Top 10 Best RegTech Companies in India 2023


Top 10 Best RegTech Companies in India 2023

Top 10 Best Regtech Companies In India 2022 - Inventiva

RegTech, short for Regulatory Technology, is a segment of the fintech industry that uses technology to enhance and streamline regulatory processes. RegTech companies provide software and services that help businesses comply with regulations efficiently and cost-effectively. The goal is to reduce regulatory complexity, deliver transparency, and to rein in risks and costs.

RegTech solutions include various cutting-edge technologies like artificial intelligence, machine learning, blockchain, big data, and cloud computing to simplify and automate the compliance and regulatory processes. These companies primarily serve other businesses, especially those in sectors with high levels of regulation like banking, insurance, and healthcare.

Here are the main categories of solutions offered by RegTech companies:

Compliance: These companies provide solutions that help businesses comply with applicable laws and regulations. For instance, they may offer software that simplifies the process of tracking regulatory changes and applying them to business operations.

Identity Management and Control: RegTech firms in this category provide solutions for digital identity verification, authentication, and fraud prevention. These are critical aspects in many sectors, especially finance.

Risk Management: Some RegTech companies offer solutions that help businesses identify, assess, and mitigate risk. This could be through predictive analytics, real-time reporting, or advanced data visualization.

Transaction Monitoring: RegTech solutions in this category help monitor transactions for suspicious activities, aiding in anti-money laundering (AML) and combating the financing of terrorism (CFT).

Regulatory Reporting: These RegTech firms provide tools that streamline and automate the process of creating and submitting regulatory reports.


Why RegTech Companies are important

RegTech companies play a critical role in today’s business landscape for several reasons:

Compliance Efficiency: RegTech solutions streamline the compliance process, making it easier for businesses to ensure they’re meeting their regulatory obligations. This not only saves time but also reduces the risk of costly mistakes and regulatory breaches.

Cost Savings: Implementing RegTech solutions can lead to significant cost savings. Manual compliance processes are labor-intensive and costly, but RegTech can automate many of these processes, allowing businesses to allocate resources more effectively.

Real-Time Monitoring and Reporting: RegTech can provide real-time monitoring of business operations, which enables immediate identification and response to potential compliance issues. It also allows for real-time reporting, which can be particularly important in industries where timely compliance is critical.

Risk Management: By identifying compliance issues more quickly and accurately, RegTech helps businesses manage and mitigate risks. This not only helps to prevent regulatory breaches but can also protect a company’s reputation.

Scaling and Adapting to Change: As businesses grow, their regulatory obligations can become more complex. RegTech solutions can scale with the business, making it easier to handle increasing complexity. Furthermore, when regulations change, RegTech solutions can be updated more quickly than manual processes, helping businesses adapt to new requirements.

Data Security: Many RegTech solutions also incorporate advanced security measures, protecting sensitive data and reducing the risk of cyber threats.

Enhanced Customer Experience: Many RegTech solutions also improve the customer experience. For instance, digital identity verification can make onboarding faster and smoother for customers, which can boost satisfaction and retention.


History of RegTech Companies in India

Emerging Regtech Ecosystem

Regulatory Technology, or RegTech, in India has seen a rapid evolution over the past few years, particularly in the financial sector. The increasing adoption of digital technology in the financial sector, coupled with the desire to streamline regulatory compliance, has driven the growth of RegTech in India.

India has a complex regulatory environment, and traditional compliance methods can be cumbersome, expensive, and inefficient. Recognizing these challenges, a number of Indian startups have begun to develop innovative RegTech solutions. While these companies offer a wide range of products and services, they share a common goal of simplifying and automating regulatory compliance.

Here’s a brief overview of the history and development of RegTech in India:

Early 2000s – 2010: The groundwork for RegTech was laid during this period with the digitization of banking and financial services. As online banking, digital payments, and internet trading became more common, so too did the need for digital compliance solutions. However, RegTech as a distinct industry hadn’t really emerged yet.

2010 – 2015: The Indian fintech industry began to take off, fuelled by increased smartphone penetration, growth of e-commerce, and supportive government initiatives. As more transactions moved online, regulatory compliance became more complex. This period saw the beginnings of the RegTech industry in India, with startups developing solutions for digital identity verification, transaction monitoring, and risk assessment.

2016 – Present: The RegTech industry has matured considerably during this period. The Indian government’s push towards a digital economy, especially after the demonetization move in 2016, and the launch of the Aadhaar biometric ID system, created a conducive environment for RegTech growth. Companies like Signzy, IDfy, and CrediWatch have emerged as leading RegTech players in India, offering AI-based solutions for identity verification, compliance, risk management, and fraud detection.

