For the fifth consecutive year, Muinmos has been included in the annual RegTech 100 – a list that recognises the world’s most innovative technology solution providers with products and services in compliance, risk management, information security and financial crime.
A panel of analysts and industry experts voted from a longlist of nearly 1,200 companies produced by RegTech Analyst, a specialist research firm. Sixty new companies entered the RegTech100 for 2022 and the finalists were recognised for their innovative use of technology to solve a significant industry problem, or to generate efficiency improvements across the compliance function. Being chosen for the fifth consecutive year is a testament to Muinmos’ focus on continual product development, reinforcing its position as a RegTech pioneer and industry leader.
Muinmos was selected for being the only RegTech solution on the global market to provide complete automation and centralisation of the entire onboarding process. With its unique product set which includes a Regulatory Onboarding Engine, KYC/AML and risk management modules, Muinmos uses algorithmic rule-based AI, machine learning and neural nets to help financial institutions onboard any client type in under three minutes and remain fully compliant as regulatory parameters change.
Remonda Kirketerp-Møller, Founder and CEO, Muinmos comments, “Being selected for the RegTech 100 for the fifth consecutive year is a major achievement and we are thrilled that in an increasingly competitive landscape, Muinmos continues to stand out for our world-class products.
“We continually invest in product development to address two significant issues for compliance teams – how to provide clients with an exemplary and efficient onboarding experience and how to stay compliant when operating across multiple jurisdictions, particularly in a world of increasingly complex and ever-evolving regulatory requirements. More and more financial institutions are seeing the need for automation in order to address these challenges and we are delighted that, as we celebrate our most successful year to date, we have impressed the judges by being selected for the RegTech 100 for 2022.”
The RegTech (regulatory technology) industry has experienced rapid growth over the last two years as financial institutions dealt with rising tide of regulatory changes and rules updates brought by remote working and increased use of digital channels post Covid-19. As a result, RegTech spending by banks and other highly regulated institutions is projected to exceed $130bn by 2025. Not surprisingly, this year’s process to identify the 100 RegTech innovation leaders was more competitive than ever.
RegTech Analyst director of research Mariyan Dimitrov said, “Banks and other financial institutions are investing heavily into AI capabilities to automate highly manual regulatory tasks, support digital onboarding processes and monitor for fraudulent activity. The RegTech100 list helps them filter through all the vendors in the market by highlighting the leading companies in sectors such as identity verification, risk management, communications monitoring, information security and financial crime prevention.”
A full list of the RegTech100 for 2022 and detailed information about each company is available to download for free at www.RegTech100.com.