CORPORATE FINANCE
“ The global regtech market is forecasted to grow from US $ 6.3 billion in 2020 to US $ 16.0 billion by 2025 , with APAC expected to have the highest growth rate ”
SCOTT PATTERSON ENTERPRISE IRELAND ’ S APAC FINTECH AND FINANCIAL SERVICES LEAD
If you think regtech isn ’ t vital to your financial services business , think again . Banks in Australia were the second most fined in the world in 2020 with Westpac forced to pay a civil penalty of $ 1.3 billion – the largest ever in the country . On the flipside , regtechs like Fenergo – a global leader in Client Lifecycle Management – reduces onboarding times by 82 %, 34 % saving in audit cost and 30 % ROI on technology .
Regtech required across mature and emerging markets Of course , the Asia Pacific region is rich and varied when it comes to individual companies and national economies , but one of the benefits of regtech , according to Patterson , is that it can be adapted – which is often necessary when the risks , complexity and challenge is markedly different between organisations .
“ The Asia Pacific region is very diverse in regtech needs , since mature and emerging economies are at varying levels of development ,” says Patterson . “ On one side are Australia , Japan and the Four Asian Tigers comprising Hong Kong , Singapore , South Korea , and Taiwan .
“ On the other , there are developing economies , such as Laos , Myanmar , and
The Irish Advantage businesschief . asia 63