Why is Reg tech vital for Financial Institutions?

Regulators maintain dedicated units/platforms for tech innovation with well-defined structures, steering committees, and expert teams, enabling strategic formulation and monitoring of tech adoption goals.

Follow a clear strategy roadmap. SSM's Digital footprint employs an Innovation management framework, guiding over 120 cases through ideation to execution. 14 SupTech applications implemented by June 2023.

Create a shared tech platform for swift scaling and prototyping. SSM utilizes dedicated platforms with AI, NLP, network analytics, big data, and cloud computing. ECB employs a SupTech platform for remote supervisor collaboration.