A white paper from Australian Payments Plus and WUNA
This paper examines the systemic barriers Aboriginal and Torres Strait Islander peoples face in proving their identity and advocates for culturally appropriate, transformative digital solutions, to address these challenges. The paper draws primarily on the experience of the WUNA® team who are developing a secure, quick-access ID platform that empowers users to manage their personal information and share it with the organisations that need it, and the ConnectID® team at Australian Payments Plus who are responsible for building a digital identity network for Australia. We also draw on the insights of other observers and gratefully acknowledge their direct and indirect contributions.
ConnectID is an initiative of Australian Payments Plus (AP+). AP+ brings together eftpos, BPAY and NPP Australia as one organisation, and plays a key role in building trust in the digital economy.
Mr Jason-Urranndulla Davis, the Founder of WUNA, is a Traditional Owner of the Waanyi (Native Title Holder), East Aranda (Stolen Generation) and Kalkadoon (Native Title Holder) Nations with more than 30 years dedicated to working across all levels of Indigenous Affairs in Australia. The company leading WUNA is Hold Access, a fully Aboriginal owned and controlled RegTech company of Australia.
This paper has been developed on the lands of the Larrakia Nation and the Eora Nation, and the authors pay their respects to all Aboriginal and Torres Strait Islander peoples past and present across this country. This paper further acknowledges the unique cultures of Aboriginal and Torres Strait Islander peoples in Australia and will refer to these communities unless specifically referencing work which uses ‘Indigenous’ terminology. The content provided by WUNA is based on the perspectives, experiences and knowledge of Aboriginal and Torres Strait Islander peoples from their own regions and communities and has been compiled with cultural safeguards. WUNA asserts and acknowledges that Aboriginal and Torres Strait Islander peoples are the leading and rightful experts of their own knowledge, identity and experiences.
Warning: This document may contain names and images of deceased Aboriginal and Torres Strait Islander peoples.
Download the white paper.
FinTech Global have announced their RegTech100 list for 2025 (www.RegTech100.com) - the world’s most innovative tech solution providers that address the challenges of ever-increasing regulatory pressures within financial services.
The financial services industry this year has seen a large increase in regulatory fines, underlining some of the critical challenges that firms face in staying compliant amid growing regulatory scrutiny. In just the first half of 2024, global financial regulators levied 80 fines totalling $263.2m for non-compliance with AML regulations, including KYC sanctions, SARs and transaction monitoring violations.
This dynamic regulatory environment is boosting the growth prospects of the RegTech industry as it grew from $12.8bn in 2023 to $15.8bn in 2024. The sector is expected to reach a whopping value of $85.92bn by 2032, at a CAGR of 23.6% over the period.
As the sector continues to roar ahead, this led to the selection process for this year’s RegTech100 to be one of the most intense and sought after to date. A panel of analysts and industry experts assessed a longlist of nearly 1,500 businesses, which was produced by RegTech Analyst. They looked to highlight the technological solutions as well as risk and compliance offerings that all financial institutions need to be aware of in 2025.
This year’s RegTech100 welcomes some exciting and transformative companies including ACTICO, Armadillo, Cascade Lab, COMPLY, Comply Exchange, CUBE, Fincom, FinScan, Flagright, FOCAL by Mozn, FullCircl, Fynhaus, i-Hub, Know Your Customer, LexisNexis, Luware, MyComplianceOffice, RequirementONE, S&P Global Market Intelligence Cappitech, Salv, SmartSearch, StarCompliance, Trustfull and Vectice
The RegTech Association (RTA) announced at their AGM on 22 November, the appointment of two new board directors, the reappointment of one returning director, and the launch of a new global ambassador program.
Effective 22 November 2024, the new appointments of Alexandra Dawson, Juan Perez, and the reappointment of Will Liang, add strength, experience, and corporate continuity to the current Board. They will provide industry support as the RTA continues its remarkable growth since being established in 2017.
Additionally, the RTA have launched a global ambassador program. Representatives have been drawn from member firms worldwide. This initiative will provide the RTA reach into localised RegTech markets while supporting the overall brand and mission.
Jasper Poos, Chair of the RTA said:
“Our new directors have been elected by members of the RTA. This process reflects our commitment to a ‘for industry, by industry’ approach, driving the organisation forward to achieve its strategic and growth objectives. I’m delighted to have Alex and Juan join us and to see support for Will’s reappointment.