RegTech in India has also been spurred by supportive regulatory measures from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). Both have recognized the potential of technologies like AI, machine learning, and blockchain for improving regulatory compliance, and have taken steps to encourage innovation in this space. In recent years, the RBI has even set up regulatory sandbox environments for testing new RegTech solutions.

As of now, RegTech in India is a rapidly growing field with significant potential for future development. The rising trend of digitization in financial services, coupled with the need for effective regulatory compliance, is likely to continue driving the growth of the RegTech industry in the country.

Bnenefits of RegTech Companies

RegTech Solutions Overview: Benefits, Types, & Use Cases | PixelPlex
Regulatory Technology (RegTech) companies offer numerous benefits to businesses, especially those operating in heavily regulated industries such as finance, healthcare, and technology. Here are some of the key benefits of engaging with RegTech companies:

Compliance Efficiency: RegTech solutions can automate and streamline the complex process of regulatory compliance, saving businesses significant time and effort. This enables companies to focus more on their core operations.

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Reduced Costs: Traditional compliance methods are typically labor-intensive and costly. By automating compliance tasks, RegTech can significantly reduce these costs.

Risk Mitigation: RegTech solutions can quickly identify potential compliance issues, allowing businesses to address these problems before they escalate. This can prevent regulatory breaches and mitigate the associated financial and reputational risks.

Real-time Monitoring and Reporting: Many RegTech solutions offer real-time monitoring of business operations, which can help businesses promptly identify and address potential issues. Real-time reporting capabilities can also enable businesses to meet timely compliance requirements.

Scalability: As businesses grow, their compliance requirements become more complex. RegTech solutions can easily scale to accommodate this growth, making them a cost-effective solution for growing businesses.

Improved Decision-Making: By providing comprehensive, real-time insights into a company’s compliance status, RegTech solutions can support more informed decision-making.

Data Protection: RegTech companies often use advanced data protection measures to safeguard sensitive information, which can enhance a company’s data security and help to prevent cyber threats.

Adaptability: RegTech solutions can quickly adapt to changes in the regulatory environment, ensuring businesses remain compliant even as laws and regulations evolve.

Improved Customer Experience: Some RegTech solutions, such as those that expedite client onboarding processes or make transactions more secure, can significantly enhance the customer experience.

By leveraging the capabilities of RegTech, businesses can effectively manage their regulatory compliance obligations while reducing costs and enhancing operational efficiency. This can provide a significant competitive advantage in industries where regulatory compliance is a major challenge.


Best RegTech Companies in India

All You Need to Know about RegTech in 2020 - ReadWrite

Clonect Solutions
Quant LegalTech
Phi Commerce
Pocket HRMS



Home - Signzy

Signzy is a leading RegTech company based in India that provides digital onboarding solutions. Their solutions use artificial intelligence (AI) and blockchain technology to simplify and streamline the process of customer onboarding, especially for financial institutions.

Signzy’s offerings are designed to make the Know Your Customer (KYC) process more efficient and secure. Their platform can automate KYC processes, verify customer documents, perform background checks, and assess risk. They use AI and machine learning to analyze data and provide insights, making the onboarding process faster and more accurate.

One of the key features of Signzy’s platform is its ability to detect fraud. They use AI to analyze patterns and identify suspicious activities, helping to prevent financial fraud and reduce risk for their clients.

Signzy also offers contract analysis and digital contract solutions. They use AI to analyze contracts, identify key points and potential risks, and ensure compliance with relevant regulations. This can significantly speed up the contract review process and reduce the risk of non-compliance.

Signzy has partnered with several major banks and financial institutions in India, and it’s seen as a leader in the RegTech space in the country. For the latest information, you should check the company’s website or latest news.

It’s important to note that Signzy’s solutions are not just useful for financial institutions. Any business that needs to verify the identity of its customers, assess risk, and ensure regulatory compliance can benefit from their platform.



Contact Us - IDfy

IDfy is a leading RegTech company based in Mumbai, India, specializing in the area of real-time identity verification services. IDfy provides services that cater to a wide range of sectors, with a specific focus on companies in the financial services industry.

Their technology platform combines machine learning and human intelligence to verify identities, detect fraud, assess risk, and stay compliant. Some of the key services they offer include:

Identity Verification: IDfy provides real-time identity verification services that enable companies to verify the identities of individuals or businesses quickly and accurately. This includes verifying documents like passports, national ID cards, and driving licenses.

KYC Compliance: They provide comprehensive Know Your Customer (KYC) solutions that help companies ensure compliance with regulatory requirements. They offer both Aadhaar-based eKYC and video KYC services.

