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Regtechs and Banks need to work together

Tuesday 28 November 2017

During Singapore’s Fintech Festival, hosted by Deloitte, AUSTRADE and the RegTech Association, banks were called on to collaborate more with Regtech start-ups.

The Singapore Fintech Festival, attended by the Australian High Commissioner, the Hon. Bruce Gosper, followed the highly-successful Fintech Australia Festival, Collab/Collide, held in Melbourne recently.

“Today, banks are spending billions on paying fines. By investing in RegTech, banks can reach a stage of ‘compliance by design’, where compliance is embedded in internal processes. To foster a RegTech ecosystem in Singapore, Australia and the region, we need to drive an ongoing dialogue between technology companies, financial institutions and regulators,” said Julian Fenwick, Chair of the RegTech Association and Managing Director of GRC Solutions.

Also speaking at the event, Gosper urged Australia and Singapore to work together.
“Australia and Singapore have different but highly-sophisticated regulatory systems, an appetite for innovation and an interest in the financial industry,” said Gosper. “There is a unique opportunity for us to work together to counter money laundering and terrorist financing, and that is where RegTech can come into play.”

Another speaker at the Festival, Tim Phillipps, Partner, APAC Financial Crime Network Leader; SEA Forensic and Analytics Leader at Deloitte, also argued for a supportive ecosystem for RegTech in Singapore.

“One of the biggest challenges around financial crime is that it is constantly evolving. The pace of change has accelerated in recent years with the advancements in technology, opening up new avenues for criminal activity,” Phillipps said. “RegTech solutions can help companies detect compliance issues faster, are less error-prone and can ensure businesses stay ahead of criminals. For the sector to unlock its full potential, it’s important that various stakeholders collaborate with each other. We need an ecosystem that can innovate with intent, experiment with small pilots or proofs-of-concept to test and validate them, and build solutions that are fit-for-purpose.”