GRC Viewpoint

Top 10 Regtech Solution Providers 2022

Regtech Industry Gaining Increased Significance

Statistics are interesting for the global regtech industry. The global regtech market is predicted to increase at a compound annual growth rate of 25.1% from $7.9 billion in 2021 to $9.88 billion in 2022. Regtech is inevitable for compliance and risk management, regulatory reporting, AML, identity management, and similar tasks. Financial institutions require a more effective RegTech framework to aid risk and compliance teams in efficiently handling the ever-increasing regulatory compliance. The Regtech sector is expected to develop quickly by 2022. As regulation in payments, gambling, crypto, etc. becomes more stringent, it is no surprise that there is a surge in interest in services that can satisfy the need to verify customers’ identities The regtech industry is no exception to technological incorporation.

Latest technologies such as AI, blockchain, or ML are driving the latest trends in the regtech sector. Also, an important aspect to be discussed here is the prevalent lack of awareness of what Regtech actually is. However, the trend is growing weak. The regtech industry has evolved beyond expectations in the last few years. The year 2022 is a significant one among them. We have witnessed market consolidation in six months with several mergers, partnerships, and takeovers.

The RegTech industry is anticipated to develop at a Compound Annual Growth Rate (CAGR) of 20.3%, from $6.3 billion in 2020 to $16 billion in 2025. The industry tends to drive increased compliance expenses, lowered entry barriers with SaaS-based products, and a growing need for speedier transactions and regulatory strategies. Regtech solutions have gained more prominence than ever. Here is a comprehensive list of regtech providers that makes choosing the right solutions easier.

For cryptocurrency companies, financial institutions, and regulators, blockchain analytics, training, and certification programs are extended by Elliptic. The firm enables control of the risk of financial crime, achieves regulatory compliance, and expands with assurance.

Red Oak solution is an extensive collection of SEC 17A-4 compliance features designed to satisfy the changing requirements of financial organizations of all sizes.

Customer Onboarding and Screening, Corporate Onboarding and Screening, Transaction Monitoring, Fraud Detection, Adverse Media Screening, and Sanctions Screening are some of the areas of focus for the firm. The firm is based in New York, NY.

RegScale, handles the compliance program comprehensively at scale, including manual and automated examinations.

An automated loan analytics system is provided by US-based firm Prometic. For regulatory compliance, the startup’s Lending Strategy System cleans and categorizes structured and unstructured data using artificial intelligence.

A Singaporean business, Regtank Technology, offers a regulatory compliance solution. Due to the possibility of illicit activity in the cryptocurrency market, many businesses are still reluctant to accept or pay suppliers in cryptocurrencies.

HelloFlow is a Danish startup that creates a no-code digital onboarding platform for several companies, including FinTechs, legal firms, and online marketplaces.

ClauseMatch offers end-to-end document discovery, writing, governance, analytics, and search platforms for banks and enterprises.

PeerNova extends compliance solutions for the financial sector. PeerNova began in 2013 and is headquartered in San Jose, CA.

Denver, CO-based CyberGRX extends innovative risk management solutions. The firm comprises Specialists in security and risk who are working together to address the issues with third-party cyber risk management.