Innovate Finance Launches RegTech UK to Boost Regulatory Technology Sector

Innovate Finance has announced a RegTech UK initiative that will promote the adoption of regulatory technologies, develop the regulatory environment, and ultimately enhance it for all RegTech UK companies.

Innovate Finance today announced further strengthening of the regulatory and policy environment for an increasingly growing RegTech sector in the UK with launch RegTech UK. RegTech UK, founded under the auspices of Innovate Finance, will act as a trade association for all levels of UK regulatory technology firms, being start-ups or household names, and will work closely on policy advocacy and growth strategies aimed at maximizing global competitiveness for the UK in terms of RegTech.

To further the adoption and implementation of regulatory technology in financial services and beyond, RegTech UK will work with regulators, policymakers, industry leaders, and government bodies to improve the regulatory environment for RegTech companies. Showcasing successful use cases will also promote further adoption of such technologies.

RegTech sector in the UK is at the cusp of high growth, primarily drawing under the burden of increased compliance-demand from other sectors. In fact, with regard to consumer protection, besides the technological advancement, and increased cost of compliance, the immediate need for compliance with effective RegTechs has now reached unprecedented heights.

Janine Hirt, Chief Executive of Innovate Finance, stated that quite simply RegTech in the UK is going to go a long way to securing future economic growth for the country, with an estimated $85.9 billion worth of the global industry by 2032. "For RegTech to continue holding its place in the UK's containment of future economic growth, the transforming regulatory environment must now include very strong support for firms that will scale within such internationally growing sectors," added Hirt.