RegTech advancements-a comprehensive review of its evolution, challenges, and implications for financial regulation and compliance

Purpose - This study aims to assess the current state and impact of the RegTech industry on financial regulation and compliance by providing a comprehensive overview of its evolution and identifying key challenges and opportunities. Design/methodology/approach - A hybrid review approach was employed, involving a detailed bibliometric analysis of 89 scholarly articles and a content analysis of 47 key studies, covering the period from 2010 to 2023. Findings - The research identifies critical trends and challenges within the RegTech industry, focusing on the roles of regulatory bodies and technological innovations. It explores four major themes: (1) RegTech applications in FinTech, financial services and banking regulations; (2) RegTech's role in compliance management and fraud prevention; (3) the impact of digital transformation, governance and regulations; and (4) the integration of Big Data, AI, ML and blockchain in regulatory systems. Practical implications - This study provides a comprehensive framework for understanding the complicated applications of RegTech, highlighting its potential to enhance compliance efficiency, mitigate risks and foster innovation within the financial sector. The insights provided are valuable for policymakers and financial institutions aiming to develop more robust regulatory frameworks and practices. Originality/value - This study uniquely integrates bibliometric and content analysis to provide an up-to-date and nuanced overview of RegTech, focusing on recent advancements in AI, ML and blockchain technologies. It not only maps current trends but also identifies research gaps and offers new directions for future research.