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RegTech Market Size Worth $42.73 Billion, Globally, by 2031 – Exclusive Report by The Insight Partners

Published

1 month ago

October 22, 2024

The RegTech Market size was valued at US$ 7.55 billion in 2023 and is expected to reach US$ 42.73 billion by 2031 to record a CAGR of 24.2% from 2023 to 2031.

NEW YORK, Oct. 22, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, the global RegTech market is observing significant growth. RegTech solutions offer a wide range of functionalities, including risk assessment, monitoring, reporting, and documentation. These technologies enable businesses to automate compliance processes, identify potential risks, and ensure that necessary controls are in place to mitigate those risks. By employing data analytics, RegTech platforms can analyze vast data volumes and provide real-time insights, allowing businesses to stay updated regarding changes in the regulatory landscape and make informed decisions. Thus, the RegTech market is expected to grow during the forecast period.

Global RegTech Market experiences growth due to digitization of business operations. Browse Detailed Insights: https://www.theinsightpartners.com/reports/regtech-market

The report runs an in-depth analysis of market trends, key players, and future opportunities. An increasing occurrence of fraudulent activities such as money laundering and phishing propels the revenue growth of the global RegTech market.

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Overview of Report Findings:

Market Growth: The global RegTech market size was valued at US$ 7.55 billion in 2023 and is projected to reach US$ 42.73 billion by 2030; it is expected to register a CAGR of 24.2% during 2023-2031.
Consequences of Fraudulent Activities in Financial Operations: RegTech tools can identify suspicious transactions, detect patterns of fraudulent behavior, and provide timely alerts to financial institutions. RegTech tools, such as advanced transaction monitoring systems, help financial institutions identify money laundering attempts by analyzing transaction data and detecting irregularities or patterns that may indicate fraudulent behavior. Further, the integration of technologies such as machine learning and artificial intelligence enables RegTech solutions to process large volumes of data and identify suspicious activities in real-time.
Digitization of Business Operations: Efficient and automated regulatory compliance solutions are becoming crucial for businesses with the increasing reliance on digital platforms and processes. RegTech solutions help them streamline compliance processes and ensure adherence to regulatory requirements. According to The Insight Partner’s analysis, more than 90% of organizations are engaged in making efforts to embrace digitalization; 85% of executives in top companies’ state that digitization is a key priority of their businesses. Additionally, more than 88% of all businesses have plans to implement a digital-first company strategy. RegTech solutions enable businesses to reduce manual efforts and minimize human errors.
Moreover, the adoption of RegTech solutions provides improved traceability and improves auditing of compliance activities. Their robust documentation and reporting capabilities make it easier for businesses to demonstrate compliance with regulatory authorities. Thus, the ongoing digitization of business operations propels the growth of the global RegTech market.

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Low Entry Barriers for SaaS-based Solutions: RegTech firms employ cloud technology and software-as-a-service (SaaS) capability to assist businesses in complying with laws more efficiently and affordably. RegTech solutions enable businesses to maintain a more consistent approach to data quality from the onboarding stage through continuous customer monitoring. Streamlining know-your-customer (KYC) checks and eliminating the manual processes of customer record verification can help improve compliance with anti-money laundering rules. The popularity of the SaaS model in RegTech and other industries can be attributed to its accessibility and low human intervention needs. These technologies offer new opportunities for RegTech companies to develop advanced solutions that address evolving regulatory challenges. Thus, the low entry barriers for SaaS-based RegTech solutions offer potential opportunities for the growth of the market.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Asia Pacific and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period.

Market Segmentation:

Based on the component, the market is segmented into solutions and services. The solutions segment held the largest RegTech market share in 2023.
Based on deployment, the market is segmented into on-premise and cloud. The cloud segment held the largest RegTech market share in 2023.
Based on enterprise size, the market is segmented into SMEs and large enterprises. The large enterprises segment held the largest share in the RegTech market in 2023.

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Based on application, the market is segmented into risk and compliance management, AML and fraud management, and identity management. The risk and compliance management segment held the largest RegTech market share in 2023.
Based on industry verticals, the market is segmented into banks, insurance, and others. The banks segment held the largest RegTech market share in 2023.
The global RegTech market is segmented into five major regions: North America, Europe, APAC, the Middle East and Africa, and South and Central America.

Competitive Strategy and Development:

Key Players: A few major companies operating in the global RegTech market growth include IBM Corporation; Deloitte; Thomson Reuters Corporation; PWC; Broadridge Financial Solutions, Inc.; MetricStream Inc.; Jumio; ACTICO GmbH; Acuity Group Limited; and Ascent Technologies.
Trending Topics: Fintech and AI Powered System.

Global Headlines on RegTech:

“Ascent Technologies, a leading provider of AI-enabled compliance automation solutions for financial services companies, announced it had acquired Waymark, a UK-based provider of horizon scanning and compliance management workflow solutions.”
“Deloitte introduced KYX (combining Know Your Client with Know Your Cargo) by Deloitte, powered by Nexxiot. Deloitte, known for its comprehensive range of services, including audit, consulting, financial advisory, risk management, tax, and legal services, is joining forces with Nexxiot, known for its expertise in digitizing supply chain assets, such as shipping containers and railcars.”

