Global Regtech Sees $8.2b in 2022, to Reach $57.5b in 2032

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Global Regtech Sees $8.2b in 2022, to Reach $57.5b in 2032

<p class="MsoNormal">A new research report by Prophecy Market Insights (PMI) says the global regtech (regulatory technology) market generated US$8.2 billion last year. Growing at a
compound annual growth rate of 8.2%, the market is expected to reach US$57.5
billion in 2032. </p><p class="MsoNormal">PMI disclosed these figures in its RegTech Market, Trends, Analysis and
Forecast till 2032 report published on Thursday.</p><p class="MsoNormal">"Significant growth in the banking, financial services and insurance
industries, along with the growing trend of digitization across the globe, is
one of the major factors positively impacting the market," the research firm
explained in a press statement on the report released on Thursday. </p><p class="MsoNormal">It added that the increasing cases of fraudulent activities on the
internet results in data and financial loss which contribute to the growth of
the market. </p><p class="MsoNormal">"RegTech uses several cutting-edge technologies like artificial
intelligence, big data, cloud computing, machine learning, which ensure
companies are more effective in reaching regulatory compliance," PMI explained.</p><p>Watch this FMLS22 session on what to expectation in terms of regulation in 2023.</p><p class="MsoNormal text-align-justify">Regulatory Technology Deals in 2022</p><p class="MsoNormal">On Wednesday, Cube, a regulatory technology company specializing in regulatory
intelligence, announced that it has <a href="https://www.financemagnates.com/fintech/cube-extends-ai-regtech-capabilities-by-acquiring-the-hub/" target="_blank" rel="follow">acquired The Hub</a>, a provider of
artificial intelligence solutions for the regtech industry. While the deal,
whose terms was not disclosed, is likely the first regtech deal of 2023, the
industry recorded a number of collaborations in 2022.</p><p class="MsoNormal">In mid-December, London-based regtech firm TAINA <a href="https://www.financemagnates.com/fintech/regtech-firm-taina-gets-new-fund-from-hsbc-deutsche-bank-and-six/" target="_blank" rel="follow">secured an undisclosed sum</a> from its returning
investors to grow its platform "for an expanding range of regulations, geographies and market segments." The returning investors are HSBC Asset Management, Deutsche Bank CVC and Anthemis. On top of that, the
new funding round saw participation from SIX Fintech Ventures, the venture
capital arm of SIX. </p><p class="MsoNormal">Earlier in April, Fenergo, a regtech firm that focuses on know-your-customer and client lifecycle management processes, <a href="https://www.financemagnates.com/fintech/news/fenergo-acquires-regtech-firm-sentinels-for-an-undisclosed-sum/" target="_blank" rel="follow">acquired Sentinels</a>. In the following
month, a Dutch neobank Brand New Day <a href="https://www.financemagnates.com/fintech/news/dutch-neobank-integrates-sentinels-regtech-solution-for-aml-scaling/" target="_blank" rel="follow">engaged the services of Sentinels</a> to
boost its anti-money laundering controls. Additionally, in May 2022, another regtech firm b.fine
expanded its reporting coverage through its <a href="https://www.financemagnates.com/fintech/news/regtech-firm-bfine-taps-point-nine-for-enhancing-reporting-capabilities/" target="_blank" rel="follow">partnership with Point Nine</a>. </p><p class="MsoNormal">Last year, the industry recorded deals between low-code data
management provider <a href="https://www.financemagnates.com/cryptocurrency/coinregtech-gets-20-year-exclusive-access-to-broadpeaks-data-platform/" target="_blank" rel="follow">BroadPeak Partners and CoinRegTech</a> as well as between
Cyprus-based broker <a href="https://www.financemagnates.com/forex/brokers/sheer-markets-integrates-muinmos-regtech-solution/" target="_blank" rel="follow">Sheer Markets and Muinmos</a>, another regtech
firm.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.

Source: Global Regtech Sees $8.2b in 2022, to Reach $57.5b in 2032