NSW rising RegTech sector supported by local Government

The New South Wales government is backing new events in the region designed to drive growth in the emerging regulatory technology (RegTech) sector.

Minister for Trade and Industry Niall Blair says the Government will give The RegTech Association a $30,000 sponsorship to run the region's event.

"Regulatory Technology or RegTech is an emerging sector where Sydney and NSW have the potential to achieve serious global standing," Blair states.

"The RegTech industry supports organisations in managing regulation and compliance. It can help automate complex processes, cut red tape and reduce costs for financial services, telecoms, pharmaceuticals and other regulated industries.

"Startups are creating new technologies and business models and we're backing them by supporting the RegTech sector to ensure they have the governance, risk and compliance processes the need to grow and create jobs.

The RegTech Association, headquartered at Stone - Chalk in the Sydney Startup Hub, is a network of 54 organisations that share the goal of making Australia a global centre of RegTech excellence in the Asia Pacific region.

RegTech Association general manager Deborah Young says the industry is in its early stages but strong capabilities in NSW offer the potential for Sydney to be at the heart of a globally competitive Australian centre of excellence.

"RegTech capabilities are being underpinned by advancements in technologies such as cloud platforms, machine learning and artificial intelligence, blockchain, cyber security, digital identity and data analytics," Young adds.

"Australia has large, mature financial markets, with regulators looking for innovative solutions to improve financial regulation. Young concludes, "The Association aims to create a platform for dialogue between the regulators, our technology innovators, and regulated industries to work collaboratively and help reduce the regulatory compliance burden, while improving outcomes for consumers.