A landmark report into the RegTech sector highlights the scale of the commercial opportunities for local companies, Economy Minister Dr Caoimhe Archibald 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 on the Matrix website.
