Industry body boosts Singapore fintech ecosystem with regulatory technology
SINGAPORE - The Singapore FinTech Association (SFA) has launched a regulatory technology or "regtech" sub-committee to promote the invention and adoption of technologies to overcome regulatory challenges in Singapore.
Regtech, a subset of fintech, is used to augment functions in the financial industry such as regulatory monitoring, reporting, and compliance.
The sub-committee will be chaired by Chionh Chye Kit, CEO, and co-founder of regtech firms Cypnosis Solutions Pte Ltd and Traceto.io Pte Ltd.
SFA has also inked a memorandum of understanding with the Australia-based RegTech Association to better engage with the regtech ecosystem in the region.
The new regtech sub-committee will look towards working with other similar sub-committees of fintech associations in other countries, starting with Hong Kong and Japan.
Chia Hock Lai, president of SFA, said as the fintech ecosystem broadens regionally, "we believe that its stakeholders will greatly benefit from the initiatives by the regtech sub-committee".