Major Products Launch in June (II): RegTech Becomes a Hotspot amid Market Volatility
The past few months have witnessed the whole financial market in turmoil. And fintech indices are reflecting the wider downturn in markets, as the US-focused Index Developed Markets Fintech & DeFi Index slashed 30% YTD, so did the STOXX Global Fintech Index (statistics from LOCKTON). The ongoing economic depression has pushed a host of fintechs to layoff to relieve operating pressure, including Bolt, Wealthsimple, Amount, among others. Besides, Zopa has delayed its IPO plan.
The growth of fintech is starting to slow down though, other fintech market players have weathered the storm and bucked the trend of the recession in June, launching new products so as to catch the eye of customers.
Let's take a look at the major fintech firms launching new offerings last month:
1. Nuvei
Nuvei, a global payments technology company, has introduced a new risk management model underpinned by cutting-edge machine learning technology for its Instant Bank Transfer product in North America. The machine learning model extracts complex patterns to improve the identification of fraudulent activity and reduce false positives where legitimate transactions are declined.
2. dxFeed
dxFeed, a data provider offering Stock Market Data, OTC Data, and Forex Data, has launched the Trust Center on its website, which is designed to centralize the resources addressing compliance and security for clients' self-service exploration and delivery.
ComplyAdvantage, a global data technology company transforming financial crime detection, has released in June a new tool - ComplyTry, enabling anyone to search and assess risk signals that may surround an identity using the company's real-time database of sanctions, watchlists, PEPs, adverse media and more.
4. Devexperts
Devexperts, a software company developing trading platforms for retail and institutional brokers, has released DXtrade XT, a new trading platform for exchange-traded instruments. The offering delivers modern and uncluttered web and mobile platforms that are suitable for both professional and novice traders.
Acuity Trading launched a new Acuity Corporate Calendar, a new acquisition and engagement tool delivering unique, leading insights for brokers trying to attract the new generation of traders captivated by the high profile stock-based products.
6. Finalto
The leading global financial service provider Finalto has developed a new analytics platform designed to help its liquidity clients get best possible pricing. The analytics platform collects massive amounts of information, analyzes the data through its analytical engine, and stores the data in a secure and easy-to-access manner. The platform provides clients with insights based on the analysis of real-time aggregated liquidity data.
7. Revolut
The global financial super app Revolut announced its upcoming launch of its "responsible instalments payment product" - dubbed Pay Later - in Europe. Pay Later will be the first BNPL product in Ireland that uses an approved credit limit and with a consideration for affordability.
From the above, we could see that Nuvei, dxFeed, ComplyAdvantage and Acuity Trading have introduced new RegTech solutions to facilitate risk management, compliance and security, risk assessment, and onboarding new traders, respectively.
RegTech is more than a buzzword today, it represents a real movement that has a feasible and profound impact on regulatory compliance and the security of financial activities. Thanks to the fast-evolving digital technology, all financial market participants can benefit from greater ease, convenience and improved efficiency, and analyze markets more seamlessly to make informed decisions. Meanwhile, the rise in digital products has also led to increased data breaches, cyber hacks, money laundering, and other fraudulent activities, which, if not controlled or prevented timely, may cause damage to firms' reputation, and companies to be slapped with costly fines.
The global trend is heading towards regulation and compliance. Consumers are more inclined to trust brands that use cutting-edge technology and take a serious approach to manage compliance and risks, as their top concern lies in capital security all the time, especially against the current background of market volatility. Adopting appropriate RegTech tools therefore could offer financial organizations competitive efficiencies, insights and edge.
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