Saudi Arabia RegTech Industry Report 2024

Dublin, Oct. 14, 2024 (GLOBE NEWSWIRE) — The “Saudi Arabia RegTech Business and Investment Opportunities Databook” – 50+ KPIs on RegTech market size, by industry, by technology, by product type, by deployment, by product offering, The report “Market Share – Update Q3 2024” has been added ResearchAndMarkets.com Offer.

The regtech industry in Saudi Arabia is expected to grow by 25.9% annually and reach $399.67 million in 2024. The Regtech industry is expected to grow steadily during the forecast period, registering a CAGR of 16.7% during 2024-2029. Saudi Arabia’s regtech industry is expected to grow from $317.38 million in 2023 to $865.63 million in 2029.

This report provides a detailed data-centric analysis of the regtech industry in Saudi Arabia and covers market opportunities and risks. With over 50 country-level KPIs, this report provides a comprehensive understanding of Regtech market dynamics, market size and forecast, and market share statistics.

The RegTech landscape in Saudi Arabia is evolving rapidly, driven by technological advances and increasing regulatory pressure. As companies look to improve their compliance capabilities, the demand for innovative RegTech solutions will continue to increase. While regulatory complexity and market fragmentation remain, there are numerous opportunities for collaboration and growth. By leveraging advanced technologies and fostering partnerships, Saudi Arabia’s RegTech sector is well-positioned to become a global leader in regulatory innovation that benefits organizations, regulators and consumers.

Trends in RegTech

Recent regulatory technology (RegTech) trends in Saudi Arabia demonstrate a significant shift towards leveraging technology for improved compliance and regulatory efficiency.

Key trends include:

• Government initiatives and support: The Saudi government is actively promoting the development of RegTech through initiatives such as Regulatory Sandboxes. These environments allow startups to test innovative solutions under regulatory oversight, encouraging innovation while ensuring compliance with existing laws.
• Focus on automation: There is an increasing focus on automating compliance processes in various sectors, particularly finance and telecommunications. RegTech solutions are designed to streamline tasks such as KYC (Know Your Customer) and AML (Anti-Money Laundering) and reduce the burden on companies in manual compliance management.
• Integration of advanced technologies: Companies are adopting advanced technologies, including artificial intelligence and blockchain, to improve their regulatory frameworks. These technologies enable real-time monitoring and improve data integrity, allowing companies to respond quickly to regulatory changes.

A notable example is the Communications and Information Technology Commission (CITC) initiative to implement a blockchain-based RegTech solution to combat fraudulent SMS messages. This system ensures that telecommunications providers maintain accurate records while improving consumer protection by showcasing the innovative applications of RegTech in Saudi Arabia.

Current market launches

• Fintor’s Digital Compliance Solution – In 2023, Fintor, a RegTech startup based in Saudi Arabia, launched a digital compliance solution for financial institutions. This platform provides tools to automate compliance processes related to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
• Fintor’s solution uses AI and machine learning algorithms to analyze customer data and transaction patterns, helping companies detect suspicious activity in real-time. The platform also offers customizable reporting features that enable financial institutions to create compliance reports with ease. By streamlining these processes, Fintor aims to reduce the operational burden on compliance teams while ensuring compliance with regulatory requirements. This launch highlights the growing demand for innovative RegTech solutions in Saudi Arabia’s financial sector.

Partnerships and collaborations

• Saudi Arabian Monetary Authority (SAMA) and RegTech Companies – In 2023, the Saudi Arabian Monetary Authority (SAMA) partnered with various RegTech companies to improve the regulatory framework for the financial sector. This collaboration aims to leverage technology to improve compliance processes and reduce the risks associated with regulatory violations.
• One notable partnership involved SAMA working with a consortium of RegTech companies to develop a comprehensive regulatory sandbox. This sandbox allows startups to test their innovative compliance solutions in a controlled environment, fostering an innovation ecosystem while ensuring regulatory oversight. By facilitating these partnerships, SAMA positions Saudi Arabia as a leader in RegTech and promotes the adoption of advanced technologies across the financial sector.

Key attributes:

Report scope

This report provides a detailed data-centric analysis of the RegTech industry in Saudi Arabia through 118 tables and 144 charts. Below you will find a summary of the most important market segments.

Regulatory compliance expenses

Regulatory compliance spending by industry

• Banking and financial services
• Insurance
• Healthcare
• telecommunications
• retail
• Transport and logistics
• Property
• Government and public sector
• Other industries

RegTech spending

Market share of RegTech companies

By type of products

• Identity verification solutions
• Compliance management platforms
• Automated reporting tools
• Transaction monitoring systems
• Risk assessment tools
• Fraud detection systems
• Data protection technologies
• Training and e-learning platforms
• Regulatory Intelligence Tools
• Workflow automation solutions
• Other products

By industry

• Banking and financial services
• Insurance
• Healthcare
• telecommunications
• retail
• Transport and logistics
• Property
• Government and public sector
• Other industries

Through technology

• Artificial Intelligence (AI)
• Big data analysis
• Robotic Process Automation (RPA)
• Blockchain technology
• Cloud computing
• API integrations and biometric authentication
• Data encryption and security technologies
• Data visualization tools
• Other technology

By industry and type of products

Banking and financial services and type of products

• Identity verification solutions
• Compliance management platforms
• Automated reporting tools
• Transaction monitoring systems
• Risk assessment tools
• Fraud detection systems
• Regulatory Intelligence Tools
• Workflow automation solutions
• Data protection technologies
• Other products

Insurance and type of products

• Identity verification solutions
• Compliance management platforms
• Automated reporting tools
• Transaction monitoring systems
• Risk assessment tools
• Fraud detection systems
• Data protection technologies
• Other products

Healthcare and type of products

• Compliance management platforms
• Data protection technologies
• Training and e-learning platforms
• Other products

Telecommunications and type of products

• Compliance management platforms
• Data protection technologies
• Other products

Retail and type of products

• Fraud detection systems
• Data protection technologies
• Other products

Transport and logistics as well as type of products

• Compliance management platforms for transport and logistics
• Risk assessment tools
• Other products

Real estate and type of products

• Compliance management platforms
• Workflow automation solutions
• Other products

Government and public sector and type of products

• Compliance management platforms
• Regulatory Intelligence Tools
• Other products

Technology and type of products

Artificial intelligence (AI) technology and type of products

• Identity verification solutions
• Fraud detection systems
• Risk assessment tools
• Regulatory Intelligence Tools
• Other products

Big data analytics technology and type of products

• Compliance management platforms
• Automated reporting tools
• Transaction monitoring systems
• Other products

Robotic Process Automation (RPA) technology and type of products

• Compliance management platforms
• Workflow automation solutions
• Other products

Blockchain technology and type of products

• Identity verification solutions
• Automated reporting tools
• Other products

Cloud computing technology and type of products

• Compliance management platforms
• Automated reporting tools
• Other products

API integrations and biometric authentication and type of products

• Identity verification solutions
• Automated reporting tools
• Other products

Data encryption and security technologies and type of products

• Protection technologies
• Fraud detection systems
• Other products

Data visualization tools and product types

• Regulatory Intelligence Tools
• Regulatory reporting
• Automated reporting tools
• Other products

By providing

• Service model
• On-site model
• Hybrid model

By product offering

By company size

For more information about this report, see

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• Saudi Arabian RegTech Market