Fraud Detection: IDfy’s platform uses advanced analytics to detect fraudulent patterns, helping businesses mitigate risk and prevent fraud.

Risk Assessment: IDfy offers risk assessment solutions that can identify potential risk factors associated with a particular individual or business. This helps companies make informed decisions.

Employee Background Verification: They also offer employee background verification services, helping companies mitigate hiring risks by verifying the credentials of prospective employees.

IDfy’s solutions are built with a combination of artificial intelligence and expert systems, and they have a robust API for easy integration into existing systems. They have served many large clients in the finance, sharing economy, and e-commerce sectors.


Crediwatch named an IDC Innovator for APIs in banking and financial services

Crediwatch is a Bengaluru-based RegTech company that provides AI-driven big data tools to facilitate credit and financial risk analysis. Their goal is to offer businesses, especially financial institutions, actionable intelligence to help them make informed decisions and manage risk effectively.

Here are some key features of Crediwatch’s services:

Data Insights: They provide comprehensive, real-time insights into a company’s credit and financial risks. This is done by extracting, curating, and interpreting data from over 25,000 sources, which are then used to provide predictive analytics.

AI-Driven Analysis: Crediwatch leverages artificial intelligence and machine learning technologies to assess credit risk and detect potential fraud. The AI models analyze diverse data sets, including unstructured data, to provide a more nuanced risk profile.

Dynamic Monitoring: Crediwatch allows for continuous monitoring of portfolio companies to keep track of changes that may affect their financial health or creditworthiness. This dynamic monitoring feature enables businesses to take timely action.

Automated Compliance: The platform also assists with automated compliance by using machine learning algorithms to flag potential areas of concern and non-compliance, reducing the risk of regulatory breaches.

No-Permission Data Platform: One of the unique propositions of Crediwatch is that it doesn’t rely on client-contributed data. Instead, it utilizes publicly available information to create risk and compliance reports.

Crediwatch has been serving a wide range of clients, including banks, financial institutions, and corporations, helping them with credit assessment, risk mitigation, and regulatory compliance. Their data-driven approach has made them a notable player in the RegTech space in India. Please refer to the latest resources for the most recent information about the company.

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Clonect Solutions

Internship Experience @ Clonect Solutions, Bangalore

Clonect Solutions is an India-based RegTech company that specializes in providing software solutions for Enterprise Governance, Risk Management, and Compliance (GRC) and GST compliance. The company was founded by a team with extensive experience in IT solutions for finance, taxation, and risk management.

Here are some of the key products and services offered by Clonect Solutions:

GSTSTAR: This is a comprehensive solution for Goods and Services Tax (GST) compliance. It is designed to handle various GST-related tasks, including invoice management, reconciliation, and return filing. It helps businesses manage GST compliance effectively and efficiently.

ricago GRC: This is an integrated, comprehensive suite of products covering various aspects of GRC, including compliance management, risk management, internal audit, and more. It is designed to help businesses manage their regulatory obligations and mitigate risk.

Insider Compliance Management: Clonect also offers solutions specifically designed to manage insider trading compliance as per the regulations of Securities and Exchange Board of India (SEBI).

Secretarial and Compliance Management: Clonect provides solutions that help businesses manage their corporate secretarial functions more efficiently. It includes features for task management, reminder setups, report generation, and compliance with applicable laws.

Clonect Solutions has served clients across a wide range of industries, including IT, telecommunications, manufacturing, financial services, and more. It’s recognized for its in-depth understanding of the regulatory environment and the ability to design software solutions that make compliance management simpler and more effective.

However, the RegTech space is constantly evolving, so for the most accurate, up-to-date information, I recommend checking Clonect Solutions’ official website or the latest news updates about the company.

Quant LegalTech

2nd Edition Audit World Summit and Awards 2022

Quant LegalTech is a Regulatory Technology (RegTech) company based in India that aims to automate legal and regulatory compliance for businesses. Quant’s offerings are designed to simplify the complex compliance landscape, making it easier for businesses to meet their obligations and reduce their risk.

Here are some of the key features and services provided by Quant LegalTech:

Compliance Automation: Quant LegalTech offers solutions that can automate a wide range of compliance tasks. Their platform can help businesses manage their regulatory obligations, monitor compliance, and automate reporting.

Risk Management: Quant LegalTech’s platform also includes risk management features. It can help businesses identify potential compliance risks, assess their impact, and take appropriate action to mitigate these risks.

Legal Tech Solutions: Besides regulatory compliance, Quant LegalTech also provides legal tech solutions. This includes contract lifecycle management, litigation management, and legal document analysis.

