AIR has kicked off a series of exciting initiatives to explore the potential impact of GenAI on financial regulation and the end users of financial services — NextGenAI: The Future of Financial Oversight and Protection.
Learn more HERE.
The NextGenAI series includes research, collaborative stakeholder discussions, a tech showcase for regulators and solution providers, a call for papers to foster thought leadership, and virtual shared learning events designed to facilitate dialogue and debate on key issues.
The Tech Showcase has been launched with the solution submission period currently open. Featured demonstrations, with Q&A between providers and regulators, are scheduled to begin in March 2024.
For technology providers, this is a chance to better understand regulator needs and showcase their capabilities and vision. We are looking for generative AI-enabled solution that could address some of the challenges that financial authorities face, such as:
Data Analysis and Monitoring
Members are invited to submit your solution for the tech showcase HERE.
The RegTech Association has been tracking the time-to-value metric for the last 5 years. Since 2019, the sales cycle has reduced, on average, from 13 months to 8.1 months, showing a promising sign that the eco-system is maturing and RegTech is becoming more critical and BAU. We are seeing RegTech creep up as a key item in the C-Suite and a strong appetite by regulators going forward.
But why is this time-to-value and shorter sales cycle so critical and what are our top reasons that this is an indicator of health and progress?
A shorter sales cycle means everyone wins by getting the productivity, efficiency and trust and safety baked in. This includes customers, consumers, institutions, regulators and RegTechs' themselves.
We are inviting members to reach out for free presentations on this research, please contact us to arrange.
Alternatively, register for our upcoming #RegTechMatters webinar, where we will be discussing the findings in more detail.
Read the full report here.
29 November 2023, Sydney, Australia – LAB Group, a leading international RegTech and Australia’s best-connected onboarding provider, is pleased to welcome SuperGuardian Pty Ltd to the LAB Network.
One of Australia’s largest Self-Managed Super Fund (SMSF) Administrators, SuperGuardian ensures Australian Trustees and Financial Advisers have ready access to the facts, tools and support they need to make informed decisions and to maximise wealth creation. An independently owned, private Chartered Accounting firm and registered tax agent established in 2002, SuperGuardian provides SMSF Trustees and their Financial Adviser with up-to-date reporting, compliance and tax services.
Until now, establishing an SMSF has meant dealing with a number of different service providers and government departments, which can be complex and time consuming. This collaboration will make establishing an SMSF much simpler for advisers and more secure for their clients, who may be looking to join the growing number of Australians taking control of their superannuation in an SMSF.
This deal marks LAB Group’s entry into the new vertical of SMSF Administrators and represents its first step towards grasping broader opportunities in this attractive market. LAB Group has identified potential to leverage its existing capabilities in this space, as SMSF Administration firms have similar regulatory obligations to those which LAB Group already solves for its existing clients regarding Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).
In welcoming SuperGuardian to the LAB Platform, LAB Group is providing its Onboarding Framework which delivers a streamlined digital engagement journey for clients wishing to establish a new SMSF or transfer the administration of an existing SMSF to SuperGuardian. With access to LAB’s Application Manager, advisers and intermediaries have also gained the ability to originate applications into SuperGuardian on behalf of their clients. Longer term, SuperGuardian and LAB Group plan to engage more closely to collaborate on further automation to onboarding processes through new integrations and features.
Beyond the LAB Platform, SuperGuardian is also utilising LAB Verify to automate a variety of identity and entity verification requirements, and is leveraging LAB extensive connectivity to facilitate the opening of new Macquarie Cash Management Accounts.
This partnership bolsters the value of the LAB Network to LAB Group’s existing customers, providing the potential for connectivity from upstream participants into SMSF Administration services. It also expands the number of intermediaries, advisers and end clients utilising LAB Group technology to sign up to financial services products, further enhancing the reach of the LAB Network.
Following a rapid deployment of 2 weeks, the solution is now live and already adding significant value across the partnership.
Nick Boudrie, CEO and co-founder of LAB Group, said:
“We’re delighted to be servicing SuperGuardian and its adviser and client network. SuperGuardian is a long-standing, well-connected key player in Australia’s SMSF Administration industry, and one that recognises the unique benefits of LAB Group’s offering, particularly our extensive experience and network capabilities. We look forward to helping to accelerate and improve SuperGuardian’s customer journey and experience.”
