A group of high-profile regtech entrepreneurs have set up a trade body that will set standards on how the sector should behave, in a bid to ease the fears of risk-averse bankers and to head off calls for regulatory scrutiny.

The International RegTech Association, which officially launched on June 18, was founded by a number of well-known fintech entrepreneurs including Jane Walshe, CEO and founder of regtech Enforcd; Diana Parades, CEO and founder of Suade Labs; and Michael Meyer, CEO and co-founder of the RegTech Lab. The group is chaired by Subas Roy, the ex-global head of RegTech at EY.