RegTech

MEDICI Top 21 - RegTech Awards: Unveiling Leaders Building the Future of Regulatory Compliance

MEDICI

As the FinTech ecosystem has evolved over the years, regulating the accelerated adoption of advanced technologies has become increasingly complex. MEDICI Team has consistently kept up to date with the leading players in the regulatory technology (RegTech) space, and has followed the latest trends in the industry.

Continuing the series of awards run by MEDICI and its partners, which have seen a tremendous success in cross-segment chapters (MEDICI Top 21 – AI Awards, MEDICI Top 21 – Blockchain Awards, and MEDICI Top 21 – InsurTech Awards), MEDICI in partnership with EY is proud to announce the world’s most innovative companies building the future of regulatory compliance in the financial services industry (download the RegTech Top 21: A Global View of RegTech Innovation Report created by MEDICI in partnership with EY).

Hundreds of companies were rigorously screened and evaluated by MEDICI Team and hand-picked global partners, including EY, identifying seven leaders from each region: EMEA, APAC, and the Americas.

Evaluation criteria

The MEDICI team worked very closely with our partner judges to create an evaluation framework that could be applied to effectively rate companies across multiple RegTech verticals, and various stages of product development.

The startups were identified from three different regions — EMEA, APAC, and Asia, — and were evaluated in two phases. In the first round of evaluation, 600+ startups were identified from the MEDICI platform that work in the RegTech space. The first round was followed by elimination of startups that didn’t fit the pre-identified criteria, i.e., startups founded before 2007, and startups which have filed for an IPO.

Each company was rated each company on a scale of 1 to 10 across several major parameters to determine this year’s MEDICI Top 21 - RegTech Awards winners. The startups were evaluated on the basis of MEDICI’s unique evaluation framework (in cooperation with the EY Italy team), which encompasses various parameters, such as:

  1. Scalability across segments and geographies.

  2. The uniqueness of the solution and the ability to fill the supply gap.

  3. Existing partnerships, clients, and products for commercial use.

  4. Engagement with regulators – through sandboxes, innovation programs, hackathons, etc.

  5. Level of enhanced productivity at customers’ end.

  6. Their ranking in MEDICI’s startup score.

Following global RegTech thought leaders served as advisors for MEDICI Top 21 – RegTech Awards:

  • Advisors for EMEA region: David Bundi, Natasha Kyprianides, Laurent Marochini

  • Advisor for Americas: Patricia Kroondijk

  • Advisors for the APAC region: Ryan Lou (FinTech & Innovation Group, OCBC Bank), Tiang Lim Foo (Operating Partner, SeedPlus), Julia Walker (Head of Market Development, Risk & RegTech – APAC, Thomson Reuters), and Namita Bhide (Founder & Campaigner at Denim Consulting)

As a result, 21 companies (7 for each region) were chosen as the winners of MEDICI Top 21 - RegTech Awards. MEDICI Team gave each company a score, which constitutes of a weighted average of multiple criteria the companies have been judged on. Each company has excelled across criteria, but we’d like to offer some of the reasons each company has made the list of winners.

MEDICI Top 21 - RegTech Awards: Winners

MEDICI Top 21 - RegTech Awards: Americas Winners

Ayasdi

Ayasdi provides AI-enabled AML, fraud prevention and regulatory risk management solutions for financial services and other industries. Among the reasons Ayasdi was selected as one of the MEDICI Top 21 - RegTech Awards winners is its unique AI + human approach to addressing AML issues. Its AI engine helps in refining existing rules and risk thresholds by grouping similar groups of customers and customers-of-customers, while the validation from the human experts feeds into the system to further reduce false positives. This multi-faceted approach makes Ayasdi both efficient and effective in fraud prevention.

ComplyAdvantage

ComplyAdvantage uses AI to update its global database of high-risk companies and individuals to aid companies in fraud prevention. One of the hallmarks that put ComplyAdvantage on MEDICI Top 21 - RegTech Awards winners list is their real-time capability to update their list of individuals on watch-lists and even flag relatives and associates of these sanctioned individuals. In addition, ComplyAdvantage uses their technology to provide a flexible range of solutions and services through a user-friendly platform.