On behalf of the Members and wider eco-system I’d like to acknowledge and thank Jo Mikleus and Rebecca Engel for their support and strategic advice over the past 3 or so years. To the co-founders of The RegTech Association past Chair Julian Fenwick and Lisa Schutz for their leadership and vision in establishing the RTA and charting the course for the global centre of excellence. Deep gratitude to them all.
We are also excited about announcing our new global ambassadors – this is a first for us enabling representation across a wide geographical spread. I encourage you to reach out to the ambassador closest to you.”
Deborah Young, CEO of the RTA said:
“I’m delighted to have new directors on board and launch our ambassador program to guide and support our initiatives.
The new directors have been long term supporters of the RTA. We are looking forward to working with them over the next three years to realise our goals for impactful promotion, growth, engagement, and value for members.
The ambassadors are representatives from our member firms who will act as local beacons for connection and create greater global opportunities for the RTA.”
New Board Directors:
Alexandra Dawson – Regional Customer Executive Head, Asia Pacific – CUBE Alexandra is a senior executive with extensive experience in risk management, program delivery, transformation, and regulatory compliance across financial services and government sectors.
Juan Perez – Principal Lawyer – Quest Legal Juan is a lawyer and finance executive with expertise in brand protection, intellectual property, IT, finance, and commercial law.
Returning Director:
Will Liang – Executive Director, CTO, Asset Management – MA Financial Group Will is the Executive Director of MA Financial Group and oversees their data, technology, and AI initiatives. Will is a returning Director and has performed the duties of Treasurer since 2022.
Global Ambassadors:
Mark Tyndall – Neota Logic – Australia Mark is a lawyer and automation technology specialist working with corporate legal, procurement, risk, and investigation teams to get the best out of their processes, people, and technology.
Deborah Algeo – Zodia Custody – Singapore Deborah’s passion stems from a decade of working at the intersection of finance and technology, where she’s witnessed the transformative power of streamlined compliance and the potential it unlocks for scalability and growth.
Fiona Davies – GBG PLC – United Kingdom Fiona has been part of the RegTech industry for over 10 years and has seen, firsthand, how RegTech vendors of all sizes are creating transformational change with new products and solutions.
Colm Dowd – Engage Hub – United Kingdom Colm is a highly experienced programme manager, financial advisor, and technology and risk transformation expert, leading regulatory technology at Engage Hub.
Tom Merriman – Gungho Marketing – United Kingdom Tom works closely with technology vendors to help aggressively grow their global footprint and drive new revenue.
Nicola Cowburn – Gieom – United Kingdom Nicola has been a supporter of the RTA since its inception in 2017. She believes RegTech is a game-changer in our quest to safeguard financial entities, consumers, and the financial ecosystem as a whole.
Marc Gilman – Theta Lake – United States of America Marc is a technology attorney and compliance executive with 15+ years of law, financial services, and IT experience. His focus has been on global technology-related legal and regulatory issues such as information management, privacy, cybersecurity, RegTech, AI, and SEC and FINRA regulation.
The RegTech Association (RTA) today released their annual Industry Perspectives Report. This report is the result of a global survey to institutions, regulators, financial authorities, consultants and RegTech/SupTech firms. Data analytics for the report was provided by Deloitte.
“We take pride in this global annual data initiative, which provides contemporary, market-driven insights while driving actionable outcomes to benefit the broader RegTech and SupTech ecosystem. By developing strategies and actions from this research, we can more effectively address the challenges faced by each stakeholder group while creating opportunities for RTA members.
The RegTech industry continues to mature, showing another year of strong growth. For the second year, data reveals that customer expectations remain the primary driver for RegTech adoption. The report also shows regulators continue to be highly engaged, while Fraud and Scams have entered the top five risks addressed by RegTech, reinforcing what we have anecdotally known for some time. Additionally, new sectors such as healthcare and telecommunications are beginning to recognise the advantages of RegTech.
Our next steps as a global association include a focus on AI, specifically Generative AI applications for RegTech and SupTech. We aim to collaborate globally to highlight the role of innovative technology in reducing risks related to Fraud and Scams. This includes working with global institutions to showcase solutions that reduce this burden enabling them to focus on serving their customers. We will also partner with regulatory agencies to ensure that financial systems remain stable while keeping pace with the latest technology.
I’d like to thank and acknowledge the team from Deloitte for their support of this important initiative.”
Sweta Maira, Partner at Deloitte, Data & Digital, Audit & Assurance said:
“Regulatory pressure, customer expectations and organisational efficiency continue to be significant drivers for RegTech adoption.
