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Industry body boosts Singapore fintech ecosystem with regulatory technology sub-committee

THE Singapore FinTech Association (SFA) has launched a regtech sub-committee to promote the invention and adoption of technologies to overcome regulatory challenges in Singapore.

Regtech - a subset of fintech - stands for regulatory technology, and 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 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.

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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".

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