NGX Regulation Limited promoting regulatory technology in a digital age

Tinuade Awe, Chief Executive Officer, NGX Regulation Limited has said the company is deploying resources toward promoting Regulatory Technology (RegTech) in Nigeria’s capital market. This disclosure was made at the 26th Annual Chartered Institute of Stockbrokers’ conference which held on Thursday, 8 September 2022 in Benin City.

During her presentation on the panel session themed “Capital Market Regulation in the Digital Age”, the CEO revealed that NGX RegCo had launched five technology-driven innovations namely X-Issuer, X-Whistle, X-BOSS, MOS and the SMART Self-Assessment Form.

According to her, “The X-Issuer platform is a secured, electronic, real-time means of delivery of Issuer information to the market while the X-Whistle is a secure, online portal for reporting possible violations of market rules on an anonymous basis. X-BOSS, on one hand, automates the regulation of Trading License Holders and on the other hand the MOS initiative includes minimum technology requirements that Trading License Holders are expected to implement. Newest addition to the innovation is the SMART Self-Assessment Form that provides NGX RegCo with an opportunity to project a 360o view of their compliance status”, she explained.

Awe said the future of RegTech in the Nigerian Capital Market is dependent on cognitive systems and Artificial Intelligence, Data Analytics, Machine learning, Robotic Process Automation and Biometrics. “We would need to effectively manage regulatory compliance and cut compliance-related costs. Regulators and firms can build data repositories that could be a one-stop shop for information and lead to better decision-making.”