RegTech

In a world that is continuing to become more connected and less restricted by place, there are growing challenges surrounding the increasingly fluid nature of financial crime. Prior to 2020, financial crime in the digital world was already growing. However, with the onset of the pandemic, this practice was set to skyrocket.

Digital Reasoning, which enables clients to use data to detect potential threats, has closed a $40m Series D round.

It's hardly a secret that the coronavirus has wreaked havoc on how businesses are conducted. Fortunately, several RegTech businesses offer a huge range of services to help.

Soveren, which is trying to transform how companies handle privacy security, has collected $6.5m in its seed funding round.

myZoi has raised $14m and obtained two regulatory licenses from the Central Bank of the UAE, as it looks to bolster financial inclusion across the UAE.

Trusted Key Solutions, a Blockchain-based secure digital identity company, has raised a $3m seed round.

Online fraud management platform CashShield has secured a $5.5m Series A strategic investment led by GGV Capital.

The war in Ukraine has underscored how quickly sanction and PEPs lists can change. Since 2022, the US, UK, EU, Australia, Japan and Canada have imposed over 16,500 sanctions on Russia, according to the BBC. The current turbulent geopolitical scene means financial services firms need to be ready for regular, and often sudden, changes to PEPs and sanction lists. FinTech Global recently spoke to several industry players to ask whether financial institutions are keeping up with the modern sanction/PEPs landscape.

The European Central Bank (ECB) has released its intentions to form a crypto regulatory framework that aims to make how banks offer crypto assets more consistent.

Following the collapse of Wirecard in June, the German FinTech giant is now officially winding down its regulated services in the UK.