Over 73% of respondents believe that Generative AI will substantially transform the industry within the next one to two years, particularly in areas like Regulatory Compliance and AML/CTF/Sanctions.
With continued innovation and a focus on addressing key challenges, the industry is well-positioned for growth in the coming years.”
Regulatory Engagement: Regulators remain highly engaged with a strong appetite for RegTech/SupTech solutions.
Key Drivers for Adoption: Customer expectations and regulatory pressure are significant motivators for adopting RegTech solutions.
Time to Value: The average time from initial conversation to full deployment has stabilized at 8.1 months. Top Risks Addressed by RegTech: Regulatory Compliance, Compliance, AML/CTF/Sanctions, Operational, and Fraud and Scams.
Top Adopting Sectors: Finance, Insurance and Superannuation, Government Administration, Healthcare, and Telco
Revenue Growth: Most RegTech companies expect strong revenue growth, with 26% anticipating over 30% growth.
Funding Environment: Private equity investment is up, while bootstrapping and angel investment have decreased.
Technology Trends and Solutions
Generative AI: Expected to substantially transform the RegTech industry within the next 1-2 years, particularly in Regulatory Compliance and AML/CTF/Sanctions.
Adoption of AI: 67% of organizations are using Generative AI, with significant adoption of Machine Learning (62%) and Natural Language Processing (50%).
Next Steps for The RegTech Association
The report provides data-backed evidence and emphasises the need for priority and focus for the RTA going into 2025.
Download the report.
With a clear vision to be a global centre of excellence by facilitating the building of higher performing, ethical and compliant businesses through RegTech innovation and investment, The RegTech Association was founded in 2017 as a non-profit organisation that focuses on what is needed to support the growth of the sector and to accelerate RegTech adoption. We support our members to embrace and adopt best practice Environmental, Social and Governance principles.
The association brings together government, regulators, regulated entities, professional services and founder-led RegTech companies to ensure collaboration between all of the parties, promoting the RegTech industry as widely as possible, resulting in action in the uptake of RegTech proof of concepts and deployed RegTech solutions across the eco-system.
Deborah YoungCEO members@regtechglobal.org
The AI Lab provides a pathway for the FCA, firms and wider stakeholders to engage in AI-related insights, discussions and case studies.
The FCA's AI Lab adds a new Artificial Intelligence (AI) focus to their Innovation Services, supporting innovators as they develop new AI models and solutions.
They want to enable the safe and responsible use of AI in UK financial markets, driving growth, competitiveness and innovation in the sector.
The AI Lab will support the FCA in deepening their understanding of the risks and opportunities AI presents to UK consumers and markets, and help inform their regulatory approach in a practical, collaborative way.
The first components of the AI Lab include:
Projects accepted to the AI Spotlight will provide a real-world insight and practical understanding into how firms are experimenting with AI in financial services.
Projects selected for the AI Spotlight will be featured on a dedicated Digital Spotlight webpage, offering a valuable repository of practical solutions that showcase applications of AI across specific themes. Innovators can also take part in a Showcase Day at the FCA London office on 28 January 2025.
Applications are now open. Download the participation pack (PDF) for full details.
Apply for the AI SpotlightLink
Bringing together industry, academics, regulators, technologists, and consumer representatives, The FCA will host an AI Sprint at their London office on 29 and 30 January 2025. This AI Sprint will help inform their regulatory approach to AI and how they can create the right environment for growth and innovation.
Applications for the AI Sprint are now open. Download the participation pack (PDF) for full details.
Apply for the AI SprintLink
The FCA invites all stakeholders to have their say on the future of AI in UK financial services through an online feedback platform. They look forward to hearing your views on the most transformative use cases, how their current framework works and how they may need to adapt in the future.
Have your say
Looking ahead, The FCA will run AI-focused TechSprints and enhance their Digital Sandbox infrastructure through greater computing power, enriched datasets and increased AI testing capabilities. They look forward to inviting firms to collaborate and experiment in new ways.
The FCA have been monitoring and supporting innovation in AI for many years. Their approach is rooted in the latest evidence and expertise.
The FCA continues to deepen their understanding of how AI is being deployed in UK financial markets while monitoring it within their existing, wider regulatory framework.
Read more about their approach to AI.
Singapore, 30 October 2024 — The Monetary Authority of Singapore (MAS) today announced the establishment of the Global Finance &Technology Network (GFTN) to further strengthen Singapore as a global FinTech hub and enhance global connectivity for impactful innovation in financial services.
