RegTech is primarily a cloud-based or software-as-a-service (Saas)-based application, which is a transparent, consistent, and standardized way of providing higher quality and low cost solutions to the financial sector.
With the increasing cases of money laundering and terror funding, various new rules and regulations are being implemented by governments to maintain a safe environment, which can be made possible by using regulatory technology tools.
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The global RegTech market revenue is expected to reach $7,201.1 million by 2023, growing at a high CAGR during the forecast period.
Due to the increasing focus on data protection rules, they have to monitor transparency in money transactions, and strictly follow compliance rules laid down by the regulatory bodies, in order to avoid high penalties.
An exclusive coverage has been provided for market drivers and challenges & opportunities for a country-level market in the respective regional segments.
The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to competitive landscape of the market and the recent strategies & products that will assist or affect the market in the near future.