Innovate Finance has formed a new partnership with data platform The Data City to develop a Real-Time Industry Classification (RTIC) for the UK RegTech market.

The Data City’s RTICs are the company’s solution for inaccurate SIC codes and out-of-date industry data.

The AI-powered tool aims to provide precise insights into sectors like FinTech, CleanTech, and other emerging industries.

The RegTech RTIC will group companies based on how they describe themselves on their websites, helping to build a real-time picture of what the sector looks like and who’s in it.

The new dataset will be published in The Data City’s platform and supported by a publicly available report.

The move comes as figures from Fortune Business Insights show that the global RegTech market was valued at $12.8 billion in 2023, with it expected to grow to $85.9 billion by 2032.

Innovate Finance said that the project will provide the government, investors and the wider ecosystem with valuable insights.

The partnership sees The Data City join both Innovate Finance and its newly launched RegTech UK initiative as a member and official data partner.

Alex Craven, co-founder and chief executive of The Data City, has also been appointed to the RegTech UK Advisory Board to support the initiative with data-driven insight and strategic input.

Launched by Innovate Finance in 2025, RegTech UK is a new membership programme created to support RegTech companies in the UK.

Innovate Finance says that the programme's goal is to make the UK the global leader in regulatory and compliance technology, an increasingly vital area for financial services as regulation becomes more complex and technology-led solutions become essential.

The partnership also aligns with the UK Government’s Industrial Strategy, which identifies financial services as one of eight priority sectors for growth.

The strategy commits to cutting the cost of regulation by 25 per cent, streamlining oversight, and using the new Regulatory Innovation Office to clear the path to market for innovative firms.

"RegTech is one of the most exciting sectors within financial innovation today and there is a huge opportunity for the UK to be the world leader," said Janine Hirt, chief executive, Innovate Finance. "Our partnership with The Data City will give us the tools to better understand the sector, champion its growth, and ensure the UK continues to lead the world in regulatory innovation and compliance technology."

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