According to Economy Minister Dr. Caoimhe Archibald, a recent seminal study on the RegTech industry has emphasized the scope of business prospects for regional firms.

Commenting on the research and the prospects for local businesses, the Minister stated that RegTech, or regulatory technology, is a rapidly expanding worldwide sector. The north already has a cluster of enterprises functioning well in that field, and there are chances for future expansion.

The report makes recommendations for how Northern Ireland can increase its competitiveness and capability in RegTech, such as launching an education and awareness campaign and forming a task force to shape the RegTech proposition and position local companies as leaders in the space, with a corresponding strategy.

According to the research, the worldwide RegTech market was valued at $10.8 billion in 2022 and is expected to reach $35.2 billion by 2028. The survey also found that Northern Ireland has excellent knowledge in RegTech-related areas and specialisms such as FinTech, cyber-security, and AI.

Matrix Chair Robert Hill stated that the report will be a valuable resource for policymakers and industry leaders looking to drive forward the future of the RegTech sector in Northern Ireland, with opportunities extending beyond the financial sector into areas such as healthcare, supply chain management, and agriculture. They will continue to interact with important stakeholders to go ahead with the suggestions.