The RegTech Association has officially launched in Australia and is aiming to aid the regulation technology sector just like fintech is changing financial services.
According to a report from Finder, the Association will promote good corporate practice in compliance management and boost regulatory compliance outcomes.
Matt Symons, co-founder of Red Marker and RegTech Association director, said that the Association is looking forward to aiding partnerships between several Australian financial services stakeholders who they believe could utilize the technology and those creating regtech companies.
He said:
We hope that by bringing them together we can create a bit of an ecosystem in Australia around regtech.
Close Working Relationship with FinTech
Fintech investment in Australia increased in 2016 while the rest of the globe saw a decrease in funding. In a report from KPMG, last year saw total fintech investment amount to $US656 million across 25 deals compared to $US185 million across 23 deals in 2015.
Such news demonstrates Australia’s commitment to helping bring fintech into the mainstream and help improve financial inclusion, which can systematically boost the performance of the economy.
It’s only natural, then, that the RegTech Association is planning on working close with Fintech Australia to help develop the system.
Symons added:
We think of ourselves as a sort of little sister of the fintech association. We’re aiming to take a subset of the fintech space which is around regulatory technology and risk management technologies and really promote the specific adoption of those.
Earlier this month, The Department for International Trade (DIT), the UK’s sole government department that negotiates to strike or extend trade agreements between the UK and non-EU states, sent eleven U.K. companies to Australia to promote fintech opportunities in the nation and New Zealand.
Over the five-day trade delegation, regtech was one of the areas that had a particular focus with blockchain technology and insurance technology (insurtech) key emerging fields in the fintech space too.
Australia Advances in FinTech
Australia has been illustrating that it has what it takes to be the number one location for fintech startups to establish themselves.
Only last year the nation was recognized as a world leader in the sector with nine companies listed in the FinTech 100 list.
Known for its positive reception for new firms to grow, Australia has been pushing the fintech agenda, which is changing how the finance sector operates, presenting challenges and opportunities. And yet, it’s clear that the growth of the fintech industry is one of Australia’s main priorities, which is evident through its Innovation Hub that works with financial technology startups that are working with regulators.
Now, with the establishment of the RegTech Association, the country is set to become a leader in both industries. Other nations that may be slow to get on board will soon be left behind, helping to set Australia apart from its competitors in the fintech race.
Featured image from Shutterstock.