SuperGuardian Chief Operating Officer, Josh Williams, said:
“We are pleased to partner with LAB Group, to provide our clients with a straightforward and easy-to-navigate sign-up process. The new process streamlines and automates a number of manual steps, including digital identity verification for both direct and adviser-led prospects. It has also enabled integration with Macquarie Bank for account establishment and we look forward to further expanding connectivity with other financial services businesses across the LAB Network, for the benefit of our clients.”
For all media enquiries, please contact:
Tim Dohrmann, NWR Communications
Phone: +61 468 420 846
Email: tim@nwrcommunications.com.au
About LAB Group Services Pty Ltd
Where welcome onboard begins.
LAB is a RegTech providing an innovative KYC & Onboarding platform that revolutionises the customer journey from the very first steps, fulfilling AML/CTF regulatory needs whilst saving time and resources by providing a high degree of automation for account creation and customer lifecycle management using remediation and ongoing customer due diligence processes.
The LAB platform welcomes tens of thousands of people into hundreds of financial product offerings across over 15 industry verticals, matching applicants with a vast array of market offerings.
Connect to more people in more places.
Connect into the LAB Network that leverages strategic partnerships and integrations to enhance product origination and distribution.
Hundreds of regulated entities around the globe connect through the LAB Network to accelerate customer registration, reduce onboarding time, increase security, and achieve higher completion rates.
The leaders in secure onboarding.
LAB’s continually advancing platform empowers our businesses to stay ahead of rapidly changing compliance regulations and evolving customer experience expectations.
Our Software-as-a-Service (SaaS) platform provides a fully compliant, end-to-end, multi product digital onboarding process. LAB seamlessly connects digital client acquisition, ID verification, biometrics, workflow management, fraud protection and compliance services on a single platform.
Become part of the most connected digital onboarding platform.
With LAB’s unmatched connectivity, we get you to market sooner through our sector-agnostic integrations and transformational data automation.
[Cambridge, United Kingdom, November 9, 2023] – In the ever-changing world of financial services, regulatory compliance stands as a critical priority. Failing to meet regulatory obligations poses a host of challenges that can impact operational, financial, and reputational risks.
Financial entities often encounter significant challenges due to the escalating complexity of regulatory requirements. As early as 2020, the Financial Stability Board noted that “The increased complexity and volume of regulations, and the significant consequences of non-compliance, have led to large increases in spending on compliance and risk management programmes by regulated institutions”.
Those operating in multiple jurisdictions need comprehensive support to ensure their adherence to relevant regulations across diverse regulatory frameworks. In its analysis of the dynamics of the RegTech sector, the European Banking Authority noted that “[…] where FIs do business in several jurisdictions, the lack of common regulation and divergent regulatory requirements fragment the RegTech market and may require FIs to adopt multiple solutions from different vendors, which increases operational risk and reduces the attractiveness for RegTech solution”. This need to stay up-to-date drives up compliance costs, pushing financial providers to explore more cost-effective, sustainable solutions.
Additionally, keeping pace with the rapidly evolving landscape of emerging digital technologies, such as cryptocurrencies and decentralised financial transactions, is further complicating compliance. Consequently, financial services firms are enhancing in-house compliance support and seeking external legal counsel to navigate this dynamic landscape.
“The regulatory landscape is evolving rapidly and becoming more complex to manage. Organisations are responding by adopting machine-based processes to help manage risk, which is driving demand for machine-readable and consumable forms of regulatory information. At RegGenome, we are committed to leading the way in transforming how regulatory information is produced and consumed, working with both regulated firms and regulatory authorities to create composable regulatory information that can enable efficient compliance and risk management in the next generation of financial market infrastructure.”
Robert Wardrop, Chief Executive Officer
RegGenome’s Content Retrieval Service is powered by machine readable Reg-Genome data, providing a single source of regulatory content. Data at the heart of the Retrieval Service is the result of RegGenome’s deep understanding of the regulatory landscape. The retrieval service empowers regulatory experts to streamline and expedite their regulatory analysis, compliance, and risk assessment, by providing only the documents and data that are relevant to their needs.
