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RegTech is composed of the words “regulatory” and “technology”. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.
Introduction
Attitude of the country towards RegTech-services
Social and political climate is positive. Regulations are welcome and needed.
Legal affairs
Obligations and requirements to provide RegTech-services
Licensing requirements are minimal for a RegTech-service entity. RegTech-service entities must have a clear understanding of the government regulations they are advising their customers on.
Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area
N/A
Economic conditions
Market size for RegTech-services and biggest companies in this business area
RegTech market share is growing in Canada. There are no published reports we could locate that advise on revenues and market share. Many entities register with Canadian Regulatory Technology Association. Competitors are: MinervaAI; Katiupult Inc; Armadillo; FaceTec.
Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area
N/A