The World Bank partnered with CCAF to jointly publish this contemporary report on the pandemic impacts on global FinTech and RegTech. We were pleased to contribute. Read more.
Artificial Intelligence (AI) is reshaping the competitive landscape across all sectors of the economy, bringing significant business and societal benefits as well as emerging risks to people.
Recent research by the University of Queensland and KPMG shows that trust in AI is currently low in Australia. Concerns including privacy violations, unintended bias and inaccurate outcomes as well as recent high profile scandals have further reduced public trust in this technology.
Read more here.
New analysis shows Australia’s local RegTech industry is the third largest in the world. However, Australia’s local industry attracts just 1 per cent of global equity funding, with investment falling by 50 per cent since 2018.
The RegTech Association recommend the establishment of new funding pools, including diverting a portion of the fines and penalties levied against regulated industries to support local RegTech companies to develop new solutions to improve compliance.
Read the media release here.
Download a copy of the report here
Government announces today a number of measures to boost Australia's digital commitment. Read more.
Federal Government announced an $800million boost into digital to ease regulatory burdens, help FinTechs scale and help Government adopt more RegTech. Read more.
Global RegTech firm, Arctic Intelligence, recognises the importance of data sovereignty for its clients. The latest release of Arctic Intelligence’s cloud-based risk assessment solution, Risk Assessment Platform (RAP), now includes global architecture that ensures client data resides in a data store within their selected region. This enhancement comes into effect 9 September 2020 and addresses concerns across the globe in meeting privacy regulations within the country of origin.
Darren Cade, Chief Operating Officer, states, “To put it simply, this enhancement means that Arctic Intelligence will not need to set up separate environments in different parts of the world”.
Arctic Intelligence is ISO270001 certified for Information Security and together with the data sovereignty enhancement, it means more clients can leverage the convenience of a cloud-based RegTech solution without the concern of off-shore data. It removes the need to install software in their own environment. The new architecture includes:
- a single entry point for global clients to the Arctic Intelligence cloud platform
- a single user account across multiple regions
- support for regional databases
- a central hub for replicating non-sensitive data such as templates
Cade adds, “If a client registers in a particular region, all of the client specific data and information, such as their financial crime risk assessments, is stored in the relevant regional database. We believe this to be market-leading architecture that will provide great benefit to all of our clients globally”.
Arctic Intelligence believes that in order to combat the perils of money laundering, terrorist financing and other financial crimes, it is important to combine a standardised risk-based approach and the use of technology.
A new research piece commissioned by UK-based RegTech Recordsure is exploring the enablers and inhibitors of innovation amongst wealth and financial management firms in a Covid world.
As markets, regulations and consumer behaviours shift, there is an irony that increased digitisation is needed more than ever, yet innovating is made difficult as organisations grapple with the disruption brought about by the pandemic.
Against this backdrop, the impact on the wealth management and financial advice sector is yet to be fully realised. With a client base rich in entrepreneurs whose own financial wealth is heavily dependent on the high street, the knock-on effects to the industry could be significant.
As pressure grows on firms to demonstrate value to clients despite the disruption forced on them by Covid, digitisation has been accelerated across the industry. Change is far from over though. As the industry adapts, market players will be fighting for the same, albeit, diminished share of wallet, and must think on their feet to stay in the game.
With old challenges like risk management and quality assurance only made more difficult through remote working, the whitepaper explores the barriers preventing digital progression as well as the enablers for innovation within the industry.
Some of the sector’s longest-standing and most pioneering businesses, disruptors and forces for change have contributed their insights to the whitepaper including industry heavyweights from Standard Life, Close Brothers, The Wisdom Council, Arbuthnot Latham & Co, Heronsgate Capital, Money Honey, Wealth Dynamix and TCC.
The whitepaper ‘Time Trials: Unlocking efficiencies in wealth and financial management’ is available to download here: https://recordsure.com/whitepaper/time-trials
The RegTech Association (RTA) welcomes the Interim Report by the Senate Select Committee on FinTech and RegTech released on 2 September 2020. The RegTech Association submitted responses and appeared twice to give evidence to the Committee in February 2020 and the second hearing to address the pandemic impacts to the industry in July 2020.
Full RTA media release is here.
Senate Committee Interim Report
Deborah Young, CEO of the RegTech Association sees the recommendations made by the Committee as a great step forward in recognising that RegTech can be a significant export for Australia and that there’s more investment required to assist the industry in reaching its full potential.
Deborah said today, “Australia is ranked third in terms of global RegTech centres of excellence – and can deliver value throughout the Australian economy – from small business through to the largest corporate through to export dollars – but this is hampered by the fact that investor interest is limited. Inviting investment from superannuation was a welcome recommendation to bridge the investment gap that is holding RegTech back. BCG estimates Australian RegTechs have access to less than 1% of the global pool of funding for RegTech. ” Young adds, “Having Government helping to break down procurement barriers is a significant recommendation too, as it would cut the time to value for Government buyers – accelerating delivery of RegTech to our community.”
Referencing Ms. Kate Carnell from the Small Business and Family Enterprise Ombudsman, “RegTech is a real opportunity to make it easier and simpler for small businesses to cut the red tape and to get on with running their businesses” and furthermore that “Government procurement for RegTech solutions is particularly important during this economic downturn”. The RTA would welcome more reflection on that.
This opportunity is now closed.
Thank you for your interest - if you have any questions
reach out to us at firstname.lastname@example.org.
The RegTech Association is working in collaboration with our member, NAB, to identify RegTech solutions that support the following areas of internal focus.
We are inviting #RegTech member vendors to submit their expression of interest to present in a virtual event to be facilitated by the RegTech Association in September or October (dates TBC) and over two sessions. Expessions of interest are due in by COB Monday, 31 August, 2020.
1. Regulatory Change and Conduct Risk
2. Compliance – Data Driven Insights
APPLY TO PRESENT TO NAB HERE
Not a member? You can join here or reach out to the RTA via email.
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