A new study from Juniper Research has found that global regtech spend will exceed $204 billion by 2026; accounting for over 50% of all regulatory compliance spend for the first time. This spend will grow from $68 billion in 2022; representing growth of over 200% over the next four years.
The report identified the integration of regtech services with BaaS (Banking-as-a-Service) models as key to realising this future market growth.
The new research, Regtech: Emerging Trends, Regulatory Impact & Market Forecasts 2022-2026, predicts that BaaS models, which include outsourcing regtech services such as digital onboarding, will be key in accelerating AI-based automation for online document verification and KYC (Know Your Customer) processes.
For more insights, download the free whitepaper: Regtech ~ Evolving Trends Amidst Digital Transformation
Banking-as-a-Service to Facilitate AI-based Regtech
AI-powered onboarding enables financial institutions to benefit from real-time progress reporting and automation, which help meet rising client expectations and reduce compliance cost. According to the research, 26% of digital onboarding processes in the banking market will use AI systems by 2026, compared to just 8% in 2022. Beyond digital onboarding, the report suggests that regtech will leverage BaaS models to swiftly expand the use of AI in banking for more comprehensive tasks, including fraud detection and mitigation.
Research author Harshada Thok explains: “Whilst the current benefits of AI are clear to regtech vendors, the immediate focus must be on ensuring the algorithms are fed the most relevant data to maximise their efficiency in verifying digital identities and future use cases. In turn, this will provide a differentiation point for regtech vendors in an increasingly competitive market.”
Healthcare & Gambling to Provide the Next Regtech Opportunities
Additionally, regtech vendors must provide verification services in emerging areas where compliance is being disrupted, such as cryptocurrency exchanges, digital healthcare and online gambling. Impending changes to regulations in these markets will provide significant opportunities for regtech vendors to broaden their focus beyond financial markets to capitalise on new addressable user bases.
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Fintech Company, Grey, Unveils New Look to Support its Global Expansion Strategy
Grey, a leading cross-border fintech company, has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design.
This strategic move aligns with the company’s dynamic plans to expand its footprint in the global market.
The company’s transformation was unveiled on its social media platforms on Monday, November 27, 2023. Grey aims to leverage this fresh identity to reach a broader audience and solidify its international presence. The updated brand assets visually represent Grey’s commitment to innovation, excellence, and global connectivity.
The rebranding initiative follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users. The company’s rapid growth and expanding user base have spurred this bold step towards rebranding, symbolizing success and underlining its dedication to remaining at the forefront of global fintech innovation. Furthermore, the previous logo was not usable in some foreign markets due to trademark conflicts with another company.
Idee Obong, The CEO and founder of Grey, shared insights into the rationale behind the rebranding, stating, “As we chart our course toward serving a global audience, we recognized the need for trademarks and related processes. We identified similarities with existing marks during this evaluation, prompting a deliberate rebrand. The new logo and website signify our forward trajectory, emphasizing global connectivity and our commitment to creating a more interconnected world. Our focus remains on being people-centric and cultivating a lasting community.”
Grey’s brand evolution is occurring at a crucial juncture for the fintech industry, which is positioned for significant opportunities despite recent economic uncertainties. The fintech sector has faced challenges in the past year; notwithstanding, Grey has rapidly scaled, adeptly responding to the heightened demand for its services.
The company has also established key partnerships across both B2B and B2C sectors across Africa over the past months, solidifying its reputation as a trusted and reliable cross-border payments company.
Femi Aghedo, Co-founder of Grey, emphasized the strategic timing of the brand evolution, stating, “The timing simply felt right to evolve our brand. Our growth and evolution as a business needed to be reflected tangibly. We are dedicated to ongoing innovation, adapting our services to meet the dynamic needs of our customers. Our core mission is to provide seamless and secure cross-border payment solutions, empowering businesses and individuals in the global economy. We eagerly anticipate the future of fintech and the opportunities it presents for us to impact the industry positively.”
Furthermore, customers can expect a more innovative and interconnected user experience when engaging on their platforms. As Grey ventures into this exciting new chapter, the team remains committed to providing cutting-edge and secure cross-border payment solutions, fostering global connectivity, and contributing to the evolving landscape of the fintech industry.
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