Integration: Quant LegalTech’s solutions are designed to integrate with existing business systems. This can make it easier for businesses to implement and use their compliance solutions.

Quant LegalTech has worked with a variety of clients, including businesses and legal firms, to help them navigate the complex regulatory landscape more effectively. They are known for their innovative, technology-driven solutions to the challenges of regulatory compliance.

For the most accurate, up-to-date information about Quant LegalTech and their services, I recommend visiting the company’s official website or checking the latest news updates about the company.


Perfios | SaaS cloud banking platform | Mambu

Perfios is a prominent RegTech company based in India that specializes in providing data aggregation, analytics, and visualization solutions for financial institutions, lenders, and businesses. The company’s platform offers comprehensive financial insights and helps automate financial analysis, credit assessment, and risk management processes.

Here are some key features and services offered by Perfios:

Data Aggregation: Perfios enables businesses to aggregate financial data from various sources, including bank accounts, credit cards, loans, and investments. They provide a unified view of financial data, eliminating the need for manual data entry and simplifying the data collection process.

Financial Analysis and Reporting: Perfios offers tools to analyze and visualize financial data, allowing businesses to gain deep insights into the financial health of individuals or companies. Their platform generates customizable reports, including cash flow statements, balance sheets, income statements, and financial ratios.

Credit Assessment and Risk Management: Perfios helps financial institutions and lenders automate credit assessment processes. Their platform utilizes advanced algorithms to analyze financial data, assess creditworthiness, and determine the risk associated with lending decisions.

Fraud Detection: Perfios leverages AI and machine learning to identify potential fraud patterns and suspicious financial activities. This helps businesses mitigate the risk of fraud and make informed decisions.

Compliance and Regulatory Reporting: Perfios aids in compliance with regulatory requirements by automating the generation of regulatory reports. Their platform assists with compliance-related activities such as Anti-Money Laundering (AML) and Know Your Customer (KYC) checks.

Perfios has a wide customer base, including banks, non-banking financial institutions (NBFCs), lending platforms, wealth management firms, and other businesses that require efficient financial analysis and risk management solutions.

It’s always a good idea to visit the Perfios website or refer to the latest news updates for the most current information about the company and its services.



Insurtech startup Riskcovry gets $5 million in Series A funding | Omidyar  Network India

Riskcovry is a RegTech company based in India that specializes in providing compliance and risk management solutions. Their platform offers a comprehensive “compliance-as-a-service” model, assisting businesses in managing their regulatory and compliance risks effectively.

Here are some key features and services offered by Riskcovry:

Risk Assessment and Management: Riskcovry helps businesses identify and assess potential risks across various domains, including regulatory compliance, data privacy, cybersecurity, and operational risks. Their platform enables businesses to proactively manage and mitigate these risks.

Regulatory Compliance: Riskcovry assists businesses in ensuring compliance with applicable laws and regulations. Their platform helps monitor regulatory changes, assess the impact on business operations, and implement necessary compliance measures.

Automated Compliance Workflows: Riskcovry’s platform streamlines compliance workflows by automating processes such as policy creation, employee training, compliance audits, and documentation management. This helps businesses save time, reduce human error, and ensure consistent compliance practices.

Risk Reporting and Analytics: Riskcovry provides comprehensive reporting and analytics capabilities, enabling businesses to generate risk reports, track compliance metrics, and gain actionable insights into their risk profile. This supports informed decision-making and continuous improvement of compliance programs.

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Third-Party Risk Management: Riskcovry helps businesses manage the risks associated with their third-party relationships. Their platform facilitates due diligence, vendor risk assessments, contract management, and ongoing monitoring of third-party compliance.

Riskcovry caters to various industries, including banking, insurance, fintech, healthcare, and e-commerce, where regulatory compliance and risk management are critical. By leveraging Riskcovry’s solutions, businesses can enhance their compliance processes, reduce regulatory risk, and improve overall operational resilience.

For the most up-to-date and accurate information, I recommend visiting the Riskcovry website or referring to the latest news updates about the company.

Phi Commerce

Phi Commerce Pvt Ltd - Crunchbase Company Profile & Funding

Phi Commerce is a RegTech company based in India that provides innovative payment solutions and services, particularly focusing on the Aadhaar Enabled Payment System (AEPS). AEPS is a government-backed system that enables secure and convenient financial transactions using Aadhaar, India’s unique biometric identification system.

Here are some key features and services offered by Phi Commerce:

Aadhaar Enabled Payment System (AEPS): Phi Commerce specializes in providing AEPS solutions. Their platform enables businesses to offer secure and frictionless payment services using Aadhaar biometric authentication. This includes services like cash withdrawal, balance inquiry, and fund transfers.

