RegTech (Regulatory Technology), is generally considered to be the use of technology in financial regulation to optimize the regulatory framework, enhance regulatory tools and reduce regulatory costs. Compared to traditional means, RegTech constantly fulfills the regulatory and compliance requirements by using a more efficient and inexpensive cost. The Institute of International Finance (IIF) defines RegTech as “the use of technologies to solve regulatory and compliance requirements more effectively and efficiently”. In short, RegTech is “using technology to implement regulation”.