The Westpac RegTech challenge has launched. It welcomes startups to compete for a chance to win A$40,000 ($29,000) and professional support to grow their business.
The innovation challenges takes on different themes each year. This year it centres around RegTech. Furthermore, the competition requires entrants to create a technological solution that helps companies comply with regulatory obligations. Moreover, this will deliver improved customer outcomes.
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Westpac group executive, strategy and enterprise services, Gary Thursby, said: “Businesses are operating in an environment of heightened regulatory scrutiny.
“Technologies such as cloud computing, big data, and artificial intelligence all have the potential to significantly shift the very nature of how we use technology to support and enhance our compliance with new and emerging regulatory obligations.
“We’re looking for the next big idea about how these innovations can reduce regulatory costs, improve efficiencies and better meet customer needs.”
Now in its fifth year, the Westpac Innovation Challenge aims to identify the next generation of leaders and inventors, connecting them to the opportunities that will turn their big ideas into a reality.
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By GlobalDataFurthermore, five finalists of the Westpac RegTech challenge will attend a boot camp at Westpac to prepare for the live pitch in Sydney on 3 December 2018.
Last year’s winner Mr Evan Wong, co-founder and CEO of Checkbox Technology, said:
“The Westpac Challenge really put us on the map for the first time and allowed us to connect with many of our target customers. We’ve now secured $1.7 million in funding and doubled our staff numbers.”
The benefits of RegTech
RegTech is technology that looks to provide seamless, configurable, easy to integrate, cost-effective and secure regulatory solutions.
Moreover, it has two main goals: to significantly increase the effectiveness and the efficiency of compliance. For banks and fintechs this is becoming increasingly critical.
RegTech solutions can be integrated into banks and businesses at different points of compliance. Furthermore, the technology can be used to anticipate potentially damaging faults. These issues range from real-time tracking of risk to detecting any non-compliant actions.
