There's a need to make smarter financial decisions during COVID-19 crisis

“We don’t just have a health crisis… we have a data or a digital crisis,” said Deborah Young, CEO of The RegTech Association, in a discussion about the ongoing need for regtech to facilitate smarter financial investments during the Covid-19 crisis.

Deborah was speaking on the new podcast released today from Encompass, titled RegTech 20:20.On the topic of COVID-19, Deborah discussed the challenges posed to RegTech as a result of tighter capital restrictions, but acknowledged that procurement will be benefitted as governments gain first-hand experience into the importance of regulatory technology in facilitating compliant partnerships.

She also mentioned that regtech is no longer seen as a subset of FinTech, instead now being viewed as an enabler of compliance and better regulation, and an important part of the current compliance landscape in finance today.

Also speaking to Encompass in this episode, banking and technology expert Steve Allen discusses the changes to the RegTech industry in Australia, and the positive benefit the financial crash of 2008 had on compliance and RegTech today.

The interesting thing with regulation that the financial crisis really bought out, is the regulators of the world have tried to get a more consistent and common approach [across global markets].

Deborah and Steve continue the in depth discussion of the the growth of the industry in Australia, and what the future may have in store, in the full episode of RegTech 20:20, which you can listen to in full below.