A new trade association has been launched that is dedicated to regulatory tech firms.
According to fintech (financial technology) industry body, Innovate Finance, RegTech UK will improve the regulatory and policy landscape for the tech sector. The industry is predicted to become a core driver of future UK growth.
Looking at the new body in greater detail, RegTech UK is offering dedicated policy and growth engagement to boost British competitiveness in the regtech (regulatory technology) and compliance technologies sphere. Such regtech firms include everyone from start-ups to more seasoned players. The trade association is keen to help them access, adopt and implement regtech in areas of the financial services sector.
Against a backdrop of mounting concerns over issues such as consumer protection, tech advances, compliance costs and the need for greater global regulatory coordination, Innovate Finance has said this is why strong regtech solutions and compliance technologies are required.
CEO Janine Hirt has projected that the global RegTech market will grow to $85.9 billion by 2032, and for the UK, that therefore means a big opportunity to become a global leader for driving domestic economic growth. To achieve this, she said the regulatory environment needs to be best placed to provide support as they scale.
RegTech UK is looking to engage major stakeholders across the industry and in government to create a solid regulatory framework for regtech.
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