CORPORATE FINANCE
“ Asian businesses are pushing hard to deploy technologies such as cloud , APIs , mobile apps , resiliency , and analytics to reap the rewards of digital transformation ”
SCOTT PATTERSON ENTERPRISE IRELAND ’ S APAC FINTECH AND FINANCIAL SERVICES LEAD
cost and increasing quality . This is important , particularly given that the regulatory change is rapid and the expectations of regulators is becoming increasingly stringent .”
Businesses are having to pay more attention to regtech due to increasing and ever-changing expectations from regulators , and also the concern around new and emerging risk and criminal threats .
“ Businesses also recognise the potential for these new financial technologies to help them to increase productivity , achieve cost efficiencies , and provide higher customer value ,” says Patterson . “ As such Asian
businesses are pushing hard to deploy technologies such as cloud , APIs , mobile apps , resiliency , and analytics to reap the rewards of digital transformation .”
Patterson adds that COVID-19 had resulted in largely positive consequences for the APAC regtech sector . This is despite severe disruptions in supply chains , manufacturing , and migrant movement which hindered economic output . Covid- 19 compelled financial services sector to see the value of digitalisation . Despite the pandemic-induced economic and social challenges , the fintech industry seems to be faring well and helping the financial industry and economies around the world get back on their feet .
However , the shift towards digitalisation also means that companies are exposed to cyber threats and financial crime .
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