Regulatory Tech Triumphs at SIBOS 2023

The annual SIBOS conference, organized by SWIFT for the financial services industry, recently took place in Toronto. C-suite executives from major financial institutions and leading technology firms gathered to discuss the future of the industry.

Spotlight on Key Industry Lessons

RBC CEO, David McKay, opened the conference by discussing key industry lessons from the past year. The focus was on how to respond to growing complexity, cyber risks, AI, and quantum liquidity. McKay emphasized the importance of harnessing the power of transformational technologies to enhance client value. He also highlighted the challenges around Know Your Customer (KYC) processes and Anti-Money Laundering (AML) in the rapidly evolving regulatory landscape.

RegTech’s Rising Influence

Regulatory Technology (RegTech) firms had a significant presence at the conference. These technology firms showcased their innovative solutions, emphasizing the increasing need for RegTech in the financial services industry. The discussions covered a wide range of topics, including the role of technology, the potential for enhancing customer experience, and the speedy movement of money.

Victor Dodig, CIBC CEO, stressed the importance of big tech firms like Microsoft, Amazon, and Google in the ecosystem. He suggested these companies could help large financial institutions supplement their tech stacks with the latest innovations, further highlighting the significance of RegTech.

RegTech Takes the Prize

The influence and success of the RegTech industry were underscored when Encompass won the “Established Trendsetter” category at the SIBOS’ Discover Perfect Pitch competition. Encompass, a RegTech firm, was lauded for its dynamic KYC process automation platform, which helps banks meet regulatory requirements for AML/KYC.

RegTech’s role in the SIBOS community demonstrated the progress made in this sector and the potential yet to be realized. The conference concluded with the key takeaway that RegTech is an essential enabler and will continue to be a sustainable partner to banks worldwide.