Innovate Finance, the industry body for UK fintech, has launched a new UK trade association dedicated to regulatory technology firms, RegTech UK, to improve the regulatory and policy environment for the sector that it says will become a core component of future growth in the UK.
Under the Innovate Finance umbrella, RegTech UK will offer regtech firms – from start-ups to established players – dedicated engagement on policy and growth to drive the competitiveness of the UK in regtech and compliance technologies. The trade association will also look to boost access, adoption and implementation of regtech in the financial services sector and beyond.
Innovate Finance says growing concerns around consumer protection, technological advancements, the increasing cost of compliance to firms, and greater international regulatory coordination mean that effective regtech solutions and compliance technologies are needed now more than ever.
“The global RegTech market is projected to grow to $85.9billion by 2032 and is a key opportunity for UK economic growth,” explained Janine Hirt, CEO of Innovate Finance. “The UK has the opportunity to cement its position as a global leader in regtech, in much the same way it has cemented its position as a global leader in fintech, but to do so, we must improve the regulatory environment for these firms and better support them as they scale.”
RegTech UK plans to engage key stakeholders across regulators, policy makers, industry, and Government to improve the regulatory environment for regtech, and will spotlight use cases to boost adoption of the technology in financial services and beyond. In addition, RegTech UK will support UK regtech firms in their scaling journey and will help showcase their business and services to investors and potential clients.
Innovate Finance has been a strong advocate for regtech companies in the UK, pushing the Government to include the sector as a core component of its Financial Services Competitiveness and Growth Strategy, and making the case for regtech as a driver of UK international competitiveness.