RegTechNZ: What caught our eye this month

Welcome to a new offering from RegTechNZ – Snapshots from around the web.

Remember the days when you used to go to the library, borrowed a book and delved into a world of information? Today everything is on the web, isn’t it? In previous research I found a 2020 statistic predicting the web had around 40 trillion gigabytes of data (40 zettabytes)” I don’t  know how big that is, but apparently it was estimated to take “181 million years to download”, so I guess that it is more than we probably actually need. More importantly it is probably too much to filter and find what you need to know.

RegTech is hoping to help you keep your focus with our monthly blogs; snapshots of interesting articles and news of note that have caught our eye, and are worth sharing with you. Here’s our first edition, happy for it to trigger conversation, so feel free to message, comment or feedback and ignite a conversation with us.

FinTechNZ Hui Taumata, RegTech and AI

The RegTech panel at the FinTechNZ Hui Taumata  provided some real food for thought and some interesting options to follow up on. It was fantastic to have the support of our advisors and key speakers Saket Narayan AWS, Asa Cox, Arcanum AI, Pete Kenny, Alan Crofts, FMA and Frith Tweedie, Simply Privacy, and not forgetting Tim Warren’s input too. Forums like ours depend on expertise to help keep you informed. If you have a RegTech subject that you want to share, please reach out.

If you enjoyed our session on RegTech and AI at the Hui, then read this excellent update on recent developments in AI regulations from around the world written by Sam Williamson for Shift advisory  and kindly shared by Prue Tyler.

And if all of this AI stuff is too much for you – here’s a little cheat sheet found on Linkedin. 

RegTech providers

Global Fintech did an International Women’s Day article focussing on Women in Fintech, Good to see our RegTech circle,  Muinmos and Taina appearing International Women’s Day: 7 FinTech companies with women founders – FinTech Global

RegTech collaborators & innovators

Our next story comes to us from our Canadian counterparts posts regarding our Australian neighbours, interesting to see the innovation challenge being supported to innovate RegTech with Bedrock.  Australian government taps Bedrock AI for RegTech challenge (betakit.com) . RegTechNZ would love to support locals with something similar, if you have any ideas or use cases, drop us a line and let’s see what we can achieve.

One goal we have been pursuing is the creation of a regulatory sandbox for New Zealand, where industry and regulators can explore innovative products and services in the regtech space together. Several jurisdictions have regulatory sandbox environments operating effectively, such as Singapore’s Fintech Regulatory Sandbox. While, for now, this is a pipedream for New Zealand, we’ve recently seen in Australia the potential issues created when this type of collaboration is not in place. Australia recently publicly consulted about the potential policy and regulatory implications of screen scraping, including potentially banning it all together. This article, from Tiimely, demonstrates that practical, real world collaboration is needed to co-design a viable alternative. Tina Groark will be watching this closely.

If you want to know more about what we are doing, and get involved, please connect with us at RegTech NZ or follow our LinkedIn page RegTech NZ.

Janet Chenery
Chair
RegTechNZ