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October 5th 2021

5 min read

The differences between FinTech and RegTech

Financial technology, or FinTech, refers to the use of technology to facilitate financial solutions. RegTech is an abbreviation of regulatory technology and covers the use of technology in risk mitigation, reporting, and other types of compliance
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FinTech and RegTech are both increasingly popular buzzwords that have been floating around for a while. But what do they mean, how do they differ, and why are they so popular?

We’ll take a look at these questions in the following article.

What is FinTech?

FinTech stands for “financial technology” and covers any type of technology that has to do with digitizing, disrupting, or optimizing financial services. It could be everything from software and algorithms to applications and hardware. Basically, any technology that allows a user to access financial services via digital methods.

Just think about the myriad of applications we all use regularly. There’s Uber, the ride-sharing app where customers pay for the ride with a stored credit card or even in Bitcoin; Venmo for splitting the bill; Pleo for company expenses; PayPal; Klarna; Revolut – as well as many other FinTech solutions that have already become an integral part of our day-to-day lives, both personally and professionally.

In fact, Ernst and Young’s 2019 Global FinTech Adoption Index states that three out of four consumers used money transfer and payment solutions in 2019. In post-COVID-19 times, that number has undoubtedly increased as consumers and business owners alike have been forced to digitize all of their transactions.

“No longer just disrupters, FinTech challengers have grown into sophisticated competitors, with an increasingly global reach” – Global FinTech Adoption Index 2019, Ernst and Young

The FinTech adoption trends survey also noted that 96% of the 27,000 respondents (across 27) global markets) were aware of a FinTech transfer or payments service, and 75% of consumers surveyed had used one.

man swiping phone on payment terminal

Why do we need FinTech?

FinTech is vital because it creates innovative solutions in the financial sector that makes financial services and products more accessible to consumers while at the same time accelerating financial institutions’ digital evolution.

But in addition to making tedious processes more efficient and cost-effective, the FinTech FinTech market is expected to reach approximately USD 305.7 Bn by 2023. That’s not all, however. The Promise of FinTech: Financial Inclusion in the postCovid era states that countries with higher digital financial inclusion are associated with higher annual GDP growth rates.

It’s simple: FinTech is a sector that must not be overlooked.

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What is RegTech?

RegTech is an abbreviation for regulatory technology, and it’s the use of technology to improve the way businesses manage regulatory compliance.

In the wake of the 2008 financial crisis, all market participants have been forced to comply with many rigorous regulations to create more transparency and mitigate risks related to cyber security and data privacy issues.

RegTech tools work by automating repetitive tasks such as generating reports or datasheets, keeping data secure, monitoring risks and changes, or alerting authorities of potential risk of fraud. Automations such as these can take up a good chunk of time that implementing RegTech solutions can reduce.

For instance, in 2022 all those who produce or sell investment products (PRIIPS) must provide basic pre-contractual information in the form of a Key Information Document (KID). One of United Fintech’s portfolio companies, TTMzero, automates the PRIIPS KID process.

The global RegTech market is expected to reach USD 22.2 Bn by 2027.

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Why do we need RegTech?

RegTech enables organizations to navigate a very complex regulatory environment that’s riddled with emerging laws and regulations. With the right compliance technologies, companies can focus on developing their own services rather than investing all of their time in compliance.

Agile regulatory technologies also make sure FinTech companies steer towards developing systems and products that have a healthy impact on the financial system rather than just disrupting for the sake of disruption.

We need both to achieve digital success

FinTech has been incredibly beneficial for regular consumers as well as governmental institutions and companies of all sizes, but it hasn’t been all roses. The digital transformation that FinTech drove in the financial sector resulted in new and greater risk, especially regarding data security. RegTech was the only appropriate response.

Understanding the risks and implementing the right tools to reduce them is the only way for FinTech to keep thriving and evolving. In conclusion, we’re better off with the many FinTech offerings available, but only as long as RegTech is there to keep it in check.

Now that you’re aware of what FinTech and RegTech are and how they differ, you’re all set to learn more about how United Fintech helps companies comply with regulatory demands.

Read more about United Fintech here: 



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