Welcome to the latest episode of At the Forefront: Fintech Conversations!
To learn more and listen to our previous episodes, click here.
In this episode, SVP and Head of Media Relations Michael Kingsley sits down with Rob Mackay, CEO of Regnology, a leading RegTech and SupTech firm on a mission to bring safety and stability to the financial markets. An established player in the space, Regnology supports over 34,000 financial institutions and over 60 industry regulators worldwide.
Rob begins by breaking down Regnology’s three core service offerings: regulatory reporting for banks and insurers, supervisory collection systems for regulators and tax reporting for both sides. He also emphasizes the firm’s primary goal: to promote financial stability and tax transparency on a global scale by bringing together regulators and the regulated.
They also discuss Regnology’s upcoming 30th annual RegTech Convention, the industry’s largest such gathering. On November 21-22, an expected 2,000 attendees – regulators, banks and other industry players from more than 100 countries – will gather to discuss “The Balancing Act of Reg and Tech.” Rob explains the inspiration behind this year’s theme: “Everything we’re working on [at Regnology] is using tech to reduce the cost for regulated financial institutions and streamline the workflows between banks and insurers on one hand, and their supervisors on the other.”
Next, Rob and Michael discuss trends in the RegTech space, including the “natural evolution” from template-based reporting to more frequent cycles involving more granular data. European regulatory initiatives like IReF are moving this forward by facilitating the communication of all bank activities to relevant regulators on a daily basis. Other trends discussed include increased real-time supervision, heightened responsiveness between parties and a push by regulators to reduce the cost of regulation.
Rob also touches on how recent events in the markets have further fueled the industry’s need for detailed yet efficient compliance. Rob explains how the “fairly significant meltdown” that caused US banks such as Silicon Valley to go under earlier this year made US regulators in particular realize the importance of daily consumption of granular data regarding liquidity and capital. Regnology has focused on this area since its founding and is therefore well prepared to support the initiatives that have emerged as a result. The firm’s plans for expansion in the US and Canada align well with the region’s increased regulatory focus.
Lastly, Michael and Rob discuss Regnology’s recent acquisition spree – five deals closed in 2023 thus far – and how the company’s position as a scaled player with a global distribution has made it an attractive partner for sub-scale players around the globe.
To learn more about Regnology, visit its website.
See below for a breakdown of what was discussed. Happy listening!
0:30 – Can you provide a bit more insight on what Regnology does and how it seeks to bring together regulators and the regulated?
1:30 – The cloud is absolutely central to not only what you do at Regnology, but also to the future of regulation and compliance as a whole. Tell us a bit about that technology and why it’s so important.
2:35 – Regnology’s 30th annual RegTech Convention is coming up from November 21-23. This year’s focus is on “the balancing act of reg and tech.” Why that focus, and why now?
5:20 – How do Regnology’s solutions make compliance a selling point for its clients?
7:00 – Why does it strike a nerve when you talk about streamlining workflows?
10:00 – What’s going on in the markets and the broader industry ecosystem that makes these topics so pivotal?
12:10 – You’ve closed five acquisitions in 2023. What has been behind those, and what does that mean for the future of Regnology?