A landmark report into the RegTech sector highlights the scale of
the commercial opportunities for local companies, Economy
Minister Dr said today.
The report by Matrix, the Northern Ireland Science Industry
Panel, indicates that with an increasingly complex regulatory
environment, there is a growing need for innovative solutions.
Commenting on the report and the opportunities for local
companies, the Minister said: “RegTech – or regulatory
technologies – is a fast-evolving, global sector that is growing
rapidly. The north already has a cluster of companies operating
successfully in this space and the opportunities are there for
further growth.
“This report from Matrix highlights that the north is
strongly positioned as a hub for technology and innovation,
pointing the way forward for our existing RegTech operators, and
for other local companies looking to diversify and expand in this
field.
“The report also builds on the momentum arising from the
trade mission to Singapore in November 2024 which showcased
Ireland's capabilities in FinTech and RegTech to a global
audience.”
The report includes recommendations for how Northern Ireland can
build its competitiveness and capability in RegTech, including an
education and awareness building programme and establishing a
taskforce to shape the RegTech proposition to position local
companies as a leader in the space, with a resultant
strategy.
The report found that the global RegTech market was valued at
$10.8billion in 2022 and is projected to grow to $35.2billion by
2028. The report also identified that Northern Ireland has strong
expertise in RegTech-relevant sectors and specialisms including
FinTech, cybersecurity and AI.
Matrix Chair Robert Hill said: “We envisage that the report will
serve as a valuable resource for policymakers and industry
leaders, to drive forward the future in the RegTech sector in
Northern Ireland, with opportunities beyond the financial sector
into areas such as healthcare, supply chain management and
agriculture. We will engage further with key stakeholders to take
forward work on the recommendations.”
Chris Hayward, Policy Chair at the City of London Corporation,
which had a central role in developing the report, has visited
Derry and Belfast to meet key stakeholders in RegTech and FinTech
sectors, as well as Matrix panel members.
Mr Hayward said: “Financial and professional services drive the
UK economy, generating over £85billion in economic output
annually. This report highlights Northern Ireland's successful
blend of a skilled workforce and strong academic institutions, in
the context of a supportive business environment, as key
attributes as companies from here look to build on their success
in this area to date.”
The ‘Regulatory Technology Landscape Review' report is available
at: https://matrixni.org/documents/regulatory-technology-landscape-review
