City-based FixNix is the only Indian company to feature in RegTech 100, a list of world’s most innovative companies that every financial institution needs to know about in 2018.
The 100 companies were chosen by a panel of industry experts who reviewed an analysis of 416 RegTech companies that was undertaken by data and research firm FinTech Global. “The selected companies were recognized and commended for their innovative use of technology to generate efficiencies and performance enhancements across the compliance function within financial institutions, which spend tens of billions of dollars on the area each year,” the spokesperson from FinTech Global said.
FixNix, founded by Shanmugavel Sankaran works in the area of GRC (governance, risk and compliance) and competes with the likes of RSA Archer. “We are proud that we are able to take such a large moonshot from India. We want to thank RBI for partnering with us to deliver innovative compliance solutions for institutions like cooperative banks, lending institutions, payment banks,” said Sankaran.
“With the fintech market growing by leaps and bounds, compliance and regulation is bound to follow and we see tremendous opportunity for disruption in the GRC and RegTech space,” he added.
The list saw over half of the companies hailing from US or UK. Ireland, Switzerland and Australia, which claim 21 companies between them on the RegTech 100, have already established themselves as RegTech hotspots. Other countries, large and small, are just beginning to make their mark in the industry: Brazil, Bermuda, South Africa, Cyprus, India and the United Arab Emirates are all represented on the list.
The RegTech 100 companies offer solutions that address all areas of the compliance process, including onboarding, monitoring, detection, reporting and process control. They incorporate the latest technologies, such as big data analytics, blockchain, artificial intelligence, the internet of things, machine learning and natural learning processing.
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