The creation of this list, in which three companies born in Spain appear, has been carried out by a panel of experts in this disruptive area, integrated into the financial transformation and digitization sector.
RegTech solutions are becoming a critical area for large banks, due to the high cost and amount of time they currently spend complying with financial regulations.
The Spanish company FacePhi closes the year as one of the best RegTech in the world, according to the prestigious REGTECH100 ranking. This annual list, carried out by a panel of international experts, brings together the most innovative companies in the field of technology applied to the regulatory compliance of banks and companies.
In this way, the company’s biometric recognition solutions consolidate its recognition and projection in an area that is increasingly critical for large banks, due to the high cost and effort that these corporations devote to ensuring good practices in financial regulation.
“The technology focused on facilitating the regulatory compliance of companies is experiencing enormous growth, and the forecast is that it will have greater importance in the global financial ecosystem, given the increase in information requirements by the authorities. The commitment to RegTech tools allows significant time and cost savings for large companies, but it is also promoting better control by institutions, which can have updated and segmented data on actors almost in real time with a great impact on the economy of a country”, explains Javier Mira, CEO of FacePhi.
This latest edition of REGTECH100 has recognized a hundred of companies from around the world, three of them Spain-based, specialized in technological developments of Artificial Intelligence (AI), machine learning, Internet of Things (IoT) big data, blockchain, cybersecurity or biometric recognition, among others. The selection has been performed based on criteria such as the growth of the company, the potential impact of the proposed solutions on efficiency and cost saving processes or the innovation contributed to the sector.