Story image

NSW rising RegTech sector supported by local Government

03 May 18

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.”

The secret to scaling DevOps in the digital era
"Organisations around the world have learnt at a cost that while agile DevOps methodologies can result in improved outcomes within teams and projects, they have a propensity to fail miserably."
APAC FinTech network launches to encourage cross-border innovation
Nine associations formally launched the network by signing a Statement of Intent at the Asian Financial Forum event in Hong Kong.
New blockchain solution aims to keep our food ethical
OpenSC enables anyone to scan product QR codes which automatically takes them to information about where a specific product’s journey.
Avaya expands AI offerings with new partnerships
The additions to the ecosystem will enable Avaya to add prioritisation and natural language processing to its UC solutions.
Hillstone CTO's 2019 security predictions
Hillstone Networks CTO Tim Liu shares what key developments could be expected in the areas of security compliance, cloud, security, AI and IoT.
Can it be trusted? Huawei’s founder speaks out
Ren Zhengfei spoke candidly in a recent media roundtable about security, 5G, his daughter’s detainment, the USA, and the West’s perception of Huawei.
SUSE partners with Intel and SAP to accelerate IT transformation
SUSE announced support for Intel Optane DC persistent memory with SAP HANA.
Oracle Java Card update boosts security for IoT devices
"Java Card 3.1 is very significant to the Internet of Things, bringing interoperability, security and flexibility to a fast-growing market currently lacking high-security and flexible edge security solutions."