RegTech focus a huge opportunity
Rebecca Lim: Westpac Group's chief compliance officer and group general counsel
Legendary FinTech pioneer and Tyro Payments executive director Jost Stollmann will headline InnovationAus.com’s RegTech Australia 2017, the first deep dive look at the opportunities and challenges for the nation of disruptive new regulatory compliance technologies.
The senior speaking roster at the inaugural RegTech Australia includes Westpac Group’s chief compliance officer and group general counsel Rebecca Lim, and the Australian Securities and Investments Commission’s Digital Finance Advisory Committee chairwoman, Deborah Ralston from Monash University.
Austrac’s national manager for compliance Angela Jamieson will speak on the nexus between law, policy and financial transaction monitoring.
The forum includes the machine learning and artificial intelligence-based RegTech pioneer RedMarker’s founders Mandy Symons and Matt Symons, and also looks at the privacy and security implication of new technology through the Office of the Australian Information Commissioner’s assistant director Sophie Higgins.
RegTech is considered a huge opportunity in Australia, not just as a developer of smart new systems for automating compliance activity, but as an early adopter of new technology-driven regulatory models that provide for a more competitive and efficient financial services sector.
More sophisticated use of RegTech across the financial services sector will make Australia a more attractive place to do business.
Treasurer Scott Morrison has been arguing for a year or more that RegTech is a competitive economic weapon. The better we are as a nation at understanding and building and using next-generation RegTech products, the more competitive our economy will be.
Tyro’s Mr Stollmann has long been an advocate of better regulation. And he is not talking about deregulation, but rather then better application of technology by regulators to enable a faster moving and more agile financial services market.
Australia must disrupt its banking regulations or face waking up one day to find a FinTech innovator such as Chinese giant Alibaba becoming the bedrock of our financial system, rather than the Big Four banks, Mr Stollmann told InnovationAus.com earlier this year.
Rebecca Lim joined Westpac in 2002 and was appointed Group General Counsel in November 2011 and Chief Compliance Officer in December 2013. Ms Lim is responsible for Westpac's compliance, legal and secretariat function globally, making her one of the most senior compliance executives in the country.
RegTech Australia 2017 is a half-day forum that explores the opportunities and challenges in the Australian context. It speaks to where Australia has some competitive strengths, and how RegTech can help improve Australia’s standing as a financial services centre in our timezone.
“Understanding RegTech is the key to unlocking the wealth creation potential of disruptive new technologies that have swept through the financial services sector,” InnovationAus.com Publisher Corrie McLeod said.
“Just like the FinTech sector, RegTech sits right at the junction of technology and policy. It is both a regulatory challenge and an industry development opportunity. The RegTech side of the equation does not get the same kind of attention as the FinTech darlings, but brings with it the same kind of economy-wide opportunity.”
Other speakers at the RegTech Australia 2017 forum include:
- Jost Stollmann, Founder, Tyro Fintech Hub
- Rebecca Lim, Chief Compliance Officer and Group General Counsel, Westpac Group
- Liming Zhu, Research Director, Software and Computational Systems, Data61
- Julian Fenwick, Chair, The RegTech Association
- Sophie Higgins, Assistant Director - Regulation and Strategy, Office of the Australian Information Commissioner
- Angela Jamieson, National Manager, Compliance, AUSTRAC
- Bruce Wren, Chief Executive Officer, Wordflow
- Mandy Symons, Co-founder, Red Marker
- Paul Nailand, Founder and Managing Director, Visual Risk