Global money transfer and payments specialist hosts 16 UK RegTech leaders during FinTech Week NYC
The unique session will provide a platform for collaborative discussion on the advancement of trade, the changing regulatory environment, and the role of compliance in international business. It is part of a week-long DIT trade mission, the first of its kind, to New York’s Empire Start-ups FinTech Week and forms part of the UK Government’s ‘Innovation is GREAT’ campaign. The campaign aims to inspire more global businesses to take advantage of the UK’s leading capabilities in the technology and innovation sector.
‘RegTech’, which refers to a group of companies that use technology to help businesses comply with regulations, has been on the increase in the years since the 2008 financial crisis as more technology-driven products to enhance the customer experience and engagement are sought after by financial institutions.
International Trade Minister, Mark Garnier, said: “UK firms are leading the way in finding innovative technology solutions to help businesses comply with regulation. Following hot on the heels of the UK-India FinTech conference in Mumbai and the International FinTech conference in London, my department is working with Western Union to ensure the UK is well represented at RegTech in New York and together we will ensure UK tech companies take advantage of the global opportunities in this growing sector.”
The collaboration comes at a time when regulation, compliance and global trade are of a key focus for small to medium businesses on both sides of the Atlantic. The recent Western Union International Trade Monitor* revealed nearly a third (30%) of UK SMEs, and nearly a fifth (18%) of US SMEs are concerned about the impact of changing international regulation and compliance.
The research also highlighted that in light of the EU referendum, while businesses showed little sign of increasing their company’s international operations, over 80% of UK SMEs are placing an increased focus on international vendors and supply chains, emphasizing the shift towards global trade partnerships rather than a direct physical presence abroad.
Kerry Agiasotis, President at Western Union Business Solutions said, “In an ever changing regulatory landscape, the role of compliance has never been more important. As world leaders in technology and innovation, this trade mission is a fantastic opportunity for US firms to learn from some of the UK RegTech industry’s brightest minds. This initiative, in addition to our new ‘WU® EDGE’ platform, demonstrates our dedication to providing SMEs with the tools necessary to engage with global trade.”
Western Union Business Solutions is one of several other financial companies including the five major banks – Barclays, HSBC, Lloyds, RBS and Santander, and four consultancies – EY, KPMG, Deloitte and PwC, who are all helping potential exporters make the most of international trade opportunities through a partnership with the Department for International Trade.
The 16 RegTech companies on the Department for International Trade mission are: Ancoa, ClauseMatch, ComplyAdvantage, CoVi Analytics, Encompass Corporation, Enforcd, FSCom Ltd, FundApps, Funds-Axis, Novastone Media, Onfido, Percentile, Privitar, Suade, Sybenetix, Trading Hub
The fieldwork for the fifth round of the USA International Trade Monitor was independently conducted by East and Partners among 1,107 US SME businesses over a five week period ending 26 August 2016.
Research and analysis for the UK International Trade Monitor was independently conducted by East and Partners among 1,113 UK SME businesses over a seven week period up to 26 August 2016.
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of December 31, 2016, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 550,000 Agent locations in 200 countries and territories and over 100,000 ATMs and kiosks, and included the capability to send money to billions of accounts. In 2016, The Western Union Company completed 268 million consumer-to-consumer transactions worldwide, moving $80 billion of principal between consumers, and 523 million business payments. For more information, visit www.westernunion.com.
Western Union Business Solutions enables companies of all sizes to send and receive international payments and manage global cash flow, creating unique solutions tailored to suit their individual needs. It is a business unit of The Western Union Company (NYSE: WU), a leading nonbank provider of cross border payments, which offers Business Solutions services in over 30 countries. Clients are supported by a network of trading offices, strategic banking relationships and a global clearing network and can send cross-border foreign exchange payments in more than 130 currencies.
The Department for International Trade has overall responsibility for promoting UK trade across the world and attracting foreign investment to our shores.
www.great.gov.uk is the new single digital destination for trade and investment, bringing together and connecting UK businesses, international buyers and international investors. Whether businesses are new, occasional or frequent exporters, they will be able to take advantage of the new suite of tools and exclusive deals on fees or commissions with some of world’s leading online marketplaces.
By registering with the find a buyer service, businesses will become part of a brand new searchable directory of UK exporters which government will use to match their products and services with worldwide demand. A new tool on great.gov.uk will help businesses access the best e-commerce opportunities via preferential deals with the world’s largest online marketplaces.