GVG’s innovation earns it an entry on the RegTech100 List 2023
GVG now features on the prestigious RegTech100 list. 2022 has been a year rich in achievements and recognitions for our company. In addition to Central Banking’s Fintech & Regtech Global Awards 2022 and Digital Banker Africa’s Most Innovative RegTech Solution Provider award, we were added to the RegTech100 list 2023. As its name indicates, the RegTech100 list gathers the world’s top 100 most innovative RegTech companies that support financial institutions in meeting current compliance and risk management challenges.
Who can get on the RegTech100 list?
Yesterday, a press release officially disclosed the 100 RegTech companies that will feature on the 2023 RegTech100 list. We are proud to say that GVG is among these high performers! The aim of the RegTech100 list is to provide financial institutions and advisory firms with the names of RegTech companies that transform the regulatory technology sector through innovative solutions.
The RegTech100 list has been in existence for six years. It is populated by FinTech Global, the world’s leading provider of FinTech information services, B2B media products, and industry events, and RegTech Analyst, a special version of FinTech Global that focuses on RegTech, risk management tech, and cybersecurity. Since its inception, it has helped generate awareness, among financial institutions, of the most innovative and effective RegTech providers on the market.
The selection process starts with analyzing the RegTech ecosystem, before shortlisting the candidates that meet the criteria. The outstanding companies are then identified, following in-depth interviews with their leaders. In 2023, the process included close to 1,300 diverse companies. The criteria for companies to get on the list include technological innovation, benefits for the industry, capital and revenue growth, positive impact on the value chain, and relevance to financial institutions.
The rationale behind the RegTech100 list
Being aware of the most innovative providers of RegTech solutions out there is important for financial institutions wishing to leverage digital transformation to comply with their industry’s regulatory requirements. Indeed, RegTech is now a must-have when it comes to ensuring regulatory compliance.
RegTech helps streamline regulatory processes mainly within the financial industry, but also in other key economic sectors, such as the telecoms. RegTech makes it easier and more affordable for businesses to comply with regulatory requirements. Its main functions include regulatory monitoring and compliance, reporting, and fraud management, and are performed through technologies like machine learning, blockchain, and Big Data. For instance, GVG has developed RegTech solutions that support the regulators of the digital financial services and telecoms sectors through Big Data analysis.
The global RegTech market size has grown exponentially over the pandemic years, due to the significant increase in the use of digital financial services during that time. Now that we have transitioned to the “new normal”, RegTech has retained its popularity and forecasts indicate that the market will keep on growing, at a CAGR of 19.8% by 2027.
According to Mariyan Dimitrov, Director of research for RegTech Analyst, it is in financial institutions’ interest to invest in compliance and regulatory technology to streamline their operations. Financial institutions, therefore, need to know which RegTech companies may make valuable partners in the development of their RegTech and digital transformation strategies. That is the RegTech100 list’s reason for being.
GVG, a company at the forefront of the regtech ecosystem
It is a great satisfaction for us at GVG to have been included on the RegTech100 list. We owe this recognition to our broad portfolio of data-driven RegTech platforms intended for governments, regulatory authorities, and central banks. We have been working with government institutions and regulatory authorities exclusively for over two decades. That is because we believe that, by implementing the necessary regulatory frameworks, the latter plays an essential role in ensuring the performance and security of the digital ecosystem. By doing so, they foster the healthy development of the digital economy as a whole, which in turn leads to financial and digital inclusion.
Our data-driven technology addresses the urgent need for reliable data from key regulated economic sectors, such as telecommunications and digital financial services, to promote good governance. The regulatory bodies of emerging countries often do not have access to effective measurement tools. They, therefore, face challenges when it comes to gathering the data they need to fulfill their remits, which include the monitoring of transactions within the sector they are tasked with regulating. Our platforms bridge that gap, by providing them with data directly from the source sector.
Responding to the announcement that GVG was selected to feature on the RegTech100 list, our CEO, James Claude, stated: “It is the third time in two consecutive years that GVG’s technological innovation is publicly acknowledged in the RegTech arena. These recognitions show that the need for enhanced regulation through RegTech is real and that we, as a company, are providing the right technology to help leverage and protect key sectors of the economy. I would like to thank FinTech Global and RegTech Analyst, not only for adding us to the prestigious RegTech100 list but also for the valuable work they do in creating awareness around the excellent RegTech providers and solutions that are available on the market.”
Digital transformation is creating profound changes in the way financial services ̶ as well as many others ̶ are delivered. The methods used to ensure the regulatory compliance of these services, therefore, need to follow suit. RegTech is the answer to the regulators’ need for innovative technologies that allow them to effectively fulfill their remits. The RegTech100 list puts the best providers of RegTech solutions on the map, and GVG is proud to be a part of this innovative community of businesses.
Would you like to read the Regtech100 press release and get to know all the companies selected to be included on this prestigious list? Click here.