2. The first phase of FinTech growth in Singapore was driven by experimentation, as well as promotion of key initiatives to harness technology and innovation in the financial sector. These included developing a regulatory sandbox framework, establishing cross-border payments linkages, piloting digital assets and tokenisation, and promoting Artificial Intelligence (AI) adoption as part of MAS’ goal to develop Singapore as a Smart Financial Centre. A key highlight has been the growth of the Singapore FinTech Festival (SFF), which has become the largest platform for the global FinTech community to collaborate on catalysing technology and innovation in finance.
Global Finance & Technology Network (GFTN)
3. To further build on industry collaboration and enhance connectivity for impactful innovation in financial services, GFTN will be established to catalyse the growth of the Singapore FinTech ecosystem and drive greater synergies and networks with the global FinTech community. GFTN will work with MAS to advance industry and policy dialogues in payments, asset tokenisation, and AI/quantum. GFTN will also support MAS’ efforts to develop and grow a vibrant FinTech ecosystem, and scale SFF as the premier global FinTech event.
4. Mr Ravi Menon, Singapore’s Ambassador for Climate Action and Senior Advisor at the National Climate Change Secretariat, and former Managing Director of MAS (2011-2023), will be appointed as Chairman of the GFTN Board of Directors. Details of GFTN’s functions, strategies, and governance will be announced separately by GFTN.
5. Mr Sopnendu Mohanty will be appointed Group Chief Executive Officer of GFTN from 1 February 2025 and relinquish his role as MAS’ Chief FinTech Officer on the same day. Mr Mohanty will continue to support MAS’ FinTech efforts as Advisor to MAS’ FinTech & Innovation Group. Mr Kenneth Gay will be appointed MAS’ Chief FinTech Officer (Designate) from 6 November 2024 until 31 January 2025 and assume the role of Chief FinTech Officer on 1 February 2025. Mr Gay has been with MAS for over 20 years serving in regulatory and technology roles, and is currently Executive Director heading the Enterprise Knowledge Department, driving data and knowledge management as well as AI capability development, a role which he will concurrently hold until 31 January 2025.
6. Mr Chia Der Jiun, Managing Director of MAS, said, “The establishment of GFTN, with Ravi as the Chairman of GFTN’s Board, marks a new phase in scaling up and enhancing the impact of our FinTech strategies. MAS is grateful to Sopnendu for leading the FinTech & Innovation Group since its formation in 2015. Ravi and Sopnendu have been instrumental in the growth of Singapore’s FinTech ecosystem. I wish Sopnendu every success in his new role and look forward to Kenneth driving MAS’ FinTech initiatives in payments innovation, asset tokenisation, AI and quantum applications.”
***
GFTN will replace the present Elevandi. Elevandi is a not-for-profit entity set up by MAS to connect people and businesses, ideas and insights in the FinTech sector in Singapore and globally.
This white paper captures insights from a July 2024 roundtable among industry leaders in Supervisory Technology from central bank agencies, technology companies serving them and industry association perspectives. It explores the current challenges, collaboration opportunities, technological adoption, and future directions in Supervisory Technology.
Key themes include the alignment of technological capabilities with regulatory frameworks, the necessity of collaboration between public and private sectors, and the cultural shift required for effective technology adoption. The discussion was held under the Chatham House rule so therefore no individual or organisation is explicitly identified in this content.
Introduction
This white paper refers to Sup Tech (short for Supervisory Technology) as technology adopted and embraced by financial supervisors and regulatory agencies in their supervision, monitoring and ensuring systemic stability of the financial system.
Sup Tech plays a critical role in the financial industry's regulatory landscape by providing technology tools for regulatory/central financial agencies in managing and monitoring systemic financial supervisory risks.
The roundtable explored the opportunities and challenges faced by regulators and supervisors, the importance of collaboration, the cultural and technological shifts needed, and the future directions for these fields. The discussions emphasised the importance of vision, execution, and fostering a culture of innovation.
FutureMatters is a platform for thought leaders, practitioners, and industry players to share their insights on emerging opportunities and challenges in today's world. Apply to be a contributor here.
Read the report here: https://www.elevandi.io/insights/the-art-of-the-possible-for-suptech
If you are eager to understand how automation can transform compliance, but find yourself lost in technical jargon, read on...
Our simple, accessible white paper breaks down the complexities of machine learning when applied to regulatory change management.
