Innovate Finance, the industry body for UK based Fintech firms, has recently announced the launch of RegTech UK with the aim of improving the regulatory and policy environment for a sector that will be a core component of future growth in the UK.
Under the Innovate Finance umbrella, RegTech UK is the trade association for UK regulatory technology firms, and will offer RegTech firms – from startups to established players – dedicated “engagement on policy and growth to drive the competitiveness of the UK in RegTech and compliance technologies.”
It will also focus on “boosting access, adoption and implementation of RegTech in the financial services sector and more widely.”
RegTech UK will 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 an 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.”
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 – not just within financial services, but across different sectors of the economy.”
Janine Hirt, CEO of Innovate Finance, said:
“The global RegTech market is projected to grow to $85.9 billion by 2032, and is a key opportunity for UK economic growth. 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. Under the Innovate Finance umbrella, RegTech UK will provide dedicated support for RegTech firms to help drive adoption and awareness, increase partnerships and investment, and establish a clear regulatory environment.”
As noted in the update, Innovate Finance is the independent industry body that “represents and advances the global FinTech community in the UK.”
Its mission is to accelerate the UK’s role in the financial services sector by directly “supporting the next generation of technology-led innovators.”
Innovate Finance’s membership ranges from “seed stage startups and global financial institutions to investors, professional services firms, and global FinTech hubs.”
All benefit from Innovate Finance’s unique position “as the single point of access to promote enabling policy and regulation, talent and skills, business opportunity and growth, and investment capital.”
By bringing together and connecting forward-thinking participants in financial services, Innovate Finance is helping create “a global financial services sector that is more transparent, more sustainable and more inclusive.”