KUALA LUMPUR, June 12 (Bernama) -- Juniper Research’s new study has found that spend on regulatory technology (regtech) by financial institutions and other industries will increase by 124 per cent between 2023 and 2028 globally, from US$83 billion in 2023. (US$1=RM4.61)
According to Juniper Research in a statement, regtech is a subset of fintech focusing on technology that can enable the delivery of regulatory requirements more efficiently and effectively than existing capabilities.
Increasingly complex regulatory requirements are driving corporates to adopt a range of new technologies to facilitate compliance. New approaches include the use of shared blockchain ledgers to improve anti-money laundering and fraud compliance at cryptocurrency exchanges.
Natural language processing is also being used to detect malicious actors in emails and phone calls; successfully identifying misconduct, conflicts of interest and financial crime.
As part of the study, Juniper Research released its latest Competitor Leaderboard for 2023 which ranked the top 23 regtech vendors, using criteria such as the level of innovation of their solutions, the number of industries they support and their future business prospects.
The top five vendors for 2023 are Encompass, Socure, Feedzai, Chainalysis and Fenergo.
The research found that the leading players offered streamlined identity verification automated by artificial intelligence (AI), and were able to successfully position themselves in many different industries, as regtech expands beyond just financial services.
In order to stay ahead of their competition, vendors must develop solutions that utilise AI and machine learning, which can automate processes such as identity verification.
The most successful vendors will leverage AI to reduce the manual requirements needed by compliance teams and allow them to focus on tasks that require human elements; lowering costs and increasing productivity significantly, at a time of strong cost pressures.
-- BERNAMA
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