The financial regulation industry is becoming more technically adept in Australia, and as regulatory technology emerges, a new trade group plans to be out front on the issue.

The RegTech Association, which launched last week in Sydney, will promote the use of technology in the financial sector as a tool for managing regulatory compliance.

“With a clear vision to make Australia a global leader in building higher performing, ethical, and compliant businesses through RegTech innovation and investment, the association brings awareness to, and champions, this disruptive yet collaborative movement,” the organization states on its website.

Twelve companies, mostly startups, have joined the association. “Our aim for the launch is to bring together key stakeholders and influencers, shining a light on the important role of collaboration in enhancing [the Asia-Pacific region’s] growing RegTech industry,” said Julian Fenwick, chair of the new group the managing director of GRC Solutions, in a news release.

Customers may welcome this type of collaboration. In comments from a launch event reported by Financial Review, ANZ Wealth’s head of risk, Karen Malzard, noted that the firm was seeing success with a tool from Red Marker (a RegTech Association member) and suggested such sharing within the industry would be beneficial.

“It is learning from examples across the industry, not just us,” she said. “If we were to develop this internally, it would only be our view of the world. In this case, we get to take a cross-section of the industry, which means it will learn quicker, and we will get better output from it and expand its uses more quickly.”

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