Digital Payments and Banking: Phi Commerce offers digital payment solutions that help businesses facilitate online and mobile payments. They provide payment gateway services, e-commerce integrations, and mobile banking solutions.

Fraud Detection and Risk Management: Phi Commerce incorporates advanced fraud detection and risk management mechanisms into their payment solutions. Their systems use real-time analytics to identify and prevent fraudulent activities, enhancing security for businesses and customers.

Transaction Processing and Settlement: Phi Commerce provides transaction processing and settlement services to businesses, ensuring timely and accurate handling of payment transactions.

Data Security and Compliance: Phi Commerce places a strong emphasis on data security and compliance with regulatory requirements. They implement robust security measures to protect sensitive customer information and ensure adherence to relevant data protection standards.

Phi Commerce serves a range of industries, including banking, e-commerce, financial services, and retail. Their solutions are designed to simplify payments, enhance security, and enable seamless digital transactions, contributing to the growth of digital financial inclusion in India.

It’s important to note that the RegTech landscape is dynamic, and the services offered by Phi Commerce may evolve over time. For the most accurate and up-to-date information, it’s advisable to visit the Phi Commerce website or refer to the latest news updates about the company.


MindBridge - A global leader in financial risk discovery and anomaly  detection

Mindbridge is a RegTech company that specializes in providing AI-powered solutions for financial compliance and risk management. Their platform leverages advanced analytics and machine learning algorithms to help auditors and financial organizations uncover anomalies and patterns in financial data, detect potential risks, and enhance overall compliance.

Here are some key features and services offered by Mindbridge:

AI-Powered Auditing: Mindbridge uses AI and machine learning to analyze large volumes of financial data and identify anomalies, potential errors, or suspicious transactions. Their platform assists auditors in conducting more comprehensive and efficient audits.

Fraud Detection: Mindbridge’s AI algorithms are designed to detect patterns indicative of fraudulent activities. By analyzing financial data, the platform can identify unusual transactions or patterns that may suggest fraud, enabling early detection and mitigation.

Risk Assessment: Mindbridge’s solution includes risk assessment capabilities. By analyzing financial data, the platform can identify potential risks and provide insights to help businesses make informed risk management decisions.

Continuous Monitoring: Mindbridge offers real-time or near-real-time monitoring of financial data, allowing for ongoing assessment and detection of potential compliance issues, errors, or anomalies.

Data Visualization and Reporting: Mindbridge provides intuitive data visualization tools and reporting capabilities to present insights in a clear and actionable manner. This helps auditors and organizations understand complex financial data and make informed decisions.

Mindbridge’s solutions are designed to assist auditors, financial institutions, and organizations in improving their compliance processes, identifying potential risks, and enhancing overall financial management and governance.

To obtain the most up-to-date and accurate information about Mindbridge and their services, I recommend visiting their official website or referring to the latest news updates about the company.


Pocket HRMS

Pocket HRMS is an Indian RegTech company that offers comprehensive human resources management solutions to businesses. Their platform combines HR management functionalities with compliance features to help businesses efficiently manage their HR processes while ensuring regulatory compliance.

Here are some key features and services offered by Pocket HRMS:

Payroll Management: Pocket HRMS provides payroll management solutions that automate the calculation of employee salaries, tax deductions, and other payroll-related processes. This helps businesses ensure accurate and timely payroll processing while complying with tax and labor regulations.

Employee Self-Service: The platform offers employee self-service portals where employees can access and manage their personal information, apply for leave, view pay slips, and perform other self-service tasks. This empowers employees and reduces administrative burden for HR teams.

Attendance and Leave Management: Pocket HRMS enables businesses to track employee attendance, manage leaves, and generate attendance reports. This helps ensure compliance with labor regulations and facilitates accurate record-keeping.

Compliance Management: Pocket HRMS includes compliance management features that assist businesses in adhering to various labor laws, tax regulations, and statutory requirements. This may include features for maintaining records, generating compliance reports, and staying updated on regulatory changes.

Performance Management: The platform offers performance management modules that enable businesses to set performance goals, conduct performance evaluations, and provide feedback to employees. This can support performance monitoring and compliance with performance management processes.

Pocket HRMS caters to businesses of various sizes and industries, offering them a unified platform to streamline their HR processes and ensure compliance with HR-related regulations. By automating HR tasks and facilitating compliance management, Pocket HRMS aims to enhance operational efficiency and mitigate HR-related risks.

For the most up-to-date and accurate information about Pocket HRMS and their services, I recommend visiting their official website or referring to the latest news updates about the company.


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