LONDON, November 1, 2017 /PRNewswire/ --
The global leadership status of the UK RegTech industry was underlined today by the inclusion of 26 UK-based companies on the RegTech 100 list of innovative companies that every financial institution should be aware of in 2018.
The RegTech (regulatory technology) sector is a rapidly growing segment of the FinTech space. It's occupied by leading-edge technology companies developing solutions for banks and financial institutions to help them deal with the increasing burden of regulation on their business activities.
The development of these solutions is expected to have a huge impact, valued at tens of billions of pounds, over the next few years. RegTech will enable financial institutions to generate major savings by increasing the efficiency of their compliance processes as well as to grow revenue by enhancing their service capabilities.
London has established itself as the world's leading city for RegTech innovation. The interaction between a well-developed tech sector, a supportive regulatory authority and active investors has facilitated the creation and growth of innovative companies that are incorporating the latest technologies, such as artificial intelligence and machine learning, into their products.
Amongst the UK's world-leading RegTech companies and products are the following:
- Capnovum: provides a holistic and predictive platform that enables businesses to identify their regulatory obligations.
- CheckRecipient: offers an email security platform which utilises machine learning and artificial intelligence to protect highly sensitive information.
- ComplyAdvantage: a next-generation AML screening and monitoring company which automates customer onboarding and detects suspicious behaviour using an extensive AI-driven risk database.
- CUBE: provides a global platform which leverages AI, NLP and machine learning capabilities to mitigate risk and automate regulatory compliance.
- Digital Control Room: an expert provider of comprehensive compliance tools to allow organisations to overcome major Global Data Protection Regulation (GDPR) challenges
- DueDil: a due diligence solution and database provider that offers complete and connected company information, delivered through a seamless online interface.
- Logical Construct: provides reporting and document management software to extract accurate, actionable data from contractual documents.
- Onfido: created a leading identity verification engine for enterprises, which simultaneously cuts costs, reduces risk and speeds up users onboarding.
- TAINA Technologies: offers a computer science-based solution to automate compliance with tax transparency regulations.
- VoxSmart: a global telecommunications software provider that helps financial institutions achieve regulatory and internal compliance by recording all mobile communications on any network, anywhere in the world
- Waymark Tech: an AI-powered collaborative compliance management platform which tracks and analyses regulatory change.
The RegTech 100 companies were chosen by a panel of industry experts who reviewed an analysis of 416 RegTech companies that was undertaken by FinTech Global, a data and research firm.
A full list of the RegTech 100 can be found at http://www.RegTech100.com. A detailed analysis of the global market is provided in the Global RegTech Review, produced by FinTech Global, which is available to a limited number of direct subscribers.
SOURCE FinTech Global