Fintech Australia and The Regtech Association have signalled their support for the Australian Securities and Investments Commission’s report on regulatory technology.

Regtech could boost compliance

Regulatory and technological developments could aid in better detecting and responding to misconduct, according to the Australian Securities and Investments Commission.

Regulation technology company e4 has introduced a real-time virtual ID verification solution to assist businesses to save with the use of simple compliance offerings.

Regulation technology company e4 has introduced a real-time virtual ID verification solution to assist businesses to save with the use of simple compliance offerings.

The Financial Services Information Sharing and Analysis Centre and the Monetary Authority of Singapore will collaborate to encourage the regional sharing of Cybersecurity information.

The South Australian government has passed the Public Data Sharing Bill 2016 on 1st December under moves to strengthen data-sharing arrangements between government, local councils and the non-government sector.

South Australia has finalised a new law to fast-track data-sharing between key states, the Commonwealth and non-government sector.

Michelle Weatherhead, General Manager of Commercial Solutions Sales, BAE Systems Applied Intelligence

"Machine learning represents a new era in the fight against financial crime for Australian businesses, with the technology backed by the cloud, it is now more accessible and affordable for at risk companies than ever before.."

Sydney-based regulatory technology start-up, GRC Solutions, has been acknowledged with a Premier’s award for its expanding international presence in Asia and North America.

Shantanu Sengupta, Head, Consumer Banking Group, DBS Bank India

"We have seen a significant amount of action in the fintech space in India - competition is no longer limited to banks, the competition today is with the banks and fintech providers; the entry of the disruptors has helped the overall ecosystem by driving awareness and inquisitiveness in customers to try new-age digital solutions..."

Combining regulation and technology, regtech, could solve regulatory and compliance burdens to create new efficiencies in the financial system, the Federal Treasurer believes.

"Globally, around 5.5 million new devices connect to the Internet every day. Every second, more than 205,000 new gigabytes of data are created, which is the equivalent of 150 million books..."