Podcast: CheckBox, simplifying and digitizing regulations for easier compliance checks
RegTech, or ‘regulatory technology’, is the use of technology to enable businesses to carry out regulatory monitoring, reporting and compliance measures more efficiently and cut down on labour costs. According to a projection from Reuters, the market for RegTech solutions will grow to around US$120 billion by 2020.
As Hong Kong aims to be Asia’s leading hub for FinTech, RegTech has become a point of focus for both market participants and regulators. The Hong Kong Monetary Authority, for example, has a FinTech innovation hub and established a RegTech sandbox in October last year, to encourage financial institutions to experiment with FinTech solutions. Another example is the Securities and Futures Commission, which launched a pilot project with 20 banks to monitor and detect system risks using RegTech in 2016. Furthermore, the Hong Kong Government is also investing in R&D, with the Hong Kong Applied Science and Technology Research Institute developing RegTech solutions such as crypto-currency transaction surveillance.
To get a better understanding of what this all means, I recently sat down with Evan Wong, co-founder and CEO of Australian RegTech startup Checkbox to talk about RegTech and identify how Australian companies can get involved in the Hong Kong market. Checkbox is a multi-award winning platforms that enables the digital transformation of regulation and won the Next Money Fintech Finals this year.
Click here to listen to this episode. We hope you enjoy it.