SPECIAL REPORT : THE STATE OF REGTECH IN APAC
Scott Patterson , Enterprise Ireland ’ s APAC Fintech and Financial Services Lead , discusses key findings from The State of Regtech in APAC report
WRITTEN BY : KATE BIRCH
The COVID-19 pandemic has forced many financial services organisations to fast-track their digital transformation . This allows them to provide better digital banking services and to move away from legacy systems to cloud-based regtech platforms . However , progress comes with a price . Rising costs of compliance and increased risk of cyber attack have put regulation , risk and compliance in the spotlight .
A new report from Enterprise Ireland – the world ’ s most active fintech investor – entitled The State of Regtech in APAC takes an insightful look into regtech in the region and a deep dive into 10 key APC markets . Enterprise Ireland works with more than 200 international fintech portfolio companies and 40 regtech companies , and has offices across the APAC region , meaning it is well placed to offer this analysis .
Scott Patterson , Enterprise Ireland ’ s APAC Fintech and Financial Services Lead , based in Melbourne , Australia , says the report assesses these key markets to help people understand the regulatory landscapes , market conditions , government initiatives , ecosystems and critical players in each market .
The report considers Australia , Mainland China , Hong Kong , Indonesia , Japan , Malaysia , Philippines , Singapore , Thailand , and Vietnam : identifying the specific opportunities and roadblocks facing regtech players in each country .
“ Regtech is an information technology which is used to enhance regulatory processes ,” Patterson tells Business Chief . “ Regtech supports an organisation to undertake regulatory monitoring , reporting and compliance . Regtech ’ s primary purpose is to automate and in turn standardise regulatory processes whilst driving down
58 October 2021