RegTechs join Accenture’s Fintech Innovation Lab London cohort

RegTechs, start-ups offering technology solutions for financial firms’ regulatory challenges, will join Accenture’s sixth FinTech Innovation Lab London in their own dedicated stream for the first time.

During the three-month fintech accelerator programme, which runs Jan. 2 – March 22, RegTechs and other fintech start-ups will be partnered with executives from banks and insurers to fine-tune and develop their technologies and business models.

Accenture launched the RegTech stream in response to an increased pool of start-ups offering solutions for compliance in a year in which the financial services industry faces unprecedented levels of regulation. Among the new regulations this year are the revised Payments Services Directive (PSD2), which requires banks to make customer data available to third parties, with the customer’s consent; the General Data Protection Regulation (GDPR); and the Markets in Financial Instruments Directive (MiFID II), which went into effect last week — all before structural banking reforms, with ringfencing, are implemented in January 2019.