Financial Security Institute Revamps 'RegTech' Portal

[Asia Economy Reporter Kim Min-young] The Financial Security Institute announced on the 2nd that it has revamped the 'RegTech' portal site that supports financial companies' compliance with security-related regulations.

RegTech is a compound word of regulation and technology, referring to technologies designed to efficiently respond to various regulations and laws.

The Financial Security Institute has been operating the portal in earnest since January last year to help financial companies respond quickly and efficiently to increasingly complex financial regulations.

Through this portal revamp, a smart linkage function for laws and regulations has been newly established, an integrated RegTech dashboard is provided, compliance inspection and search functions have been enhanced, and the usage methods and targets for report reporting have been expanded.

The Institute explained that by allowing users to check scattered sub-regulatory contents related to security all at once, the efficiency of regulatory compliance tasks is expected to greatly improve.

According to the Institute, compared to the early days of the site operation, as of the end of last month, the number of institutions using the site increased by 134% from 179 to 418, and the number of users rose by 285% from 488 to 1,877.

Kim Young-gi, President of the Financial Security Institute, said, "We will continue to improve the portal to meet the growing demand for financial security RegTech in the financial sector."

This content was produced with the assistance of AI translation services.