companies – of which there are about 340 in operation today , according to Deloitte – provide solutions to a variety of problems . These can broadly be broken down into : regulatory reporting , risk management , identity management and control , compliance , and transaction monitoring . RegTech ’ s use of AI and ML means that companies using RegTech can increasingly automate processes like due diligence , data management and analysis . According to a recent report , 2018 was the largest ever year of investment in RegTech , with deals attracting $ 4.5bn globally and more than
doubling in value over the course of the year .
The RegTech space is – much like actual outer space – in a constant state of rapid expansion . New startups and larger scale enterprises are constantly entering the market as it approaches maturity . “ RegTech is no longer just for early adopters . We ’ re starting to see the actual , tangible benefit these technologies can provide ,” said Brian Clark , CEO of RegTech firm Ascent , earlier this year . Here , FinTech takes a look at one of the leading companies from each of the industry ’ s subcategories .
57 fintechmagazine . com