India's potential in RegTech and LegalTech

India’s Hidden Edge: Becoming a Global Hub for RegTech & LegalTech

India is quietly emerging as a powerhouse for RegTech and LegalTech, driven by its tech talent, deep domain knowledge, and cost advantage. Already, global sectors like banking, insurance, pharmaceuticals, and e-commerce are outsourcing KYC/AML, compliance monitoring, identity verification, and contract reviews to Indian teams—work that demands precision, legal nuance, and technical rigour.

RegTechs Already Winning Work from Abroad

India’s RegTech market is exploding—anticipated to reach US $354.7 million in 2024 and scale past US $1 billion by 2029, at a CAGR of ~24%.
Key players like Digio, FinBox, IDfy, HyperVerge, and EPS are leading the charge, offering AI-driven KYC/AML automation, fraud detection, eSign, and digital onboarding to global customers.
India’s RegTech zone is also home to over 365 startups, many focusing on multilingual compliance, legacy-system integration, and localised regulatory workflows.
And the standards are rising: the first RegTech Code of Conduct, drafted by FACE (recognized by RBI), aims to standardise ethical, transparent RegTech practices nationwide.

LegalTech: Accelerating with AI & Structured Automation

India’s legal-tech evolution is more research-driven but highly promising. Projects like VidhikDastaavej and NyayaShilp—an AI-powered, structured legal-document generator with a human-in-the-loop interface—are enhancing accuracy and coherence in legal drafting.
Meanwhile, leading global publications spotlight trends such as AI-powered document automation, predictive justice, and multimodal document review, signaling rapid acceleration in LegalTech applications.

Emerging Hotspots: What Trends Should You Watch?

• GDPR / DORA / NIS2 / MiFID II compliance automation

• AI governance models & audit-ready compliance frameworks

• ESG regulatory reporting

• AI-driven contract analysis and smart contracts

• Cross-border IP & litigation analytics

These are not distant aspirations—they're current headlines and tech imperatives across global boardrooms.

Why a “First-Contact Handshake” Matters—Especially for Promot Technologies

In domains where mistakes cost millions, trust begins at the very first touchpoint. That’s why India’s next leap should be built on standardized, outcome-based handshakes between offshore buyers and providers.

For instance, Promot Technologies, the core tech arm of S.K. Agri-Tech Pvt. Ltd., champions this handshake:

• Launch a mini compliance sprint or test case (say, a GDPR checklist or contract clause review).

• Co-design audit frameworks and deliverables.

• Validate real-time accuracy, formatting, turnaround.

• Embed mutual expectations in workflows early on.

This handshake builds confidence faster than resumes ever could. It signals readiness, reliability, and compliance-first thinking—essential in RegTech and LegalTech.

If India can scale its talent, standardise service delivery, and formalise handshake-driven onboarding, it won’t just be a cost arbitrage—it’ll become the trusted compliance and legal-tech engine of the world.