.com Jane Jee, is CEO at Kompli-Global. She can be reached through Holli
Cheung at holli@skyparlour.com. For more information about the com-
© eProcessing Network, LLC. All Rights Reserved. All trademarks are the property of their respective holders. pany, please visit: www.kompli-global.com/
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