India's Evolving Regulatory Landscape and RegTech Solutions
RegTech helps businesses manage the regulatory complexity of the market in India, like that related to data privacy; digital lending; and, especially, AML compliance.
Like India's digital landscape, regulators have been busy crafting regulation for transparency and accountability, intending to ensure consumer protection. Increasingly, it concerns data privacy, digital lending, and anti-money laundering (AML), and almost all businesses-including small and medium enterprises (SMEs)-must now read between the lines of complex regulations.
Jaya Vaidhyanathan, CEO, BCT Digital, expounds on much of the existing regulatory technology solution addressing the woes of startups and small businesses by stating that "RegTech are critical in streamlining compliance processes and minimizing operational risks." This also goes well with the increasing complexity of regulations such as India's Digital Personal Data Protection Act (DPDPA), which, however, requires businesses to only stay somewhat compliant and not draw much resource cash on them.
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