RegTech in Australia
RegTech in Australia – doing the work to deliver on the promise
It’s been a tough year on matters on compliance, and it’s clear that the community, the regulators and the regulated entities want to see tech deliver the goods. With the regulators actively engaging with regulated entities and RegTechs alike with sandboxes, showcase demo days – not to mention buying RegTech themselves (otherwise known as “suptech”), there’s never been a better time for RegTechs to showcase what they do best – solve compliance and regulatory challenges.
But, on the ground the going is tough.
There are still problems in implementing and accelerating RegTech. We are starting to see some movement from corporate firms with innovation labs and more user-friendly approaches, but there is still more work to be done.
Challenges exist around technology onboarding, procurement, IT security, expectations of free proof of concepts, misalignment of operating systems between startups/smaller tech companies and large and very complex regulated entity firms. At a recent ASIC RegTech Liaison meeting in Sydney, an industry panel discussed the need for sellers and buyers of RegTech to gain deeper insights from one another and the need to drive these harder discussions to breakthrough.
The RegTech Association’s role is solving the information gaps that are holding the market back.
The RegTech Association was established 2017 as a non-profit with a singular commitment to accelerating the adoption of RegTech and positioning Australia and the wider APAC region as a centre for excellence. Our initiatives led by industry for industry have continued to gain momentum and to the challenges outlined earlier, we see a breakthrough on the way.
The RegTech Association’s Approach – enable the right conversations and solve the challenges in the trenches!
We believe that the common issues should be tackled head on, focused around key problem statements in a specific topic area (like AML). What are the difficulties being faced by regulated entities in implementing robust AML programs? What technology is answering the call? How do we bring the stakeholders together in a single conversation to discuss and see the opportunities? Do these large and complex organisations have a strategic imperative to drive the uptick required? Can RegTechs match them in the procurement trenches? Or is it time for a fast track procurement model?
It all starts with the ability to have the challenging conversation, in a safe environment.
Creating safe places for discussion, taking the hard conversations, breaking down the barriers will be par for the course in the RegTech AML Boot Camp, designed for the industry by the industry and attended by banks and other regulated entities. Led by industry practitioners from AUSTRAC, The RegTech Association, Quantexa, OFX and Deloitte, the format promises to be a game changer. Great RegTechs will be ready to tailor demos to real problem statements, and regulated entities will hear case studies and participate in a RegTech ready tool kit workshop.
Our first boot camp. AML. What use case should we tackle next?
This platform of a boot camp is being met with much enthusiasm from other industries including government and the energy sector. The sky’s the limit. Action. Impact. We can’t wait to hear from our members and the wider industry about where the pain is and where we need a boot camp intervention!
Deborah Young is the CEO of The RegTech Association in Australia. She is passionate about accelerating the adoption of RegTech and building a strong, industry-diverse tribe of RegTechers from regulators, regulated entities and technology companies. She can be contacted via [email protected]