Encompass Corporation, a fast-growing provider of intelligently automated Know Your Customer (KYC) solutions, has been named within the RegTech 100 - a list recognising the world’s most innovative technology solution providers.
Now in its third year, the RegTech 100, announced today [26 November] by specialist research firm RegTech Analyst, highlights “RegTech companies that every financial institution needs to know about” in the year ahead.
The RegTech industry has established itself as one of the most important sectors within financial technology, with significant growth during the last three years, particularly.
More than $14bn has been invested in companies operating within the space since 2016, as banks and other financial institutions contend with the costs and complexities of regulatory requirements.
In a process that the panel said was more difficult than ever before, analysts and industry experts selected the leading organisations to be commended from a longlist of more than 1,000.
The finalists for 2020 were selected based on their “innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the compliance function.”
“Employing RegTech solutions to modernise the compliance function is now mission-critical for financial institutions globally,” said Mariyan Dimitrov, head of research at RegTech Analyst.
“Even though 51 per cent of RegTech 100 companies are based within the UK or US, the spread of RegTech innovation has seen companies from another 23 countries make the list.”
Encompass’ CEO and Co-Founder, Wayne Johnson, added: “We are delighted to have been selected within this list of innovative global RegTech vendors, especially at a time when there is increasing competition within the sector.
“RegTech is evolving at pace, as we see from the increasing adoption of solutions by mainstream financial services companies and heightened focus, as well as more favourable view, of regulators. Its importance will only become more evident as we progress, with the year ahead shaping up to be crucial for the industry in many ways.”