"Regtech" is the use of new technologies to solve regulatory and compliance requirements more effectively and efficiently. In the report "Regtech in financial services: Technology solutions for compliance and reporting," the IIF identifies those areas in compliance and reporting where regtech can have the largest benefits, such as risk data aggregation, modeling and real-time transactions monitoring. We discuss which new technologies, such as machine learning, artificial intelligence, and cell-level security, are particularly promising in tackling compliance challenges. Lastly, we identify barriers to the adoption and development of regtech and suggest a role for the financial services industry, regtech ventures and regulators around the world to promote the use of regtech.