NI Poised For Growth In RegTech Sector

A new report by Matrix, the Northern Ireland Science Industry Panel, has highlighted the significant growth potential for the RegTech sector in Northern Ireland.

The report, which examines the global RegTech market, found that Northern Ireland possesses a strong foundation for success in this area, with expertise in relevant sectors such as FinTech, cybersecurity, and AI.

"RegTech – or regulatory technologies – is a fast-evolving, global sector that is growing rapidly," said Economy Minister Dr Caoimhe Archibald. "The north already has a cluster of companies operating successfully in this space and the opportunities are there for further growth."

The report recommends a number of actions to enhance Northern Ireland's competitiveness in the RegTech market, including the development of an education and awareness programme and the establishment of a taskforce to shape the RegTech proposition. "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," said Robert Hill, Chair of Matrix.

The global RegTech market is projected to grow significantly, with estimates suggesting a value of $35.2 billion by 2028.

Chris Hayward, Policy Chair at the City of London Corporation, who played a key role in the development of the report, emphasized the strengths of the Northern Ireland economy in this area.

"Financial and professional services drive the UK economy, generating over £85billion in economic output annually," said Mr. Hayward. "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."