Regtech is on the rise, and now six Irish companies have done enough to make the list of the top 100 in the world.
Fintech is often categorised as one single, enormous entity, but it contains numerous subsections that could be standalone successes in their own right.
One such subsection is regulation tech (regtech), which will be the key to facilitating the delivery of regulatory requirements such as the forthcoming markets in financial instruments directive (MiFID II), which comes into place in 2018.
Taking just a few examples, regtech determines how orders and prices are presented as well as the creation of APIs and gateways that will be pivotal to enabling legacy systems to talk to each other.
Now, six Irish firms working within the space have been highlighted as some of the best in the business, having made the global RegTech 100 list compiled by data research firm FinTech Global.
According to the group, almost €100m has been invested in 20 regtech companies since 2012.
So, who are the six firms?
AQMetrics: Provides start-ups, banks, insurance companies, SMEs and financial institutions with a platform to combat risk management and regulatory compliance processes. The start-up’s founder and CEO, Geraldine Gibson, spoke in April about why she decided to work in regtech.
BlxLaw: Through its virtual regulatory advisor RegBot, BlxLaw supports banks and financial entities with their compliance issues. The system can be integrated into business workflows to create automated, real-time determinations and detailed explanations on compliance issues.
Corlytics: Helps to reduce regulatory risk for financial institutions through the information mining of enforcement notices from all regulators. The company’s CEO John Byrne spoke in April about its plans for the future.
Fenergo: Offers solutions for client life-cycle management, anti-money laundering, regulatory compliance and client data management. It announced the creation of 200 jobs in March of this year, doubling its workforce.
Gecko Governance: Offers a blockchain solution for fund managers and banks to manage regulation and compliance requirements. The start-up was last year featured as a Siliconrepublic.com Start-up of the Week and recently made a move into the US.
Know Your Customer: The Dublin based start-up provides an anti-money laundering solution for rapid ID verification of both individual and corporate clients.