Shield Financial Compliance, Trusted Data Solutions Form International Partnership
- Written by TechXO Team
- Category: RegTech
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Shield, a specialist RegTech provider and Trusted Data Solutions (TDS), a leader in data management and transformation have just formed an international partnership, with the latter looking to contribute its expertise in RegTech technology.
Eran Noam, Vice President of Global Sales & Business Development at Shield FC said, “We are excited to be working with TDS. As a software vendor we want to concentrate on developing our technology platform, which is why we are partnering with companies like TDS to give us the local presence, the close touch to customers and the level of support that the enterprises and financial firms that invest in our solutions expect and need.”
Paul Willson, Head of Strategy & Partnerships at Trusted Data Solutions also stated, “The FinTech and RegTech product market is extremely busy, with lots of differing messages coming from lots of different vendors. We have been evaluating this market and our strategy is to partner solely with companies that we feel add value with clearly-defined USPs, are easy to deal with on a human level and have the same service standards as TDS. Shield share these key attributes and much more besides.”
Both companies reportedly anticipate that the partnership will continue to grow as the market matures more and more.
What is RegTech?
Regulatory Technology (RegTech) is a fusion of technology and regulation. It addresses regulatory challenges that businesses operating in finance encounter. RegTech is often composed of companies who utilize cloud computing technology to help businesses comply with regulations as efficiently and effectively as possible. The technology can be used for compliance data management, audit trail, fraud prevention, and customer data management.
Through RegTech firms, compliance with regulations is simplified. Methods that currently work with existing technology and help rejuvenate existing legacy systems have also been used by firms. RegTech, as an emerging sector, is flexible and responsive to changes in regulatory requirements and it is cost-effective and cost-friendly.
The rise in the use of RegTech came after the financial crisis that the world had to endure in 2008. Multiple governments all over the world implemented policies that were meant to prevent another crisis from happening. These regulations reshaped the landscape of the financial sector and because of these RegTechs became a profitable business.
Global Regulatory Technology Market to Reach USD7.2B by 2023
A report also forecasts the spending on global regulatory technology (RegTech) will reach up to USD7.2B by 2023, growing at a compound annual growth rate (CAGR) of 25.4% from the year 2018 to 2023.
Recently, a report suggests that the RegTech market, at the end of 2024, will reach USD4.06 billion from USD1.37 billion in 2019, with a growth of 24.2% CAGR in terms of revenue. The study was conducted by Garner Insights, a market intelligence and consulting firm.
About Shield Financial Compliance
Shield FC is a company that has developed a solution to support the increasing number of communication platforms used during the trade lifecycle. Shield FC helps deliver analysis and investigation reports, including record-keeping and GDPR enablement, compliance archiving and compliance investigation, among others. Shield FCC also enables firms to implement strategic approaches to data management and financial compliance, with a successful platform that can handle ever-changing eComms data demands.
About Trusted Data Solutions
Trusted Data Solutions, LLC is a global leader in providing backup tape restoration and data conversion services. Their main clients are corporations, government agencies, and law firms. Trusted Data Solutions was founded in 2010 and is currently based in New York, New York. Trusted Data Solutions, LLC also operates as a subsidiary of TDS Global Holdings, LLC.