Scottish RegTech company, AutoRek, a leading software provider to global financial services firms, announces it has been selected as one of the world’s most innovative RegTech companies as part of the annual RegTech100 list.
The RegTech industry has experienced rapid growth over the last two years as financial institutions dealt with rising tide of regulatory changes and rules updates brought about by remote working and increased use of digital channels post Covid-19. As a result, RegTech spending by banks and other highly regulated institutions is projected to exceed $130bn by 2025.
A panel of analysts and industry experts voted from a longlist of nearly 1,200 companies produced by RegTech Analyst, a specialist research firm. Sixty new companies entered the RegTech100 for 2022 and the finalists were recognised for their innovative use of technology to solve a significant industry problem, or to generate efficiency improvements across the compliance function.
AutoRek is a financial controls, regulatory reporting and data management platform which provides complete and seamless control of data. Despite all the ups and downs of the last 20-months, AutoRek continues to see a huge demand within the financial services sector for regulatory reporting solutions, with many firms currently implementing AutoRek to meet their reporting requirements.
Kemal Sangrar, Head of Product, AutoRek, said “We are delighted to be listed in the RegTech100 for the fourth consecutive year. This award is recognition of our commitment in delivering regulatory reporting solutions to the financial services industry and testimony to innovative strategy underpinning our product. We have had a great year with the launch of AutoRek 6, with many clients looking to upgrade in the coming months.”
Mariyan Dimitrov, Director of Research, RegTech Analyst, added, “Banks and other financial institutions are investing heavily into AI capabilities to automate highly manual regulatory tasks, support digital onboarding processes and monitor for fraudulent activity. The RegTech100 list helps them filter through all the vendors in the market by highlighting the leading companies in sectors such as identity verification, risk management, communications monitoring, information security and financial crime prevention.”
A full list of the RegTech 100 is available at www.RegTech100.com.
The RegTech Analyst platform is a special version of FinTech Global, provider of comprehensive data, valuable insights and analytical tools for the global FinTech industry.