DataVisor

DataVisor is an AI fraud prevention platform that detects fraudulent behavior. Among other characteristics, DataVisor stood out for the ability of their ML engine to predict emerging threats before they occur. They can detect mule accounts, layering, and structuring, making it one of the most comprehensive methods of defending against techniques used by sophisticated cybercriminals.

Feedzai

Feedzai provides an AI platform that offers an end-to-end fraud prevention solution for both online and offline payments. Feedzai landed a spot on MEDICI Top 21 - RegTech Awards winners list because of its ability to consolidate massive amounts of data into small, user-friendly data points for banks, among other reasons. The platform collects and analyzes data from multiple sources, and creates scored risk profiles that allow banks to make decisions instantly.

FixNix

One of the reasons FixNix’s made the MEDICI Top 21 - RegTech Awards winners list is its comprehensive compliance kit. Its GRC (governance, risk, and compliance) solutions encapsulate a variety of RegTech modules, with unique offerings including social media risk management, product compliance management, third-party risk management, and regulatory change management, etc. FixNix demonstrates flexibility and unique solutions in an evolving space, and is even moving to blockchain to further improve and simplify client’s risk mandates.

Hexanika

Hexanika’s advanced data management and reporting solutions help financial services firms adapt to changing environments. MEDICI Team and the judges were impressed by Hexanika’s efficient use of big data, which provides a competitive advantage to companies by guiding them to make insightful data-driven decisions and improve their business process and performance. By providing 100% data lineage and traceability, the software enables up to 40% more time savings for integration with core banking software, up to 50% more time savings for fair lending change management, and up to 40% more cost savings through automation.

IdentityMind Global

IdentityMind Global offers a plug-in software solution which handles AML, and KYC for ICOs and token sales. One of the things that set IdentityMind Global apart for MEDICI Team and the panel of judges is its patented eDNA technology that tracks the entities involved in each transaction and builds unique digital identity trust reputations. This unique approach to fraud prevention allows it to effectively monitor onboarding, account origination, money transfers and online payments.

MEDICI Top 21 - RegTech Awards: EMEA Winners

AQMetrics

AQMetrics provides integrated compliance and risk management software that delivers data management, risk profiling & monitoring, compliance workflows, to fund administrators, asset managers, and broker/dealer companies. MEDICI Team and the judges found one of AQMetrics’ true strengths to be in the platform’s ability to comprehensively meet evolving compliance mandates across many jurisdictions all on the same platform. This reporting hub delivers data and risk profiling to fund administrators, asset managers, and brokers.

BehavioSec

BehavioSec is an AI-based authentication platform that conducts continuous authentication of a user. BehavioSec’s distinctive feature is its passive, non-intrusive authentication allowing for real-time anomaly detection and transaction monitoring. Unlike many other companies, BehavioSec’s algorithm can instantly verify someone by their interactions with the device, making it an effective real-time tool for companies.

Corlytics

Corlytics has created a taxonomy that enables automated risk impact assessment with measurable risk indicators. Corlytics, with the help of artificial intelligence and intelligent search technology based on its taxonomy, helps users easily find regulatory information as per their requirements. Among the reasons Corlytics made the winners’ list is the development of the world’s first intelligent regulatory handbook for UK’s Financial Conduct Authority, and its predictive compliance which analyzes over a million data points to determine regulatory risk outcomes.

CoVi Analytics

CoVi Analytics is a SaaS-based platform that provides automated compliance services for banks & insurers. One of the reasons the company made it to the winners’ list is its unique approach that eliminates the need for time-consuming manual mapping for regulations. It uses AI to translate regulatory text into actual compliance activities seamlessly, and even produces appropriate regulatory reports. This end to end automation of compliance helps companies save both time and money.

CUBE

CUBE is a compliance automation platform that enables FIs and banks to manage compliance across 180 countries and 60 languages. This multi-jurisdictional, and international scope makes CUBE one of the most effective for companies with international clients. CUBE’s open-API driven scalability and bot-based query handling were isolated as differentiating factors for its selection.

NEX Regulatory Reporting

NEX Regulatory Reporting offers end-to-end regulatory reporting solutions for banks, brokerage houses, hedge funds and asset managers. NEX has already made significant headway, and has onboarded over 135 clients. Nex Regulatory Reporting is the 3rd largest reporting entity by EMIR reportable FX transactions, processing more than 25% of all MiFID reportable trades. Thus NEX already has a successful track record, and has further potential to grow into more markets.

