Outdated systems are preventing one in four Asia Pacific banks from investing in disruptive technologies, says Greg Watson, citing a recent Fenergo survey.
The APAC RegTech Network was established by the regtech committees of the fintech associations of Hong Kong, Japan and Singapore in May.
Financial firms say public cloud projects are delivering better-than-expected cost reductions and enabling innovation, but data privacy and regulatory concerns are slowing adoption.
The initiative will help connect the payments industry with specialist law firms through a streamlined process to help them comply with the new Payment Services Act.
Under new guidelines, rules limiting how much financial firms can invest in non-financial sector tech firms will be lifted, and investment will be allowed in a wider range of fintech firms.
The panel has also proposed the development of a marketplace model for P2P lending, and the introduction of virtual banking in India.
An ACCC inquiry found that consumers continue to rely on the big four banks for FX services despite the availability of much cheaper alternatives.
The HKMA is allowing lenders to further develop business involving the use of innovative financial technology to assess and approve personal loan applications.
Successful applicants will be announced in mid-2020, with the expectation that they meet MAS requirements and commence business by mid-2021.
The ACCC is seeking participants to help it test the data-sharing ecosystem under the consumer data right, which was passed into law earlier this month.