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:  

• AI Spotlight 
• AI Sprint
• AI Input Zone 
• Supercharged Sandbox 

AI Spotlight

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

AI Sprint

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

AI Input Zone

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

Supercharged Sandbox

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. 

Our approach to AI

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

• The basics of Automated Regulatory Intelligence explained in plain language.
• How this technology reduces manual workload and enhances compliance processes.
• Real-world use cases to help you understand its practical application.
• Key benefits for legal, compliance, and risk management teams.

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.

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 Ardhiati
Communications Manager
Hukumonline
Email: maria.ardhiati@hukumonline.com
Telepon: (021) 22708910

The FinTech sector soared this week, with over $800 million raised in total funding. The US led the charge, securing $662.87 million across 13 of 24 global deals, with a standout $250 million round by Forward Financing. The UK followed with $65.9 million from three deals, while other nations like India, France, Israel, and Canada made smaller contributions.

• AtoB raised $130 million to boost payment solutions in the trucking industry.
• Akur8 secured $120 million to enhance its insurance pricing platform.
• Forward Financing expanded its credit facility to $450 million to support small US businesses.

To dive deeper into these groundbreaking deals, read the full article: https://fintech.global/2024/09/20/usa-dominates-market-as-weekly-fintech-funding-surges-past-800m/

Sydney, Australia – 2 September 2024 – With losses attributed to scams exceeding $160 million in Australia this year alone, there are 160 million reasons why addressing this scourge is imperative. These losses impact large corporations, small businesses, families, and individuals alike, fostering elevated feelings of vulnerability and uncertainty even in legitimate commercial transactions. The emotional toll is significant, with many scams going unreported due to embarrassment. The proliferation of mobile devices has given scammers widespread access through phone, text, and email – the most common forms of communication used by scammers.

In response to this growing threat, The RegTech Association has teamed up with National Australia Bank (NAB) to launch the Global Anti-Scam Challenge. This program invites applications from start-up companies worldwide to address three primary problem statements, culminating in nine finalists presenting at the virtual grand finale in October 2024.

Deborah Young, CEO of The RegTech Association, stated, “While education is often the best defense, we can also help stop scams by meeting the scammers with even smarter technology. This program supports our Association’s goals to protect people and aims to attract a wide variety of RegTech and Tech companies from around the world to show us how they can approach Data Sharing, Scam Detection, and Emerging Threats. The reward will be to be assessed by a cross-functional expert panel from NAB, and for those selected, the opportunity to present at the grand finale in October. We invite everyone with a mature solution to apply. It’s incumbent upon us all to lean in, collaborate, and stop the scams.”

For more information, please contact:
Deborah Young, CEO, The RegTech Association
members@regtechglobal.org

About The RegTech Association
The RegTech Association is dedicated to accelerating the adoption of regulatory technology solutions to solve the most pressing challenges in the financial services industry. Our mission is to protect people and enhance the efficiency and effectiveness of regulatory compliance.

About National Australia Bank (NAB)
National Australia Bank is one of Australia’s largest financial institutions, committed to supporting its customers and communities through innovative solutions and partnerships.

In today’s world, regulatory measures are deeply integrated into the life cycle of all financial institutions, be it in insurance, banking, or asset management.

The UK has long been recognised as a global thought leader in financial regulation, so it is no surprise that both the Financial Conduct Authority and the Bank of England have been proactive in their approach to technological innovation.

The City of London Corporation's new report 'UK Regtech | Success Stories', authored by Dr Sian Lewin, showcases the benefits of RegTech by presenting successful examples of implementation which have helped UK firms to cut compliance costs, be more efficient, and save time and resources.

RegTech adoption can enhance the competitiveness of the UK financial services sector and make it a safer and stronger place to do business.

Download the full report HERE.

We are back with more opportunities to share with our RegTech community for the month of August.

If you have a major event that you think would be valuable to share with our community, please reach out to us HERE.

In this edition:

1) RTA Programs
Catch up on virtual events you missed or register for upcoming events.

2) RegTech Jobs
Great opportunities if you're looking for work in the RegTech industry

3) Publications
Great reads to add to your bookshelf

4) RTA Board Nominations
Nominations to join our board of directors will open soon

5) RTA Sponsored Programs
Opportunities for brand exposure

6) Finance Magnates Pacific Summit
The premier event for the retail investing industry and fintech community at large

7) AIMA Innovation Day
learn about leveraging innovative solutions to boost efficiencies and stay ahead of the curve

8) Intersekt
Examining, discussing and unlocking the potential of Australia’s Fintech market

9) Fintech Global RegTech Summit NYC
The largest gathering of RegTech leaders & innovators in the US

10) City of London RegTech Forum
Leaders, regulators, and technology experts explore the latest trends and innovations in regulatory technology

11) AUSTRADE South East Asia Expansion ProgramAustrade is supporting Australian companies in AI, cyber and digital health looking at expansion in Singapore and Malaysia

1) RTA Programs

You can catch-up on all the virtual events you missed HERE. Some highlights are linked below:

• #RegTechEdgeNoBorders | Regulatory Compliance Solutions
• #ACCELERATERegTechGlobal UK + Europe Series Webinar
• #RegTechEdgeNoBorders | Data, Cyber, Info Security

Register for upcoming events:

• 15 August: #RegTechMatters101 | Institute of Regulation | RegTech Case Studies
• 29 August: #RegTechEdgeNoBorders | Financial Crime Solutions

Want to stay on top of global events? Don't forget to login to our global events calendar (members only).

