Regtech to the United Kingdom
Eligible businesses can apply for free support to export regtech products and services to the United Kingdom. Applications have closed.
May 2022 to October 2022
Regtech Summit, London, 4 October 2022
Why this market
The United Kingdom is the world’s second largest regtech hub with multiple industries driving regtech adoption.
The vast majority of large financial services firms in the UK either already purchase regtech solutions or plan to purchase them by 2023. Other regulated industries that are increasingly buying regtech in the UK include government, the legal sector, healthcare and energy.
Buyers are seeking technologies that can help them more efficiently manage their compliance with complex and evolving regulation, and free up their time to focus on core business activities.
Furthermore, mandatory Environmental Social and Corporate Governance (ESG) reporting requirements coming into force in April this year are driving further interest in regtech solutions that streamline and simplify reporting.
The Australia-UK Free Trade Agreement drives deeper collaboration between regulators in areas such as financial services and trade of emerging technologies. This regulatory cooperation may make it even simpler for regtechs to apply their solutions across both markets in the future.
Participation requirements and success factors
Eligibility for the overall Program
- Have headquarters in NSW
- Be export-capable and export-ready
- Have a valid ABN (Australian Business Number) registered for NSW
- Have a commercial product or service
- Have a website featuring the product or service
- Be prepared to adapt the product or service for the market
- Have a product or service that is produced primarily in NSW
- Be willing to travel to Sydney for events and to the selected market (where and when COVID-19 restrictions permit travel), and must cover their own travel expenses
- Not be considered a trader (meaning the program is for businesses that produce and add value in NSW)
Additional eligibility requirements for this stream
- Number of full-time equivalent (FTE) employees between 5 and 199
- Market-ready product or service
The ideal participant
- Well-resourced for expansion
- Some customers or qualified leads in the UK
- Unique and innovative regtech product
- Compelling proposition for market
- Awareness of competitors
- Is willing to commit to the United Kingdom for the long-term
Some profiles do not fit in this program
- No customers and/or not earning money yet
- No plans to sell into the UK within next 12 months
- 2020–21 Going Global Export Program “Tech to UK” participants
- 2021-22 Going Global “Fintech to UK” and “Medtech to UK” participants
Market intelligence briefings and cultural training
- Doing business in the UK, including culture, etiquette and costs
- The UK regtech landscape
- The Australia-UK Free Trade Agreement
- Subsector-specific opportunities in the UK
- Finding the right channels to market
- UK specific pitch deck development
- Feedback from in-market experts
Go-to-market strategy development
- Customised go-to-market strategic advice
- Education on competitor analysis, user research and testing, team building, budgeting, and sales and marketing
- Product deep dives and customer needs analysis
Industry opportunities, potential partner introductions and business matching
- Targeted 1:1 business matching, e.g. introductions to potential business partners, customers and investors
- Mentoring with UK industry leaders and Australian executives that have expanded business into the UK
- Ongoing support provided by a dedicated NSW Government Export Adviser
Applications closed on Sunday 17 April 2022.