7th annual RegTech100 launches revealing the tech companies transforming compliance

7th annual RegTech100 launches and shines light on the companies you need to know

Entering its seventh year, RegTech Analyst has unveiled its latest version of the RegTech100, offering a look at the key players making waves in the industry.

This year’s list highlights the most innovative and disruptive businesses in the regulatory technology space that are looking to help financial institutions manage the fast-paced changes brought on by ongoing regulatory updates and technological advances.

Despite high Inflation, private investment slowdown, and increasing levels of fines, the RegTech sector demonstrated powerful resilience and maintained its strong growth trajectory. In fact, Research by Fortune Business Insights found that the sector is anticipated to grow from $12.82bn in 2023 to $60.77bn by 2030, at a CAGR of 24.9% over the period.

With the market continuing to go from strength to strength, the selection process for this year’s RegTech100 was the most competitive yet, with a wide and diverse range of companies to choose from.

A panel of analysts and industry experts assessed a longlist of nearly 1,400 businesses, which was produced by RegTech Analyst. They sought to highlight the technological solutions every compliance, risk and innovation leader in financial services must know about in the year of 2024.

RegTech Analyst director of research Mariyan Dimitrov said, “With tougher economic climate and the continued rise of AI, financial institutions are re-examining the compliance software’s true cost, namely whether a given RegTech solution truly will free up compliance staff for higher-level tasks and whether the software can scale, adapt, and get implemented efficiently.

“This year’s RegTech100 list highlights the leading companies in areas such as information security, compliance, risk management and fraud prevention working on the forefront of innovation and new AI implementations who have demonstrated a strong track record delivering regulatory and operational improvements in financial services.”

A number of the companies featured in the new RegTech100 list have recently made the news.

One of them is Encompass Corporation. Encompass enables firms to improve customer experience, deliver revenue faster and demonstrate consistent compliance with real-time digital KYC profiles.

Earlier this year, the firm was celebrated for its achievements at the Sibos 2023 event. The Discover Perfect Pitch competition provides a platform for global FinTechs to demonstrate their offerings. Encompass, by winning this competition, especially in the category of ‘established trendsetter’, proved its significant impact and pioneering stance in the industry.

Texas-headquarter Red Oak Compliance claims it is the advertising compliance review software of choice in the financial services industry. The company previously linked with Synthesis to help a global asset manager implement a presentation management and compliance workflow solution.

LeapXpert is the responsible business communication pioneer that provides enterprises peace of mind through compliant and secure communication solutions. The company entered the market for funding earlier this year, raking in $22m in a Series A+ funding round.

Elsewhere, Know Your Customer is a SaaS ecosystem that streamlines KYB procedures, corporate onboarding, and periodic review procedures for businesses worldwide. The firm recently announced a strategic partnership with Joint Electronic Teller Services Limited (JETCO) to offer real-time access to official company registries for financial institutions in Hong Kong.

NICE Actimize is a leading global provider of financial crime, risk, and compliance solutions. Back in September, the firm partnered with GoTyme Bank to bolster the support infrastructure for GoTyme’s newly launched cloud-only bank.

Another company in the new list is Lithuania-based iDenfy, which has been busy making deals this year. The RegTech company, a leading all-in-one identity verification and fraud prevention platform, is helping businesses automate KYC/KYB/AML compliance.

Back in July, the business partnered with global cryptocurrency and digital payment service provider Mountain Wolf.

Other firms in the RegTech100 list are: Saifr, a business that uses advanced AI to simplify the complex regulatory landscape for compliance and marketing teams in the financial industry; ACTICO, a software provider for intelligent automation and digital decisioning to manage risk and prevent fraud;  Armadillo, a firm that offers perpetual KYC and due diligence on 500 million companies; CleverChain, a firm transforming data into actionable insights for seamless due diligence, risk assessment and ongoing monitoring Creditro, which offers an automated KYC & AML platform to secure compliance, ensure security and combat fraud amongst other things; and Smarsh, a provider of cloud-native digital communications capture, retention, and oversight solutions

Other notable names on this year’s list include; EverC, a firm that claims to offer the world’s first fully automated, AI-driven cross-channel risk management platform for the online seller ecosystem; leading AML sanctions screening platform Fincom; iON, which provides trading and workflow automation software; Kaizen: which offers regulatory reporting assurance, trade and communications surveillance, research management tools, shareholding disclosure and single rulebook; global provider of compliance solutions for FIs Vneuron; AML compliance services provider SmartSearch; RequirementONE, a firm that helps company action regulatory change, advanced facial recognition firm Regulo; training, competence and accountability firm Worksmart;  and S&P Global Market Intelligence Cappitech, a regulatory reporting, best execution analysis and business intelligence solutions provider

A full list of the RegTech100 for 2024 and detailed information about each company is available to download for free at www.RegTech100.com.

Keep up with all the latest FinTech news here.

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