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.