As a data-only provider, RegGenome delivers data designed to power applications and services for partners and end-user organisations. It serves legislatures, standard setters, regulators, regulated firms, and providers of regulatory services and solutions. This data enables regulatory research and supports change management, impact assessment, regulatory comparison, regulatory insights, and the automation of regulatory activities.
Firms can save both time and human resources by receiving content specific to their use cases, giving them increased predictability in their projects, and allowing the focus to remain solely on their compliance efforts, rather than the sourcing and understanding of regulatory content.
“We understand that getting relevant regulatory information to the people who need it in a timely manner is important. Regulatory experts seem to spend their valuable time filtering out regulation that is simply not relevant. With our data we want to put only relevant regulations into the hands of regulatory experts, to enable them to spend more time on more valuable work. Filtering out non relevant regulation wastes time and resources, our data removes this waste”.
Mark Johnston, Chief Operating Officer
For more information about RegGenome and its Content Retrieval Service, please visit www.reg-genome.com
About RegGenome:
RegGenome, a regulatory data provider, is a University of Cambridge spin-out, transforming how the world produces and consumes regulation. Processing the world’s regulation using AI to transform it into machine-readable and machine consumable data. RegGenome provides regulatory infrastructure and data as a service. Our data is processed according to information structures (Cambridge Regulatory Genome taxonomies) developed & reviewed with regulatory experts and anchored to regulatory standards in conjunction with the University of Cambridge, Regulatory Genome Project.
Introducing Tiimely - it's about tiime
Adelaide, 14 November 2023 - Platform technology company, Tic:Toc, today unveiled its rebrand to Tiimely, in a move designed to better reflect how the company’s AI-driven technology solutions can be integrated into any financial assessment processes.
Tiimely, spelt with a double ii, elevates the company’s Enterprise business as Tiimely’s core proposition and demonstrates to the finance and technology industries ‘it’s about tiime’ for more efficient, responsible and seamless lending processes.
Since launching in 2017 as the World’s First Instant Home Loan®, the business has evolved significantly from a digital lender to a platform technology company, with the Enterprise business accounting for more than 40% of revenue in FY23 and enabling 3% of Australia’s total home loan market. The platform is now licensed by two of Australia’s biggest banks, as well as two ASX Top 100 listed companies, fintechs, and brokers.
Tiimely’s Founder and CEO, Anthony Baum, says, “Since day one, we’ve been on a mission to accelerate the financial services industry. We started with changing the way Australians complete a complex financial transaction - a home loan - and after six years, we remain committed to the pursuit of seamless experiences. Our partners choose us because our platform technology solutions create better customer experiences, drive efficiency, remove costs and accommodate scale, whilst delivering more responsible credit outcomes. That won’t change no matter what our name is.
“Of course, Tiimely also responds to confusing associations from sharing the name Tic:Toc with a certain social media app. While our trademark proves we came first, the rebrand provides the room to focus on our platform business model without mis-categorisation or distraction.”
The Tiimely platform, Xapii, pronounced “zappy” provides API-first solutions powered by Explainable AI (XAI). Tiimely now has four key solutions, Convert, Decide, Fulfil and Inform, which can be utilised across multiple use cases including mortgages, auto finance and hardship.
AI-driven data enrichment and decisioning can be interacted with via Xapii’s user interface to enable acceptance or edits to the platform’s recommendations, which it then continuously learns from. This enables an 80% increase in assessment efficiency compared to traditional processes, producing more than 5 million automated assessments in the last year while maintaining rigorous compliance standards that can be configured into the platform and are fully auditable.
Xapii can be accessed as either API-first software solutions to solve for discrete problems across a financial journey or as an end-to-end platform (PaaS) including professional services. In return, Enterprise clients can access new markets with automation enabling an improved cost to income, while borrowers can access low-cost products via seamless digital experiences.
Following the close of its Series-D2 capital raise in February 2023, the company is now valued at ~$254m.
About Tiimely, formerly Tic:Toc
Tiimely is a technology company specialising in making financial assessment processes more efficient, cost-effective and responsible. Tiimely’s business is underpinned by its proprietary AI-driven platform, Xapii, powered by sophisticated data models to enable configurable data enrichment and automation.
