INDUSTRY OUTLOOK
• Not having a centralised system to manage payments , especially within the financial sector , causes instability and exposes organisations to a lack of cybersecurity and a greater threat of financial crime .
• The lack of education around regulation makes it difficult for decision-makers to understand the risk involved in non-compliance , money laundering and other financial crime implications . Bringing onboard a regulator to map out a RegTech strategy can provide you with an analysis addressing the risk factor . Remember having an online digital payment system exposes you to greater risk so you need to understand this risk to mitigate it .
Benefits of using Synthesis
At Synthesis , our culture focuses on putting people first by getting our team excited about challenges and the problemsolving process . We use innovative strategies to join the dots between data , regulation and technology . Our team continues to expand by grooming young individuals passionate about data compliance and coding . We use a multidisciplinary approach to ensure that our clients remain compliant from a regulatory reporting point of view .
Synthesis has a proven track record across the full software development stack to provide our clients with the following benefits :
• Guaranteed technical superiority and value during each regulatory reporting season to bring together people , processes , and tools .
• Access to functionality and features that are specialised to regulatory reporting where the cost of development is amortised across the market . This gives each user the benefit of the features without any single client paying the full cost of developing that feature themselves .
The future of RegTech
The RegTech sector is still in the early adoption stage in South Africa . Data and skills sharing are what is needed to take things to the next level . Through data
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