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RegTechs: Key points in the digital economy

by Camerfirma

In today’s digital transformation environment, RegTech companies offer a combination of security and innovation that is essential: solutions to ensure compliance with current regulations using cutting-edge technologies that optimise business. Securing greater protection for both internal and customer information, avoiding cyberattacks and other types of dangers, such as data leaks, are just some of the advantages that companies like Camerfirma are contributing to the technological evolution of the business fabric.

In this sense, the virtual event, REGTECH CONFERENCE, held on 5 May, emphasised the different solutions and services that enable companies to efficiently comply with the regulatory parameters in different matters.

In her presentation “How to accelerate the digital transformation in companies”, Raquel García, Key Account Director at Camerfirma (the company sponsoring the event), highlighted how the implementation of technology applied to security can, in addition to promoting the entire digitalisation process, significantly improve the customer experience. “The electronic signature is one of the essential tools that help increase companies’ productivity, solving in minutes a process that could have taken weeks, while offering all the legal guarantees,” said Raquel García at the event.

In the Expert Panel “Fundamentals and regulatory challenges of new technologies”, different professionals with in-depth knowledge of the industry discussed the implications of regulatory compliance and the role of companies and organisations in promoting the Compliance sector. Alongside Raquel García, Ruth Pérez Acosta, Corporate Legal & Compliance Director at Solunion; Cristina Fabre Chicano, Director of Internal Audit, Compliance and Risks at CEPSA; Francisco Marina Moreno, Senior Consultant for legal communications and compliance at Customer Comms; and Mariana García Fernández de Mesa, General Counsel & Compliance Officer Iberia at ACCOR.

The second part of the meeting focused on explaining the role of compliance experts in this new environment, how regulatory entities and RegTechs can work together to accelerate digital transformation in Spain and how certain tools, such as the qualified document signature, are gaining ground with the support of international law.

RegTech companies and regulatory compliance: electronic signature and video identification

Technologies such as Big Data, Artificial Intelligence, Biometrics or Blockchain, among others, are enabling a safe and stable transition towards a digital economy. But they will have to strictly comply with the legal aspects. The same regulations that apply to the physical world must accommodate the digital world and, if we are truly heading towards a new economic model, technology must enable this qualitative leap without the processes losing efficiency or legality. RegTech solutions are an excellent tool to reduce costs and streamline processes through automations such as customer onboarding or certified document signature, while fine-tuning security systems and ensuring compliance with the law.

In this sense, the recent approval of Law 6/2020 and its developing regulations through Ministerial Order will be the next major step in Spain to be able to offer identification services that will be enormously useful to companies, especially in the previously mentioned case of customer onboarding. “This regulatory development opens the door to remote identification through video identification and will be key in the provision of trust services in our country,” concluded Raquel García during her presentation.

On its 20th anniversary, Camerfirma, the main Spanish certification authority, has consolidated its position as a RegTech company, developing new projects in various professional sectors, expanding its portfolio with tailor-made solutions for new profiles and focusing on comprehensive proposals for the successful digitalisation of businesses, which will undoubtedly be key to their survival in coming years.

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