The platform can be licensed as an end-to-end digital home loan or via discrete software and API solutions that can be utilised across any financial services journey. The platform now touches 3% of the Australian mortgage market and is licensed by two of Australia's biggest banks, ASX Top 100 listed companies, fintechs, and brokers as well as its own in-house retail business Tiimely Home.
Media queries
The PR Group: TicToc@prgroup.com.au l +61 457 596 920
In the latest episode of our FinTalk by VERMEG podcast, Deborah Young, CEO of the The RegTech Association, joins our host, Jawad Akhtar, to delve into the importance of trust and collaboration in the RegTech industry.
In this engaging conversation, key points of discussion include:
Listen Online HERE
Join in this insightful conversation with Deborah Young about the role of trust, collaboration, and innovation in shaping the future of RegTech. Share and contribute your thoughts to this crucial dialogue.
The Reserve Bank of India had announced vide Press Release dated September 5, 2022 that the Fifth Cohort under the Regulatory Sandbox (RS) will be theme neutral. It now announces opening of application window for the Fifth Cohort to eligible entities.
2. Innovative products/ services/ technologies cutting across various functions in RBI’s regulatory domain would be eligible to apply.
3. The application for the Fifth Cohort may be submitted from October 30, 2023 to November 30, 2023. A scanned copy of the application together with enclosures (maximum size 10 MB), may be forwarded through email.
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=56637
Global conduct risk and compliance technology provider MCO (MyComplianceOffice) has been named RegTech of the Year – US Region by the RegTech Association. This members-only award recognizes excellence in scale, growth, investment and contribution to the RegTech industry.
MCO provides compliance management software that enables financial services firms around the world to reduce their risk of misconduct and maintain an ethical culture. MCO’s integrated SaaS platform lets compliance professionals demonstrate they are proactively managing the regulated activities of the company, employees and third-party relationships on a single integrated risk and compliance platform.
“MCO is thrilled to be recognized for our innovative technology and contributions to the RegTech community” stated MCO’s Asia Pacific Director Kelly-Ann McHugh. “We are honored to be part of the RegTech Association and the work they do to champion the RegTech industry in Australia and across the globe. It was a team effort to reach this achievement. I’m so proud of our Asia-Pacific team and our entire organisation for their tireless focus on helping firms uphold their compliance obligations.”
The RegTech Awards uphold the Association's mission to create a global center of excellence and to accelerate RegTech adoption across regulated ecosystems by celebrating the firms who have achieved the greatest industry impact over the past year. The award was announced at the association’s #ACCELERATERegTechGlobal event held at Accenture in New York.
“We’re thankful to be acknowledged for being at the forefront of risk and compliance technology. These awards recognize the crucial role of RegTech in helping firms avoid misconduct, manage compliance obligations and maintain market integrity.” noted MCO’s Chief Revenue Officer Dave Kubersky.
About MCO (MyComplianceOffice)
MCO provides powerful compliance management software that companies around the world use to reduce the risk of misconduct and effectively oversee regulatory obligations. The MCO solution allows firms to address transactional and personal conflicts of interest in a single platform. It is the only fully integrated compliance management platform that uses a global company and security master dataset to identify conflicts across firm transactions (deals, research, and trades), employees, and third parties and provide evidence of regulatory compliance.
MCO is headquartered in Dublin with offices in London, Singapore, Hyderabad, New York, Chicago and Fort Worth.
Learn more at mycomplianceoffice.com
Media:Lisa Deschamp, Vice President, Global Marketing MyComplianceOffice lisa.deschamp@mycomplianceoffice.com
LAB Group, a leading international RegTech and Australia’s best-connected onboarding provider, is pleased to announce its successful completion of a private investment round raising up to AU$6.5 million in growth capital.
The incoming investor, Global Credit Investments (GCI), is a leading provider of specialist private credit and tailor-made financial products. Founded in Sydney in 2015, GCI provides flexible low-dilution funding structures that enable its investee companies to transform their businesses, funds have been used by businesses to help accelerate sales and marketing and to fund international expansion strategies – to name a few. GCI has raised and deployed c.AU$1 billion to date and specialises in empowering outstanding entrepreneurs and management teams looking to transform and scale their high growth businesses.