Tradle

Tradle is using a blockchain to bridge internal and external financial networks to achieve user-controlled KYC portability. MEDICI Team and the judges found Tradle’s simple, chat-based customer engagement platform for KYC to be one of its essential differentiators and advantages. Instead of typical KYC forms, Tradle collects data via chats, and uses blockchain to store and verify the collected data. This unique chat process keeps clients more engaged, and the blockchain keeps information more secure, letting companies verify customers easier and verify their data more effectively.

MEDICI Top 21 - RegTech Awards: APAC Winners

AIDA Technologies

AIDA Technologies, winner of MAS’s global FinTech accelerator, uses AI to manage risk and compliance in real-time. Through its AI Driven Analytics, AIDA provides solutions that solve the key challenge of augmenting human experts’ ability to make decisions based on massive amounts of heterogeneous information. One of the reasons AIDA was selected for the MEDICI Top 21 - RegTech Awards winners list is its suite of algorithms for unsupervised machine learning delivering some of the best efficiency gains for banks/FIs in their risk management functions.

Cynopsis

Cynopsis helps clients in the financial services sector and the professional services sector comply with the ever-increasing regulatory requirements. Among the reasons the MEDICI Team and the judges selected the company for the winners’ list is because of its transaction monitoring solutions are especially tailor-made for companies in the remittance and cryptocurrency spaces. Cynopsis has already helped over 200 cryptocurrency projects and blockchain-based companies in their KYC process, and will likely grow as the cryptocurrency scene continues its recent boom.

Dathena

Dathena is a data governance platform that leverages artificial intelligence and machine learning. Compared to the traditional static rule and keyword-based approaches, Dathena uses AI to diligently offer automated classification, categorization, and detection features, providing a 99.9% accuracy when only semi-supervised. What also makes Dathena special is its ability to integrate well with other platforms, like existing governance and risk management plugins and solutions.

Identitii

Identitii helps banks and financial institutions to improve their transaction approvals and improve their corporate clients experience with its information sharing solutions. The SaaS solution leverages tokenization and distributed ledger technology, to allow users to exchange the relevant payment details and documentation. One of the reasons Identitii was identified as a leading player in the space is because of their use of distributed ledger technology to create and utilize “identitii tokens,” which truly enable banks to know their transactions (KYT).

Jewel Paymentech

Jewel Paymentech uses AI to optimize customer onboarding, enabling traditional acquirers to onboard thousands of merchants per month instead of the hundreds they were previously onboarding. Jewel offers end to end KYC services, digitizing and automating the entire process for the bank. One of the reasons MEDICI Team and the panel of judges saw Jewel Paymentech as a frontrunner in the industry is for the ability to facilitate the KYB process with accuracy and ease.

Jocata

Jocata Financial Advisory and Technology is an innovative products and services firm specializing in KYC, AML, and CFT compliance for financial services industry clients. Among the reasons the company stood out is Jocata’s GRID platform, which is designed as a multi-layered stack of technology capabilities that assist financial institutions in their digital transformation initiatives. Jocata has implemented this advanced analytics solution with over 40 major banks and financial institutions thus far.

Signzy

Signzy uses AI and cryptography to enable banks to onboard in real time. Its primary offering is a real-time bank-grade digital KYC that includes background verification and real-time document verification of business customers, as well as for video identity verification of retail customers. MEDICI Team and the judges found value in the fact that Signzy boosts customer onboarding times by up to 90% while still ensuring regulatory compliance with KYC norms.

Download the RegTech Top 21: A Global View of RegTech Innovation Report created in partnership with EY, and receive:

  • A global view of RegTech Innovation

  • An overview of the RegTech Market and Segments

  • An understanding of the RegTech Adoption and its Importance, and

  • The MEDICI list of the distinctive global RegTech Top

  • 21 by region + a deeper profile on each company to understand their game-changing solutions!

DOWNLOAD THE REGTECH TOP 21: A GLOBAL VIEW OF REGTECH INNOVATION REPORT

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

Apply to Become a Contributor