CORPORATE FINANCE
“ Companies in APAC also deal with rapidly changing risk and compliance challenges as the whole region deals with constant growth and change . Regulator expectations are also changing rapidly – as seen with Australian Banks . It is also estimated that hackers are 80 % more likely to target Asia than anywhere in the world , with the region 1.7 times slower to respond .”
So what are the biggest challenges ? Patterson says long sales cycles challenge regtech adoption in developed APAC countries while regulatory inertia and lack of proper regulatory processes can hinder regtech adoption in developing APAC .
However , the potential rewards are also significant , particularly with the rise of digital banks , P2P lending , digital assets and remote onboarding . Then there is the projected cost of Anti Money Laundering ( AML ) compliance – across Indonesia , Malaysia , the Philippines and Singapore combined , this is estimated at more than US $ 6 billion . The opportunity for regtechs to fill the need for specialised solutions is clear .
Download The State of Regtech in APAC report HERE . businesschief . asia 65