RegTech Roundup – September 2024

Spring has sprung, a time of the year for new beginnings, and for this episode we look to the promise of new innovations and new solutions to make our futures brighter.

Finding the right solution when you have capacity, capability and budget constraints is a common challenge, take a look at our article below on the tool new to the New Zealand market that may just save you time, energy and money.

RegTech Connect Launch

The founders of RegTech NZ have recently launched RegTech Connect Limited. The aim of the company is to help New Zealand companies innovate, grow, and remain legally compliant. One way RegTech Connect is doing this is through a partnership with UK powerhouse TechPassport.

This strategic partnership helps organisations in the following three ways:

• New Zealand technology companies can list (for free) in the TechPassport marketplace, get enterprise ready and get in front of Tier 1 global financial institutions.
• Revolutionise procurement processes by allowing financial institutions access to the TechPassport marketplace, a market-ready knowledge base for 2000+ Tech companies, featuring enterprise ready analytics and scoring systems co-developed with financial institutions.
• Increase visibility and accountability of an organisations business critical technology infrastructure by automating the capturing of high risk 3rd, 4th and 5th party providers.

Check out the website for more information and follow the RegTech Connect Limited page for updates, and get in touch if you would like to discuss any of the features listed above.

Open Banking

The second milestone for the Payment NZ Open Banking Minimum Implementation Plan is just two months away. BNZ has already announced their support for Account Information v2.1 APIs and ANZ, ASB and Westpac will be following on November 30 (if not before).

One of the most exciting aspects of this November milestone is the ability for us to automate some of the manual steps we have today.  No more receiving and verifying banking documents – instead we just ask our customers to authorise our access and we’ll be able to get the up-to-date financial details we need directly from their bank. That’s a game changer!

Further milestones will be agreed in due course, adding features such as enduring (repeated) payments or additional information like statements or customer details.

In addition, the Customer and Product Data Bill (CPD) is with the Select Committee. The Ministry of Business, Innovation and Employment (MBIE) has opened consultation on the scope of regulations under this bill.

Whatever your business, if you accept payments or need financial information about your customers, Open Banking and CPD are worth exploring.

RegTech Member Update – New Compliance Solution for PTEs

QED Associates, a leading compliance consultant in the education sector has partnered with RegTech Dacreed to extend Dacreed’s compliance solution from Financial Services into the education space. Piloted with Professional IQ College, who provides the Certificate in Financial Services, the private training establishments (PTE) compliance programme provides PTEs with a turnkey compliance solution, providing the systems and controls needed to efficiently and cost effectively maintain the standards required by the New Zealand Qualifications Authority (NZQA), the Tertiary Education Commission and Workplace Development Councils.

RegTech Investment Available

RegTech NZ as been approached by an overseas firm looking to invest in RegTech/LegalTech in the following area:

𝘈𝘐 𝘚𝘰𝘧𝘵𝘸𝘢𝘳𝘦 𝘧𝘰𝘳 𝘤𝘳𝘰𝘴𝘴 𝘣𝘰𝘳𝘥𝘦𝘳 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘵𝘢𝘹𝘢𝘵𝘪𝘰𝘯 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯 (𝘢𝘥𝘷𝘪𝘴𝘦 𝘢𝘯𝘥 𝘳𝘦𝘨𝘶𝘭𝘢𝘳 𝘶𝘱𝘥𝘢𝘵𝘦𝘴). 𝘉𝘳𝘰𝘢𝘥𝘭𝘺 𝘴𝘦𝘳𝘷𝘪𝘤𝘪𝘯𝘨 𝘧𝘰𝘳 𝘭𝘢𝘳𝘨𝘦 𝘤𝘰𝘮𝘱𝘢𝘯𝘪𝘦𝘴 𝘸𝘩𝘰 𝘩𝘢𝘷𝘦 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘺 𝘪𝘴𝘴𝘶𝘦𝘴 𝘢𝘯𝘥 𝘩𝘢𝘷𝘦 𝘱𝘦𝘳𝘩𝘢𝘱𝘴 𝘣𝘦𝘦𝘯 𝘧𝘪𝘯𝘦𝘥.

If this sounds like you, give Vincent McCartney a call and he’ll make an introduction.

Address Verification

RegTech solutions are typically used to help New Zealand Reporting Entities tick the address verification box when conducting know your customer (KYC) standards, but should address verification even be a thing? What purpose does address verification actually serve and is it excluding people from financial services?

Vincent McCartney, former owner & co-founder of RegTech company Cloudcheck who specialise in electronic KYC, explores this topic here.

Conference Season

Conferences are a great place to make new connections, discover new opportunities and learn about what/who the next big thing is. Maybe we’ll see you at these upcoming events:

28 October – 1 November: Hong Kong FinTech Week

6-8 November: Singapore FinTech Festival

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