Financial technology startups have begun to shake off the term ‘fintech’ and are rebranding themselves as ‘regulatory technology’ - or ‘regtech’ - firms, in a bid to convince banks that their products and services are indispensable.

Jane Jee, the chief executive officer of Kompli Global, a startup that provides a search engine for vetting high-risk clients, said: “The regtech label gets you further now than fintech because you [can] point to legislation that you are solving. Fintech is often a solution looking for a problem.”