Australia stands at the brink of global regulatory revolution - where technology will enable corporates to automatically comply, monitor and respond to financial regulation.
The RegTech Association has launched today the first phase of their research that provides a snapshot of their RegTech firms as at November 2019, tracks what the solutions are, who the current customers are, where there is most traction and importantly where their capital is sourced.
Download the Report here. Download the press release here.
All media enquiries to Kelly Bernardi
The RegTech industry in Australia has seen explosive growth and now government is looking to the opportunities. Read more.
Scientia Professor Ross Buckley, KPMG Law - KWM Professor Disruptive Innovation, UNSW and Deborah Young CEO of The RegTech Association (Australia).
"RegTech is the next inevitable evolution of regulation. It’s time that top decision-makers across regulated sectors seized this opportunity – as a means to jump start the economy and to rebuild trust in our institutions.
The next two years will be crucial in determining which markets generate the RegTech solutions that will inevitably underpin global financial services going forward."
The RTA is hoping to help address this issue by creating more dialogue and interaction between RegTech firms and the banks. “More work needs to be done to shorten the sales cycle and for banks to onboard products more quickly,” says Deborah Young. https://bit.ly/2OyEZxk
RTA member Verifier has been selected to take part in a pilot program for Australia’s Open Banking regime, the first test of the new Consumer Data Right.
The cohort will be working with Australia’s biggest banks to begin testing the sharing and integration of financial data in the lead up to Open Banking’s official launch in February.
Our relationship with Microsoft goes from strength to strength.
As our first major tech partner, we are thrilled to announce a new significant platinum partnership that will see Microsoft support The RegTech Association over a number of significant activities into next year.
We have strengthened the community and offered boundless opportunities for innovation and collaboration across the eco-system.
A committee is to be set up for FinTech and RegTech as the Government seeks to recognise the importance that our industry will play in the future of regulation, compliance and our economy overall. We welcome this step and will keep members informed on progression. https://bit.ly/2kIcn8d
Congratulations to RTA CEO Deborah Young for being named one of The Australian Financial Review 100 Women of Influence 2019.
833 entries were received this year and this accolade recognises Deborah's outstanding achievements.For the past two years Deb has worked tirelessly to elevate the RegTech conversation and increase engagement across the ecosystem to reduce the time to value and ultimately, restore community trust.
Congratulations also to the 99 women Deb is keeping great company with – champions of reinvention who are leading the charge for a more equal, more diverse and vibrant society.
Read the story here.
"The need for evidence based research for RegTech is paramount. To understand the breadth, size and growth of what is now a thriving, global industry is key in setting the cornerstone for trust, efficiency and productivity across not only financial services but all regulated industry verticals. The RegTech Association is pleased to have been able to support this global data collection exercise by CCAF and EY Japan." Deborah Young, The RegTech Association CEO.
See the press release
Press Release for Global RegTech Benchmarking Report (1).pdf
Download the report.
At yesterday's Institute of Public Administration Q&A, Prime Minister Scott Morrison spoke about how RegTech technology could demystify the regulatory process of all three layers of Australian government. https://zd.net/2Hez4ZW
Australia is number 3 in the world behind the US and UK in terms of the concentration of RegTech product development. When combined with commitment and investment that puts us in a great position to showcase RegTech as a win for consumers and for the entire eco-system, bringing transparency, productivity, efficiency, safety and trust.
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