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Let’s start with RegTech definition. This acronym stands for regulatory technology and implies technological solutions that intended to cover challenges related to regulations and compliance in different fields. In other words, RegTech companies collaborate with various institutions, as well as regulatory bodies. Let’s take bank as an example. This financial institution deals with the enormous amount of data that can be processed and used in its favor. At the same time, it’s quite clear that banks have lots of challenges connected with regulations. Let’s say it was decided to hire one of RegTech firms specializing in data analysis to help this bank in reducing the number of regulatory failures.