Not a member? learn more HERE.

2) RegTech Jobs

Looking for work in RegTech? Check out these opportunities:

• Head of Consulting - CUBE
• Client Project Officer - Certainty Compliance

3) Publications

Fintech Regulation in Practice by Maha El Dimachki
A clear, hands-on guide to the practical considerations that fintechs, banks adopting fintech and other key players in the fintech ecosystem need to take into account when embedding regulation.

Get your copy HERE.

Money in the Metaverse by David Birch and Victoria Richardson
What is the potential for financial services in metaverses? Explore the key technologies needed to make these metaverses useful for businesses and the realities in which digital assets will be exchanged in transactions between online identities.

Get your copy HERE.

One Stop by Neha Mehta
Unlocking the power of super apps: A journey through history, culture and innovation.

Get your copy HERE.

Good Regulation - Getting the best from regulation for the benefit of the UK economy and society by Institute of Regulation
Based on insights from over 150 regulatory professionals, this research uncovered concerns from regulators to play an active and positive role in strengthening relationships between regulators and parliament, government, and the public.

Download the report HERE.

4) RTA Board Nominations

Bring your insights and expertise to our board of directors. We will be opening nominations soon. If you would like to be involved in the future direction of the association look out for the email and get your nomination in.

Kindly note, you must be a financial member to nominate.

5) RTA Sponsored Programs

In-person #RegTechMatters
Sponsor and co-host an in-person roundtable focused on a topic that is relevant to your organisation and tap into our network to invite the right people.

#RegTechEdgeNoBorders
Co-brand a risk area, share your thought leadership by presenting an overview, and convene the RegTech companies.

If you are interested in either of these opportunities, reach out to us HERE.

6) Finance Magnates Pacific Summit

Explore the latest in online trading, fintech, payments, and crypto. Connect, learn, and grow with industry leaders at this premier event with international coverage. Don't miss out!

Get Your FREE Pass HERE.

Date: 27 – 29 August 2024
Location: ICC Sydney, Australia

7) AIMA Innovation Day

This one day event in London will be devoted to the way in which digital innovation and technological advances are shaping the global alternative investment industry, covering everything from trading and execution, through to asset raising, data security and regulatory compliance.

For more information and to register visit HERE.

Date: 4 September 2024
Location: Convene 22 Bishopsgate, London EC2N 4BQ

8) Intersekt

Australia’s largest fintech festival, Intersekt 2024, will be taking place on 18-19 September at the Grand Hyatt, Melbourne!

Participate in a gathering of 1200+ Australian and global fintechs, banks, financial institutions, investors, policymakers, regulators, accelerators and advisors with the intent of examining the opportunities and challenges of the Australian fintech market.

Visit intersektfestival.com for more information and secure your spot today.

Date: 18 – 19 September 2024
Location: Grand Hyatt, Melbourne, Australia

9) Fintech Global RegTech Summit USA

The largest fathering of RegTech leaders & innovators in the US

Attend to connect with RegTech buyers, sellers, investors, and innovators. Experience industry innovations that address regulatory challenges and enhance compliance and risk management efficiency. And learn how financial institutions tackle compliance challenges and gain a competitive edge through collaborations with RegTech innovators.

Register HERE.

Date: 24 September 2024
Location: Convene, 117 West 46th Street, New York, USA

10) City of London RegTech Forum

City of London and Suade Labs are running their annual London RegTech Forum that brings together industry leaders, regulators, and technology experts to explore the latest trends and innovations in regulatory technology.

Register HERE.

Date: 2 October 2024
Location: Livery Hall, Guildhall, London, EC2V7HH

11) AUSTRADE South East Asia Expansion Program

There is a growing base of interest and demand for Australia’s AI, cyber, and digital health capabilities in Malaysia and Singapore. This mission provides delegates with curated business matching, pitching, site visits and networking events. Delegates will also participate in Tech Week Singapore (9-10 October) under the Australian National Pavilion. 

Register your interest HERE. Applications close 20 August.

Thanks for the ongoing support. If you'd like to learn more about membership with The RegTech Association, please click HERE for more information, or reach out to us at members@regtechglobal.org.