(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The "South Korea RegTech Business and investment Opportunities Databook - 50+ KPIs on RegTech market Size, By Industry, By Technology, By Type of Product, By Deployment, By Product Offering, Market Share - Q3 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The regtech industry in South Korea is expected to grow by 23.3% on annual basis to reach US$205.32 million in 2024. The regtech industry is expected to grow steadily over the forecast period, recording a CAGR of 15.4% during 2024-2029. South Korea's regtech industry is forecast to increase from US$166.49 million in 2023 to reach US$420.59 million by 2029.
This report provides a detailed data centric analysis of regtech industry, covering market opportunities and risks. With over 50+ KPIs at country level, this report provides a comprehensive understanding of regtech market dynamics, market size and forecast, and market share statistics.
The RegTech landscape in South Korea is rapidly evolving, driven by technological advancements and increasing regulatory pressures. As organizations seek to enhance their compliance capabilities, the demand for innovative RegTech solutions will continue to grow. While regulatory complexity and market fragmentation persist, opportunities for collaboration and growth abound. By embracing advanced technologies and fostering partnerships, the South Korean RegTech sector is well-positioned to become a global leader in regulatory innovation, benefiting organizations, regulators, and consumers.
Trends in RegTech
Recent trends in Regulatory Technology (RegTech) in South Korea emphasize the integration of advanced technologies to enhance compliance and risk management across various sectors.
Key trends include:
Government Support and Regulatory Sandboxes : The South Korean government has established regulatory sandboxes that allow startups to test innovative RegTech solutions in a controlled environment. This initiative encourages the development of new technologies while ensuring compliance with existing regulations. Adoption of AI and Machine Learning : South Korean RegTech firms increasingly leverage artificial intelligence and machine learning to streamline compliance processes. These technologies help organizations monitor events and understand data quickly to better follow the rules. Focus on Cybersecurity : With the rise in digital transactions, there is a growing emphasis on cybersecurity within RegTech solutions. Companies are developing tools that enhance data protection and compliance with regulations related to information security.
Recent Launches
Fintech's Digital Compliance Platform - In 2023, Fintech, a prominent South Korean RegTech company, launched an innovative digital compliance platform to enhance financial institutions' ability to meet regulatory requirements. This platform has many tools to help follow the rules about stopping illegal money and knowing customers. Fintech's platform utilizes advanced algorithms and machine learning techniques to analyse customer data and transaction patterns, enabling organizations to detect suspicious activities in real time. The solution also includes customizable reporting features, allowing financial institutions to generate compliance reports efficiently. By streamlining these processes, Fintech aims to reduce the operational burden on compliance teams while ensuring adherence to regulatory requirements. This launch underscores the growing demand for innovative RegTech solutions in South Korea's financial sector.
Partnerships and Collaborations
Collaboration Between Financial Supervisory Service and RegTech Firms - In 2023, the Financial Supervisory Service (FSS) of South Korea initiated a partnership with several RegTech firms to enhance the regulatory framework for the financial sector. This collaboration aims to leverage technology to improve compliance processes and reduce the risks associated with regulatory breaches. One notable partnership involved the FSS working with a consortium of RegTech companies to develop a 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, the FSS is positioning South Korea as a leader in the RegTech space, encouraging the adoption of advanced technologies across the financial sector.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 177 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $205.3 Million |
| Forecasted Market Value (USD) by 2029 | $420.6 Million |
| Compound Annual Growth Rate | 15.4% |
| Regions Covered | South Korea |
Report Scope
This report provides an in-depth data-centric analysis of the RegTech industry in South Korea through 118 tables and 144 charts. Below is a summary of key market segments.
Regulatory Compliance Spending By Industry
Banking and Financial Services Insurance Healthcare Telecommunications Retail Transportation and Logistics Real Estate Government and Public Sector Other Industries
RegTech Spending
RegTech Companies Market Share
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 Transportation and Logistics Real Estate Government and Public Sector Other Industries
By Technology
Artificial Intelligence (AI) Big Data Analytics 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
Transportation and Logistics and Type of Products
Transportation and Logistics Compliance Management Platforms 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 Type of Products
Regulatory Intelligence Tools Regulatory Reporting Automated Reporting Tools Other Products
By Deployment
Service Model On-premise Model Hybrid Model
By Product Offering
By Company Size
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South Korean RegTech Market
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