LAB Group was co-founded in 2010 by CEO Nick Boudrie and CTO Lyndon Webster, who retain majority stakes in the business. Since launch, LAB Group has deployed its technology across Australian and international financial services licensees, as well as businesses in other sectors, whilst establishing offices in Melbourne, Sydney, Brisbane and Copenhagen.
Having partnered with some of Australia and the world’s most recognised and respected institutions, LAB Group’s innovative onboarding and compliance platform solves the key governance, risk and compliance challenges that regulated entities face today. GCI’s investment will support LAB Group to accelerate its business and product development activities, providing working capital to fund domestic and international growth opportunities.
“We are delighted to welcome GCI as an investor in LAB Group. The backing of an investor of GCI’s calibre will bring LAB Group the support we need to further strengthen and scale up our team and accelerate our growth strategy. We are particularly pleased to have found a capital investment solution which will help us take our business to its next growth phase while minimising shareholder dilution.
“Completing the GCI facility underlines the strong market position and unique capabilities that LAB Group has developed through 12 years of evolution and innovation. Our platform delivers significant advantages to LAB Group clients, encompassing a dynamic onboarding framework providing end-to-end account opening and digital workflow management, an easy-to-integrate ID verification solution validating AML, KYC, KYB, and PEP Sanctions for all entity types, and a network of global products and jurisdictions that enables the seamless consented movement of consumer profile data.
“We look forward to a fruitful working relationship with GCI which adds value to LAB Group’s customers, integration partners, staff and investors.”
Gavin Solsky, Managing Director & Co-Founder, from GCI, said:
“We are excited to announce our partnership with LAB Group as they embark on their exciting growth journey. LAB Group embodies all the qualities we seek in an emerging high-growth company, from a proven product-market fit to outstanding customer metrics. With a skilled founder-management team driving their growth strategy and a substantial market opportunity supported by structural growth, we are confident in their future success.”
Henslow Pty Ltd acted as corporate adviser to LAB Group and lead manager of the transaction.
London, 20th October – Encompass Corporation, the provider of the leading dynamic Know Your Customer (KYC) process automation platform, has been announced as part of Chartis Research’s RiskTech100 list for the first time.
Widely considered as the most comprehensive independent study of major players in risk and compliance technology, the annual list ranks the top 100 organisations across various risk and compliance categories.
It is compiled by industry research and analysis firm Chartis, using the knowledge and insights of a panel of industry experts, with representatives from household names including Barclays UK, PwC and BNY Mellon.
While calling out the organisations dominating the space overall, several ‘rising stars’ are also highlighted for having a unique place in the market.
In making its debut appearance on the prestigious list, the impact of Encompass, which helps top global banks transform their KYC processes every day, is underlined. This recognition also comes hot on the heels of the organisation winning the ‘Established Trendsetter’ category of the Discover Perfect Pitch competition held during SIBOS 2023, the premier financial services event.
The RiskTech100, the go-to for clear and accurate analysis of the marketplace, is published within a report that delves into the industry today, featuring a broad range of vendors from across the sector.
Wayne Johnson, CEO and co-founder at Encompass Corporation, commented:
“We are proud to be included in the RiskTech100 this year. To be named on this respected list, researched and validated by independent experts, is testament to the impact of, and need for, Encompass – as well as the strides we have made in the last 12 months particularly.
“As we continue to grow our business and enhance our offering, accomplishments like this highlight that our work is understood, valued and, most importantly, crucial to the customers and the industry we serve.
“In the last decade, we have established ourselves as the leading provider of dynamic KYC automation process automation for banks and financial institutions attempting to navigate the ever-changing regulatory landscape while delivering top-class customer experience and maximising business efficiency. The need for technology like ours has never been more pressing, as more institutions look to digital transformation to enhance operations and future-proof effectively.”
Sid Dash, Chief Researcher at Chartis Research, added:
“A new entrant to this year’s rankings, Encompass is aligning itself with key industry trends. This is particularly notable in its product development, which is converging with broader automation and operationalisation trends in KYC and related areas.”
About Encompass Corporation
Encompass enables firms to deliver revenue faster, drive operational efficiency and demonstrate consistent compliance with dynamic KYC process automation. Our award-winning platform, unrivalled data connections and industry expertise help clients to create and maintain real-time digital risk profiles of everyone they do business with.
© 2023 The RegTech Association
