Australia’s 'piecemeal domestic investment' is preventing RegTech's growth

An investment gap is preventing mainstream adoption of regulatory technology despite a rise in global demand, according to research by Australia’s RegTech Association.

The Centre of RegTech Excellence report conducted seven-minute surveys with 33 founders or senior executives at RegTech member organisations. The association said the findings of its study should be treated as indicative due to the lower than usual sample size.

“Australia stands at the brink of a global regulatory revolution where technology will enable corporates to automatically comply, monitor and respond to financial regulation,” The RegTech Association CEO Deborah Young said.

“A rich, diverse RegTech sector is emerging in response to Australia’s global renowned, rigorous regulatory standards. Despite having everything needed to be a global player in RegTech, Australia’s piecemeal domestic investment is preventing Australian innovation from underpinning the global RegTech transformation.”

The RegTech Association is calling out for more investment in the industry as, according to a research by Juniper, the market is predicted to grow to US$127 billion, due to the rising threat of money laundering and increasing financial penalties.

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Source: Australia’s ‘piecemeal domestic investment’ is preventing RegTech’s growth – CIO