The APAC RegTech Network seeks to enhance cross-border collaboration on regtech education and implementation across the region.
The regtech committees of the fintech associations of Hong Kong, Singapore and Japan have jointly launched the ‘APAC RegTech Network’, an initiative to enhance cross-border collaboration on regtech education and implementation across the Asia Pacific region.
Under the initiative, the regtech committees of the FTAHK (Fintech Association of Hong Kong), SFA (Singapore Fintech Association) and FTJ (Fintech Association of Japan) will jointly convene regular meetings, and increase dialogue and information exchange to combat financial crime.
The APAC RegTech Network was launched on 30 May, in conjunction with the launch of the SFA’s regtech sub-committee, chaired by Chionh Chye Kit, CEO and co-founder of regtech firms Cynopsis Solutions and Traceto.io. The SFA has also sign an MoU with the Australia’s RegTech Association to better engage with the regtech ecosystem in the region.
The FTAHK’s regtech committee has been active since the association was launched nearly two years ago. It convenes monthly meetings, regularly organises curated demos from regtech firms, and has co-organised the first legaltech and regtech hackathons in Hong Kong.
“Crime knows no borders… and neither does innovation in regulatory technology,” said FTAHK regtech committee co-chair Brian Tang, who is also the founder of ACMI (Asia Capital Markets Institute) and LITE Lab@HKU.
“Our aim is to operationalise already executed MOUs through focused cross-border engagement. We will start with periodic online meetings between the regtech committees, aimed at fostering education and implementation of regtech through sharing insights on regulatory developments and emerging technology solutions.”
“We encourage the regtech committees at other associations to join us, as we aim to grow our network and work together to combat financial crime across the APAC region,” Tang added.
The launch (video) of the APAC RegTech Network follows other initiatives aimed at boosting cross-border collaboration in fintech development, such as the GFIN (Global Financial Innovation Network), a global “sandbox” launched this year to facilitate cross-border testing of fintech and regtech offerings. Eight firms have so far passed the initial screening under the initiative.
Also launched this year was the ‘Asia-Pacific FinTech Network’, which included MOU signatories from nine fintech associations – the FTAHK, SFA, FTJ, and associations from Australia, Malaysia, Philippines, Taiwan, Thailand and MENA.