Motorists stop at a junction as the Raffles Place financial business district is seen in Singapore. The city-state is leading the Asian regtech space and hosts numerous regtech players.
Photo: Roslan Rahman/AFP/Getty Images
Technology empowers people and businesses to stay constantly “switched on” in a rapidly changing environment, and we are increasingly reliant on it. Increased mobile use, the rise of social media, and growing digitization has led to an exponential increase in the amount of data available. Of the data currently available, more than 90 percent was created in the last five years alone. This has enabled big data analysis and the use of machine learning and artificial intelligence to generate insights that were not previously possible.
In addition, competition in the financial services industry has increased significantly with the rise of financial technology (fintech). Many new business models are emerging from both fintech and incumbent financial institutions to address changing customer preferences.
Meanwhile,…
