Ireland's tech deregulation bodes well for regtech development

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The regulation technology industry is expected to grow rapidly and total U.S. $6.46 billion globally by 2020.

The agility and flexibility enabled by regtech solutions will facilitate operational excellence and can also be extended to other activities within the organizations to promote a better understanding of the marketplace and clients.

These advantages have been acknowledged by regulators who are increasingly working with regtech providers. Such collaboration will further encourage standardization and better risk management.

Bloomberg News

The Irish government has taken a favorable posture toward this innovation.

Earlier this year, the Central Bank of Ireland announced plans to launch a fintech innovation hub, with the intention of engaging with all firms that are delivering innovation across the financial services sector.

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