Financial & Regulatory Technology Firms (FinTech & RegTech)
A Guide on Legal Developments and Government Initiatives in Cyprus
Following the 2007-2009 global financial crisis, the financial services sector has been subjected to a process of intense regulatory overhauling, leading to many of the complex laws that are applicable today in relation to funds, banks, investment and insurance firms. In the context of this legal and regulatory reshaping, new entrants have made their appearance, including Financial Technology (FinTech) and Regulatory Technology (RegTech) firms. While such firms might take different structures, from rapidly growing start-ups to well-established technology firms, they are all collectively innovating the provision of financial services and creating a renewed push for competition, in markets which have traditionally been hard to penetrate. Further, they are promising more customer-friendly operations and providing greater control and options to their users, while leveraging technology to achieve better and faster execution of processes and procedures.