So, RegTech is one of those revolutions that seem underway. It may be traditionally defined as companies using innovative tech solutions to manage compliance. At the same time, there's been a bit of a shift where policymakers and regulators are looking at the same tech solutions to craft compliance and try to stay updated in a world that refuses to sit still.
Since late 2022, we seem to be in the golden age of AI and some may see AI having some applications in RegTech. After all, RegTech is a blend of regulation and technology.
According to Archana Balasubramanian, Partner - Agama Law Associates, "RegTech is a tool used by companies, particularly in FinTech, to assist in compliance, risk assessment, risk mitigation, reducing penalties, data management, internal policy-making and so on. RegTech is largely AI or ML-based and requires vast amounts of input, some through the system or, in some cases, manually, which helps throw up relevant data points to enhance all of the benefits..."
So, RegTech may be AI-based. But, could it go the other way as well? Could RegTech be used to craft AI policy in India? Not just for use by governments, but by companies as well.