Inside we explore the mechanics of Automated Regulatory Intelligence (ARI) and the impact of this game-changing technology on compliance processes, in straightforward language.
What you’ll learn
Why this matters
As regulatory obligations grow more complex, staying compliant can be daunting. Our white paper explains how ARI can help you stay ahead of the curve without the stress.
Download Understanding Automated Regulatory Intelligence now
Gain valuable insights into the future of compliance with our exclusive white paper.
<br> Powered by <a href="https://youtubeembedcode.com">youtube embed code generator</a> and <a href="https://getaroundgamstop.com/">can you cancel gamstop</a>
At the Sydney Finance Magnates Pacific Summit, Simon Sheridan from Forex Live interviewed Deborah Young, CEO of the RegTech Association. Deborah explained the association's mission to accelerate the adoption of regulatory technology (RegTech) globally. She discussed recent work with European central banks on suptech (supervisory technology), which helps regulators solve internal monitoring and compliance challenges.
Deborah also highlighted improvements in procurement processes within RegTech, noting that sales cycles have shortened, benefiting regulators, institutions, and investors. She emphasized the crucial role of RegTech in ensuring compliance in financial services, especially around digital identity, financial crime, and cybersecurity.
Deborah underscored the growing use of artificial intelligence (AI) in RegTech and the importance of explainable AI for regulatory purposes. Lastly, she addressed upcoming trends like cybersecurity, fraud prevention, and the transformative potential of AI, urging the industry to stay proactive in these areas.
Jakarta, September 19, 2024 - Amid rapid technological advancements, Hukumonline has officially launched Ask Hukumonline AI, Indonesia's first generative AI platform designed to streamline legal research. This innovation represents a major leap forward in harnessing artificial intelligence (AI) technology to deliver faster, more accurate, and efficient legal solutions.
"Change is a necessity, and AI technology serves as the key to creating efficiency across various industries, including law," said Hukumonline Chief Executive Officer Arkka Dhiratara in his remarks at the launch of Ask Hukumonline AI. He stated that Ask Hukumonline AI speeds up the research process and provides more comprehensive and user-friendly answers for its users, including legal practitioners, academics, and professionals.
It began in 2017 when Hukumonline developed Advance Search as a quick search feature. Then, in 2018, Hukumonline launched the Legal Intelligence Assistant, the first legal chatbot in Indonesia. Over time, in 2020, Hukumonline advanced its AI technology for the Regulatory Compliance System, a legal compliance monitoring system for companies and other institutions.
By 2023, Hukumonline introduced the precursor to Ask Hukumonline AI through early iterations of Generative AI applied to Hukumonline’s knowledge base. Ask Hukumonline AI then underwent testing and validation, followed by tryouts for the bar exam and Capital Market Law exam questions. As a result, Ask Hukumonline AI passed these exams.
Ask Hukumonline AI was also tested by several experts and eventually refined, leading to its official release today.
Through Ask Hukumonline AI, users can ask complex legal questions and receive answers within seconds, speeding up the research process that has traditionally consumed both time and effort. Ask Hukumonline AI serves as a solution to the challenges of legal research in Indonesia, which is often hindered by time constraints and the need to manually sort through vast amounts of information.
"We believe the launch of Ask Hukumonline AI is a significant leap in legal research in Indonesia," added Arkka. He also stated that this platform is a manifestation of Hukumonline's commitment to continuously innovate and provide relevant services for its users.
While AI offers exceptional efficiency, Arkka stressed that the best outcomes are still achieved through the collaboration between technology and human expertise. Hukumonline ensures that Ask Hukumonline AI serves as a tool to enhance, not replace, the human experience.
With this launch, Hukumonline reinforces its position as a pioneer of legal innovation in Indonesia. Looking ahead, Hukumonline remains committed to delivering technology-driven solutions that address the ever-evolving demands of the legal industry.
About Hukumonline
Founded in 2000 by several leading Indonesian legal practitioners and lawyers, Hukumonline aims to be a one-stop solution for legal professionals in Indonesia. It serves as a technology-based regulatory platform (reg-tech) that democratizes legal access and empowers legal practitioners by providing legal knowledge in various forms, such as classified collections of regulations and court decisions, comprehensive legal analyses and reports, as well as easily understandable articles on legal issues.
Media Contact
Maria ArdhiatiCommunications ManagerHukumonlineEmail: maria.ardhiati@hukumonline.comTelepon: (021) 22708910
© 2023 The RegTech Association
