RegPac June/July Newsletter
We have launched our very own RegTech Crash Course!
Technology surrounds us today, like it never did before. We benefit from it to an extent that we even started criticizing the excessive reliance on it. Yet, we somehow never considered using it at the industry where we can possibly benefit the most out of it: Financial and Regulatory Services.
We wonder why the current $80 billion annual spending on governance risk and compliance is expected to reach $120 billion within the next 5 years, while the way to drive it down is as simple as integrating technology into the process. So we are here, introducing the world “the way”. We are uniting speed, agility and analytics to maximize efficiency and accordingly to unlock the true potentials of businesses. And we call this RegTech. Through our journey, we realized that the majority of businesses are not informed about these RegTech solutions, entrepreneurs do not know where to begin from and the universities do not provide any RegTech training, blocking the whole chain. So we decided to solve the problem ourselves. RegPac proudly presents its online training program on RegTech! We designed a comprehensive online course which aims to make attenders understand what RegTech is, how it came about and why it is useful. Besides gaining basic understanding of the main technologies underlying RegTech, participants will study specific use cases of these technologies and real life business applications. Participants will be lectured on 6 modules and subsequently tested on them. A RegTech official certificate will be provided to those passing the test. Please do contact us at firstname.lastname@example.org or visit us at https://www.regpac.com/regtech-trainingfor further information about our training program.
Enrol Now! - https://www.regpac.com/regtech-training
What’s happening in the Reg/FinTech space?
On the 26th of June, RegPac organised a RoundTable which focused on the topic of "Exploring the Mismatch between Start-Ups and Incumbents"
We tried revealing the reason behind the fact that FinTech and RegTech solutions are not selling, despite the high demand. Given that the FinTech scene in ASEAN is blooming and has witnessed an increase of 33% in investments only within a year and that the Global RegTech market is expected to reach $6.45million in 2020, we would expect the solution sales to be much higher, than they currently are. The suggested answers led us to evaluate the ability of Incumbents, on using these technologies. We concluded that the main problem, indeed, was not the ability of using the technology but the willingness to embrace it. Employees at Incumbents are hesitant to adopt technology as they fear losing their jobs to automation.
Yet, on the other side, we also realized and emphasized that most of the RegTech start-ups lack understanding the pain points for Incumbents and therefore, most of the time, provide insufficient guidance. Nine out of ten times, the solutions which are being offered do not solve the “most important” problems faced by the Incumbents. Adding on to the insufficient guidance point, we emphasised that the large number of start-ups providing multiple alternatives create a very wide solution catalogue. Hence, the large solution variety makes the selection process complex, hard and risky for Incumbents. Accordingly, we concluded that realizing the selection criteria of Incumbents is an important point which could eventually help the start-ups to offer a better guidance. To sum up, we tried evaluating the situation from both Incumbent’s and stat-ups viewpoint and realized two major reasons blocking the match: Incumbents’ unwillingness to adopt due to fear of loosing their jobs and start-ups’ lack of effective guidance. We thank all of our participants for sharing their thoughts with us! Make sure you are there the next time. Stay tuned!
What's Next for RegPac? 7th FinTech Innovation Forum
With new FinTech and InsurTech companies being established all over the region, incumbent banks are recognising their integral need to offer innovative customer solutions. On the 15th of August, 7th Fintech Innovation Forum will be creating a platform at which you can explore the issues that arise, when finance and technology merge. If you want to know where FinTech is headed, join us. We will be speaking too, so make sure you come along!
Find Out More- https://www.questexevent.com/fintech-innovation/2018/singapore
Financial Crime & Compliance Bespoke Workshop
On the 18th of September, we will be coming together with C6 Intelligence to explore on the pain points in the FinCrime space on a global level, with an emphasis on SEA and Singapore. A couple of the high esteemed speakers of the event are already announced! Our first speaker Joel Lange has over a decade of experience in the compliance and transaction operations industry. Anti-Money Laundering, Anti-Corruption and Sanctions Compliance are amongst Lange’s focus. Nick Parfitt, on the other hand, will be sharing his expertise on project and program management, business process change and in implementing technology at financial services. Parfitt is highly experienced in the financial crime sector. Our last speaker Christophe Barel currently is responsible for C6’s overall strategy in Asia-Pacific Region. Barel is focused on legal and compliance products, including Policy and Regulatory Report (PaRR), Capital Profile and the Law Report Group (LRG). If you are interested or wish to attend please contact us via email@example.com.
UNOPS Book on the Legal Aspects of Blockchain UNOPS has partnered with the Dutch Government’s “Blockchain Pilots” to write a book on the legal implications that blockchain technology has in humanitarian and development work along with existing regulatory frameworks, data and identity. RegPac contributed a chapter on ICO regulation, a very interesting topic in the current regulatory space for sure, and something we will keeping a close eye on!
Find Out More - https://www.unops.org/news-and-stories/news/unops-partners-with-the-dutch-governments-blockchain-pilots-to-explore-legal-dimensions-of-distributed-ledger-technology
33rd ASEAN Summit
The 33rd Association of Southeast Asian Nations (ASEAN) Summit will be taking place at Singapore between 11th– 15thNovember 2018. The theme of Singapore’s Chairmanship is set to be “Resilient and Innovative”. Through the 32ndASEAN Summit, growing urgency and sophistication of transboundary cyber threats were recognized and it was agreed that ASEAN can work towards adopting and implementing, and to strengthen cooperation on data protection in cyberspace. Accordingly, we think keeping track of this year’s summit is important, as it will possibly have updates on cybersecurity.
Just a quick reminder that the FinTech Festival is fast approaching! From November 12thto 16th, we are sure it will prove to be an excellent five days, offering great learning and networking opportunities. In case you missed it, click here for the full itinerary.
Hence, please be aware that this year, we will be very involved with the festival! We will be holding a Welcome Sessionat which we will host relevant ecosystem players, have discussions of applicable topics of interest and carry an open networking session enhancing FinTech and RegTech co-working and exposure. On November 15th, a half-day RegPac Cooperation Sessionwill be held, with presence of overseas delegations. We think having an international community will help expose the enhanced FinTech and RegTech global scene, as well as stimulating the cooperation between innovative startups and big established decision makers, promoting the development of the sectors. So, make sure you are there! Stay tuned for more information.