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5 RegTechs enhancing compliance for India’s BFSI sector

By Gloria Mathias

June 12, 2024

  • Banking
  • BFSI
  • Compliance Risk

REgTech, Regulatory technology, Financial Solutions, BFSI, Fintech News, Fintech Solutions, RegTech, or regulatory-technology, plays a crucial role in the financial space by streamlining compliance processes, reducing costs, and enhancing the accuracy and efficiency of regulatory adherence.

Financial institutions face an increasingly complex regulatory environment with stringent requirements for data reporting, customer verification, anti-money laundering (AML) measures, and risk management. RegTech solutions leverage advanced technologies such as artificial intelligence (AI), machine learning (ML), and blockchain to automate these processes, enabling real-time monitoring and reporting, which significantly reduces the manual workload and mitigates the risk of human error.

As reported by IBS Intelligence, the RegTech market is expected to reach $23.6 billion by 2029, growing at a CAGR of 16.5%, according to the report based on meticulous research. The growing number of fraudulent activities, the increasing need for regulatory compliance processes to be automated, and the increasing need for faster transactions are driving the growth of the RegTech market. However, the high costs of solutions and dashboards restrain the growth of this market.

Listed below are 5 RegTechs streamlining the BFSI sector in India:

Digio provides digital solutions for paperless transactions, including Aadhaar-based eSign, eKYC, and eNACH services. Their platform facilitates electronic signatures, digital identity verification, and automated recurring payments, enhancing compliance and operational efficiency for businesses. Digio’s services aim to streamline digital onboarding and transaction processes, ensuring secure and seamless user experiences.

Novel Patterns specializes in using big data and AI to improve business operations and insights. They offer solutions for asset management, FinTech, risk management, and interaction analytics. Their services include AI-driven image analytics, RPA with AI and cloud services, and domain-specific solutions for healthcare, traffic management, security, and more. They cater to industries such as banking, healthcare, manufacturing, insurance, telecom, and government services.

VersifyApps specializes in empowering banks and financial institutions with digital platforms. Their products and solutions are designed to reflect a digital-first approach, aiming to enhance the digital presence and capabilities of their clients in the financial sector. Their platform aims to empower users to create mobile apps quickly and efficiently without the need for programming knowledge.

Veri5Digital is a provider of identity verification and digital onboarding solutions in India. Their services include KYC processes such as Aadhaar eKYC, Video KYC, and Digital KYC. They also offer solutions like eSign for digital signatures, eNACH for automating recurring payments, Aadhaar Data Vault, and various verification APIs. Their platform is designed for compliance with regulatory requirements and integrates AI for high accuracy. offers a suite of APIs to streamline enterprise user onboarding. Their real-time ID verification, digital KYC, document OCR, and other APIs help businesses in banking, finance, insurance, and more industries. They provide quick partner onboarding, with integration possible within an hour of contact. Their APIs cover ID verification (Aadhaar, PAN, etc.), merchant verification, asset verification, OCR for documents, and user onboarding functionalities like bank account verification and video KYC.

Also read: Cybersecurity in Financial Services Report Q2 2024

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