Connecting Canadian and South-East Asian RegTech Ecosystemsby Company Announcement September 27, 2017
RegTech Canada and Singapore based RegPac Revolution, have signed a co-operation agreement to collaborate on the development of cross-border Regulatory Technology initiatives.
For those who are not aware of this recent phenomenon, RegTech (or Regulatory Technology) is the application of technology in Regulation, Compliance and Supervision of regulated entities – an area where Canada and Singapore are both recognised as global leaders. A recent study demonstrated that firms in the financial sector spend between 10% and 15% of their annual revenues on regulatory compliance. As regulation becomes more complex, it becomes harder and harder to manage costs and human error will only increase. RegTech allows the companies to shift their focus to true differentiators, products and services, instead of spending millions on compliance.
Matt Elton, CEO of RegTech Canada explains,
“Canada and Singapore, both being built upon strong regulation and the financial stability which comes from it, are perhaps, best placed to be able to take real benefit from the opportunities that a technology centric supervisory environment can provide.Canada has pursued a long-term strategy of investing in the development of the right skills which is now really paying off in having the right knowledge, the right environment, and the right timing to grow the sector for the benefit of Canada, and to create a valuable export market for Canadian technology.
Working together with another respected global leader will allow us to make very tangible and rapid progress, both in knowledge sharing, and enabling market access for Canadian solutions in the South- East Asian market, and at the same time providing a means for firms from South-East Asia to bring their products to Canada.”
The objectives of the collaboration are to:
- Run an exchange visit between Singapore and Canada, to introduce RegTech companies into the Singapore/South East Asian market and vice-versa;
- Co-create guidelines allowing solutions to be tailored to the needs of the local market;
- Liaise with governments and regulators for trade missions and road-shows;
- Collaborate on specific themes and topics in the regulatory space for events, seminars and workshops;
- Facilitate cross-border knowledge exchange.
Beyond the initial activities, both parties are looking forward to further collaboration with each other in the form of joint projects, knowledge sharing, thought leadership and other relevant initiatives.
Mona Zoet, Founder of RegPac Revolution, elaborates,
“This collaboration agreement between RegPac Revolution and RegTech Canada will provide tremendous incentives for both Countries. Singapore, the technology hub of South-East Asia, prides itself for the swift adoption of innovative solutions and forward thinking regulatory regime. The collaboration with Canada, a country strong in both finance and regulation as well, allows for even greater exchange in knowledge and expertise which enables the acceleration of the implementation of Regulation Technology solutions on both sides”.
Anna Velvet, Co-Founder and President at RegTech Canada concludes,
“Canada prides itself on inclusion, collaboration and due diligence to protect their digital customers within the e commerce globally. It is part of our innate culture and Singapore shares the same methodology – they are similar to Canada as they are investing in diverse talents and technology in order to deal with challenges in compliance. This collaboration will bring credibility and trust globally; collaboration benefits everyone in the compliance space as it will open doors to those that see RegTech as an added value as opposed to a burden.“
Featured image via pixabay