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“MetricStream, the global market leader in integrated risk management (IRM) and governance, risk, and compliance (GRC), announced its partnership with Kinetix, a financial technology company specializing in AI-powered technology solutions for banking and capital markets. This new partnership will provide compliance teams with automated, AI-powered identification, extraction, and review of regulatory obligations that specifically apply to their organizations.”
“Broadridge Financial Solutions integrated FundApps’ regulatory compliance technology with its buy-side portfolio and order management solution to enhance the platform with automated compliance monitoring and reporting tools.”
“EquiLend, a global securities finance technology firm, and Broadridge Financial Solutions, Inc., a leading global Fintech company, announced a collaboration to enable straight-through processing (STP) for equity securities finance transactions to the National Securities Clearance Corporation’s (NSCC) central counterparty (CCP). This partnership will leverage EquiLend’s liquidity sourcing options and integrate them with Broadridge’s buy-side portfolio and order management solution. The integration will allow clients to trade and automatically submit transactions through Broadridge’s SFT Submission Service, providing a seamless process without significant operational changes. This collaboration aims to provide clients with the benefits of central clearing, including capital cost reduction and risk mitigation, while simplifying their compliance with regulatory requirements.”
“PWC Aarata LLC introduced a compliance advisory service utilizing RegTech in collaboration with CUBE, a RegTech firm. This partnership marks the third collaboration between CUBE and the broader PwC global network, having previously worked with PwC UK and PwC Switzerland. The joint effort of PwC Aarata and CUBE aims to introduce a service called Know Your Regulations (KYR) in Japan. This service enables clients to accurately determine the regulations applicable to their businesses across various countries and regions, facilitating a more efficient and thorough understanding of their compliance status.”

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The Europe RegTech market is segmented into the UK, Germany, France, Italy, Russia, and the Rest of Europe. The UK held a significant RegTech market share in Europe. The adoption of technology in regulatory and compliance efforts in the UK has led to the emergence of new risks, such as cyber threats, fraud, and financial crimes. Presently, there are 25–30% of UK firms which have shown their preparedness to establish processes that align with regulatory guidelines. As a result, RegTech companies are actively exploring creative approaches to implement these systems more effectively and efficiently. Furthermore, in September 2017, the Financial Conduct Authority (FCA) partnered with R3, RBS, and other major banks to develop a prototype application using distributed ledger technology (blockchain) for regulatory reporting of mortgage transactions. This innovative prototype enables the automatic generation of receipts upon mortgage bookings, streamlining the regulatory reporting process.

The UK stands out among nations for its comprehensive set of regulatory reforms, including the Markets in Financial Instruments Directive (MiFID), European Market Infrastructure Regulation (EMIR), BASEL III, and Payment Service Directive (PSD). These regulations have been implemented to enhance liquidity and transparency within the financial system. Considering the uncertainties surrounding Brexit, RegTech companies must adapt their solutions accordingly when implementing RegTech solutions for major financial services firms. This flexibility ensures that the potential impacts and variations resulting from Brexit are effectively addressed and incorporated.

Blockchain technology has gained massive traction in the financial industry due to its potential to reduce the time taken for interbank transactions and improve operational efficiency. Many financial firms view blockchain as a mechanism to make transactions faster, minimize error rates, and eliminate the need for reconciliation. Blockchain technology is particularly well-suited is the payments space. By leveraging blockchain, financial institutions can bring down multiday settlement cycles to real-time, enhancing transaction operations. This has the potential to improve companies’ capabilities for Anti-Money Laundering (AML), Know Your Customer (KYC), and regulatory compliance data.

The huge adoption of blockchain technology results in faster transactions and settlements, benefiting both financial institutions and their customers. By eliminating the need for intermediaries, such as clearinghouses and custodians, blockchain can streamline the process and reduce costs. This can help banks avoid labor-intensive procedures with their customers and currency exchanges. In addition to speed and efficiency, blockchain technology offers enhanced security and transparency. Transactions recorded on the blockchain network are approved by multiple computers and devices, reducing the potential for human error and ensuring accurate records. The decentralized and immutable nature of blockchain makes it tamper-proof, providing a secure platform for financial transactions. Hence, all the associated benefits are anticipated to offer lucrative opportunities for market growth.

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Conclusion:

AI and ML are robust technologies that are deemed necessary for the automation of business operations. These technologies are also capable of spotting industry trends and providing quick and accurate insights. AI-based systems have the potential to analyze massive amounts of data to detect trends and abnormalities, enabling regulated companies to prevent fraud. To remain relevant in an ever-changing environment, firms should constantly develop their rule-based parameters. AI-powered RegTech solutions may help regulated organizations efficiently acquire, process, and analyze data for regulatory reporting as financial transactions expand.

Further, Blockchain is a decentralized, distributed digital ledger that records transactions safely and transparently. Its appeal in the RegTech business stems from its capacity to confer transparency, immutability, and record security. Creating a tamper-proof audit trail for regulatory reporting involves accurate and verifiable information. Blockchain is spread throughout a network of systems, with each machine keeping a copy of the ledger. Blockchain technology eliminates the need for central control, allowing the authentication and recording of transactions without the involvement of a trusted third party, thereby supporting the decentralization, security, and transparency features of RegTech solutions. Thus, the expansion of AI, machine learning, and Blockchain applications is emerging as a significant global RegTech market trend.

The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Ankit Mathur
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Phone: +1-646-491-9876
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China’s AIMA brand electric motorbike is now in Bangladesh

Published

7 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.

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China Telecom Gulf Officially Launches in Saudi Arabia for Business

Published

8 hours ago

November 23, 2024

CISION (PR Newswire)

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HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company (STC), Bank of China, Huawei, and others attended to witness this momentous occasion.

In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.

Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.

China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.

During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.

The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.

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Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

Published

23 hours ago

November 23, 2024

CISION (PR Newswire)

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SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

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