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 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".
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
BOJ will hike rates if trend inflation accelerates, says Ueda
Citi picks Amit Dhawan to head Singapore commercial bank operations
China finance ministry echoes Xi’s call for bond trading at PBOC
Thai PM asks banks to lower interest rates to help economy
From airport lounge access to dining deals: How banks can attract customers with travel perks
Japan to work with counterparts on excessive FX moves, says finance minister