CONCLUSION

This report has highlighted potential RegTech and SupTech use cases across key thematic areas from a financial inclusion perspective, and herewith some key takeaways:

1

REGTECH AND SUPTECH SOLUTIONS COULD PROMOTE FINANCIAL INCLUSION

through improved monitoring, ease of access (especially in rural communities), lower costs involved, and better targeting of the unbanked population using appropriate technologies per use case, e.g. GIS dataset for DFS access points.

2

Some of the MOST COMMONLY USED TECHNOLOGIES IN REGTECH SOLUTIONS

include AI, ML, data warehousing, NLP, DLT, API, GIS, and shared utilities.

3

WHILE MANY REGULATORS IN EMERGING ECONOMIES HAVE ADOPTED REGTECH SOLUTIONS, THESE ARE STILL IN THEIR NASCENT STAGE.

Uptake of such solutions are limited by the lack of technological and digital infrastructure, and legal restrictions on technologies with limited reliable use cases of RegTech solutions. For RegTech adoption to be successful, there are a number of important prerequisites that regulators will have to ensure, including collaboration among different stakeholders in the RegTech landscape.

4

REGULATORS ADOPTING THE FIVESTEP FRAMEWORK PUT FORWARD IN THIS REPORT WILL BE WELL PLACED TO IMPLEMENT A SUCCESSFUL REGTECH AND SUPTECH INTERVENTION.

The roadmap includes a coherent process — from analyzing the local context, to assessing internal and external capabilities, design, and implementation. While the steps in the process may be relevant to emerging economies, they must be tailored to the local context.

Overall, RegTech and SupTech adoption to accelerate financial inclusion is only expected to quicken in the coming years. It will be of great importance for emerging economies to keep pace with the evolving technology and develop relevant skills to reap the maximum benefits from expedited financial inclusion.