RegTech governance in the financial services authority: A systematic literature review

Regulatory Technology (RegTech) plays a crucial role in enhancing the regulatory and compliance efficiency of the Financial Services Authority (FSA). This study conducts a systematic literature review (SLR) to analyze and synthesize the governance of RegTech by the FSA, focusing on works published between 2020 and 2024. The review identified that RegTech significantly improves compliance with existing regulations by automating data collection and analysis, thereby minimizing human error and providing accurate, up-to-date information to financial authorities. Furthermore, RegTech has been instrumental in streamlining compliance and reporting processes, boosting overall industry performance. The study also highlights the critical role of RegTech in facilitating compliance with anti-money laundering regulations through advanced consumer identity verification mechanisms. This research contributes to the existing literature by providing insights into the challenges and opportunities associated with RegTech’s implementation, offering valuable implications for the future of financial regulation and governance.