FINANCE - FINTECH

Finance and regulatory 

Three Luxembourg companies in RegTech100 list



Companies on the list are chosen for their innovation and tech that provide solutions to the industry.  Photo: Shutterstock

Companies on the list are chosen for their innovation and tech that provide solutions to the industry.  Photo: Shutterstock

For the fifth consecutive year, 100 tech companies worldwide have been chosen to be featured for their innovative solutions in compliance, data protection, risk management and fight against financial crimes. Three Luxembourg-based tech solution providers made the selection.

Luxhub, governance.com and ScoreChain, three Luxembourg-based companies, scored a rank in the list.

The innovation and significance of the tech solution provided, the growth of the company, the potential savings they could generate for partners, and their importance for finance institutions; these were the criteria a panel of industry experts used to select the world’s 100 best regtech companies.

Among those companies that, according to the official RechTech100 statement, will “help senior management and compliance professionals evaluate which digital solutions have market potential and are most likely to succeed and have a lasting impact on the industry,” are three Luxembourg-based companies.

The first, Luxhub, is a fintech that focuses on open banking. It offers banks “PSD2 compliance-related services, secure communicaton and APIs-as-a-gateway for receiving and granting access to payment accounts for third-party providers,” as it explains in a press release. Landing a spot on the list for the second time in a row, the company aims to push the adoption of Open Banking in all of Europe, as a start.

Targeting the asset management sector, governance.com was also awarded a rank for “helping to estavlish safer and more efficient financial markets” through a low-code technology that offers “smart automated solutions for client lifecycle management, corporate governance, risk management, compliance and other digital operation.” The RegTech100 list argues that this technology enables important cost savings and operations that are compliant with regulations.

Lastly, ScoreChain, whose aim is to support companies in managing Blockchains containing their digital asserts, landed a position in the list. Offering training and analysis on Blockchains, the company, described by RegTech100 as a “leader in crypto compliance” was remarked for its constant innovation and proactive behaviour that puts it at the forefront of cryptocurrency regulation.

The companies were among 1,200 applicants advertising their innovation in the tech and compliance sector.