Increasing trend towards partnerships between RegTech companies and financial institutions

Spanish RegTech market

Dublin, Oct. 14, 2024 (GLOBE NEWSWIRE) — The “Spain RegTech Business and Investment Opportunities Databook” – over 50 KPIs on RegTech market size, by industry, by technology, by product type, by deployment, by product offering, market “Share – Q3 2024 Update” report has been added ResearchAndMarkets.com Offer.

The RegTech industry in Spain is expected to grow by 23.1% annually and reach $350.73 million in 2024. The industry is expected to grow steadily during the forecast period, registering a CAGR of 15% during 2024-2029. The Spanish RegTech market will grow from $285.02 million in 2023 to $704.46 million in 2029.

This report provides a detailed data-centric analysis of the RegTech industry and covers market opportunities and risks. With over 50 country-level KPIs, this report provides a comprehensive understanding of RegTech market dynamics, market size and forecast, and market share statistics.

The RegTech landscape in Spain is evolving rapidly, driven by technological advances and increasing regulatory pressure. As companies look to improve their compliance capabilities, the demand for innovative RegTech solutions will continue to increase. While regulatory complexity and market fragmentation remain, there are numerous opportunities for collaboration and growth. By leveraging advanced technologies and fostering partnerships, the Spanish RegTech sector is well positioned to become a global leader in regulatory innovation that benefits organizations, regulators and consumers.

Key trends in the Spanish RegTech market include:

1. Creation of AI regulatory framework: Spain has proactively established a regulatory framework for artificial intelligence, including the establishment of the Spanish Artificial Intelligence Supervision Agency. This agency monitors compliance with the EU AI law and promotes the responsible use of AI in various sectors, including the financial sector.

2. Regulatory sandboxes: The introduction of controlled test environments or regulatory sandboxes allows companies to test innovative technologies under regulatory supervision. This initiative encourages the development of new RegTech solutions while ensuring compliance with existing regulations.

3. Collaborate with Financial Institutions: There is an increasing trend towards partnerships between RegTech companies and financial institutions to develop tailored compliance solutions. These collaborations aim to increase operational efficiency and streamline regulatory reporting processes.

Example – A notable example is Bnext, a Spanish fintech that uses RegTech solutions to automate compliance processes related to KYC and AML. By using technology, Bnext improves its ability to efficiently meet regulatory requirements while providing seamless financial services to its customers.

Current market launches

SIA Digital Payment Compliance Solutions – In 2023, SIA, a leading Italian technology company specializing in payment systems and financial services, launched a range of digital compliance solutions designed to make payment processing compliant with European regulations streamline. This new offering integrates advanced technologies such as AI and machine learning to improve transaction monitoring and fraud detection capabilities.

The platform has tools that display information instantly and help banks comply with rules to prevent criminals from hiding money (AML) and finding out who their customers are (KYC). With SIA’s solutions, it is significantly faster and easier for banks to comply with these rules and to check and assess risks using computers. This launch highlights the importance of technology in compliance management and highlights the growing demand for innovative solutions in the Spanish financial sector.

Partnerships and collaborations

RegTech Association Spain and Industry Representatives – RegTech Association Spain has been instrumental in promoting partnerships between RegTech companies and traditional financial institutions. In 2023, the association launched an initiative to connect startups with established banks and financial service providers and thus promote the introduction of innovative compliance solutions.

One notable collaboration involved a partnership between a leading Spanish bank and several RegTech startups focused on improving AML and KYC processes. This initiative enabled the bank to leverage the cutting-edge technologies developed by these startups, enabling more efficient compliance operations. By helping these groups work together, RegTech Association Spain facilitates the convergence of new ideas and traditional banks, contributing to the growth of the RegTech industry in Spain.

Key attributes

Key topics covered

1 About this report
2 Spanish Regulatory Compliance Spending Market Size and Future Growth Dynamics, 2020-2029
3 Spain Regulatory Compliance Spending Market Size and Forecast by Industry, 2020-2029
4 RegTech Spending Market Size in Spain and Future Growth Dynamics, 2020-2029
5 Spain RegTech Spending by Product Type
6 Spain RegTech Spending Market Size and Forecast by Industry, 2020-2029
7 Spain RegTech by Technology, 2020-2029
8 Spain RegTech Banking and Financial Services by Product Type, 2020-2029
9 Spain RegTech Technology by Product Type, 2020-2029
10 Spain RegTech by Deployment, 2020-2029
11 Spain RegTech by product offering, 2020-2029
12 Spain RegTech by company size, 2020-2029
13 Spanish main market participants of RegTech

For more information about this report, please visit https://www.researchandmarkets.com/r/pk2f5x

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