The RegTech Association has launched in Australia. The aim is to aid the regulation of the technology sector as financial technology is affecting the
The RegTech Association has launched in Australia. The aim is to aid the regulation of the technology sector as financial technology is affecting the field of financial services.
The Association claims to promote good corporate practices in compliance management with the goal of creating a network of changemakers who engage with industry stakeholders, according to a publication in Finder (finder.com.au).
“What we’re really looking to do is facilitate collaboration between a group of Australian financial services stakeholders who we think can use these new technologies, and this growing crop of innovators who are building regtech businesses. And we hope that by bringing them together we can create a bit of an ecosystem in Australia around regtech.”, said Matt Symons, co-founder of Red Marker and RegTech Association director.
The Association plans to work in collaboration with the fintech association Fintech Australia, as Symons elaborated.
“We think of ourselves as a sort of little sister of the fintech association. We see them as very complimentary. 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. There are a lot of opportunities for us to collaborate and work together and we plan to do that.”, he explained, while speaking to Finder.
The establishment of the RegTech Association is another proof of Australia`s positive reception of financial technology, as cryptocoinnews.com opinionated.
Last year, cryptocoinnews.com and Smart Company (smartcompany.com.au) reported that the annual FinTech 100 list has ranked nine Australian FinTech companies among the world`s leaders in the sector.
The country has the potential to become one of the global leaders in booming field of financial technology. It remains to be seen how it will position itself.