No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home GRC Vendor News

This Week in Regtech: Singapore, Australia, the E.U., and Cymulate

Legislative bodies around the world are determining how best to support regtech development.

by Henry Kronk
May 7, 2021
in GRC Vendor News
The singapore skyline

Governing bodies around the world are considering how to manage and encourage the use of regtech. Meanwhile, cybersecurity developer Cymulate signed a $45 million Series C.

The past week was light on private sector regtech development and heavy on government action. Regulatory bodies in the E.U. and Australia took up the subject of blockchain-based regtech and its various uses. Singapore, meanwhile, expanded grants to speed the adoption of regtech in its finance sector with tens of millions of dollars in funding from its Monetary Authority.

Singapore Announces $31.6 Million Regtech and Fintech Investment

The Monetary Authority of Singapore (MAS) announced on April 30 it will create and expand grant schemes to spur the development and adoption of regtech and fintech in the country’s financial sector.

The S$42 million ($31.6 million USD) funding created the RegTech Grant, which includes a pilot and development track for recipients. The former, capped at S$75,000 per grantee, will be made available for financial institutions to test out regtech products and services. The latter is capped at S$300,000 and will go to companies looking to develop and integrate regtech systems into their operations.

MAS commits $42 million for the new #Regulatory Technology (RegTech) grant scheme and enhanced Digital Acceleration Grant scheme to accelerate #technology adoption in the financial sector.

Read: https://t.co/J1YVi8cTxd

— MAS (@MAS_sg) April 30, 2021

As part of the effort, the MAS also expanded its Digital Acceleration Grant (DAG). It was launched in April of last year to help the finance sector cope with the effects of the coronavirus pandemic. Since its launch, the MAS has received over 1,100 grant applications. It has decided, as a result, to commit an additional S$30 million to the DAG through the end of 2021.

“MAS remains committed to the digital transformation of the Singapore financial sector,” said MAS Chief Fintech Officer Sopnendu Mohanty, in a statement. “We expect the regtech ecosystem to flourish with widespread use of innovative solutions to aid risk management and compliance. The Digital Acceleration Grant has enabled the smaller financial institutions and fintech firms to adapt to the challenges in the past year and we will continue to support these firms as they accelerate their digital transformation journey. We encourage financial institutions to tap on these grants to embed technology into the firms’ DNA.”

Australian Senate Committee Recommends Broad Expansion of RegTech Support, Including a Blockchain National Land Registry

The Select Committee on Australia as a Technology and Financial Center is encouraging the Australian government to create a blockchain regtech platform to handle its national land registry. The group, which reports to Australia’s Senate, encouraged the legislative body to expand support for regtech development in the country in its second interim report released at the end of last month. The report made 23 total recommendations to policymakers, three of which pertain specifically to regtech.

Second Interim Report from the Select Inquiry Select Committee on Australia as a Technology and Financial Centre released. Great the @ajamesbragg led committee is continuing to pursue pro-blockchain regulatory reform. https://t.co/pKbRnZFle7 @BlockchainRMIT @RMITLaw #cryptolaw pic.twitter.com/1lHKezTHZp

— Aaron Lane (@AMLane_au) April 29, 2021

Regarding the land registry, the report reads, “The committee recognizes the substantial potential for blockchain regtech applications to improve and streamline administrative processes in both the public and private sectors. It is encouraged by the work already underway in this area, including with respect to public sector innovation. The committee was particularly impressed with the potential for blockchain to drive efficiencies in the area of land registries, and is recommending that this issue be further explored in the context of the National Cabinet.”

The committee also recommended the country consider its regtech development landscape in its capacity to attract talent and promote business. Australia has laid numerous plans to spur the development of fintech and regtech in recent years. The Department of Industry, Science, Energy and Resources published its National blockchain roadmap (a five-year plan) in February 2020.

European Insurance and Occupational Pensions Authority Considers Its Role in Insurance-Facing Blockchain and Smart Contracts

The E.U.’s European Insurance and Occupational Pensions Authority (EIOPA) is considering new policy regarding the use of blockchain technology and smart contracts as they pertain to insurance. The regulatory body published an overview of the subject in a discussion paper on April 29. It is also inviting public comment through the end of July.

Compared to the Australian Senate committee, the EIOPA is more staid in its approach. The EIOPA identified numerous potentials in blockchain use in the industry, such as its ability to make processes more efficient (and avoid duplication), automate some functions and improve the quality of data. But it also noted potential risks.

“While promising to drive efficiency in business practices and mitigate certain existing risks, the adoption of blockchain may also trigger new risks to insurance undertakings, supervisors, and consumers,” the report reads. “As blockchain technology is still evolving, several challenges are emerging, such as the complexity of the technology, data protection and privacy, cyber risk, integration with legacy infrastructures, or interoperability and standardization between different blockchains. Based on blockchain types and platforms chosen, performance scalability challenges could arise as well. Concerns about the legal status of smart contracts also have been aired.”

Cymulate Announces $45 Million Series C

The cybersecurity developer Cymulate announced on May 5 it had raised a Series C venture funding round totaling $45 million. The round was led by One Peak and joined by previous investors Susquehanna Growth Equity, Dell Technologies Capital, Vertex Growth and Vertex Ventures Israel.

The SaaS provider describes its service as “continuous security validation.” It monitors clients’ cloud and self-hosted networks for lapses in security and potential threats. The company, headquartered in Israel and New York, says it plans to use the funds to continue to scale. According to Cymulate’s announcement, it grew annual revenue by 150 percent in 2020.

“The increasing pace of global cybersecurity attacks has resulted in a crisis of trust in the security posture of enterprises and a realization that security testing needs to be continuous as opposed to periodic, particularly in the context of an ever-changing IT infrastructure and rapidly evolving threats,” said One Peak Managing Partner, David Klein, in a statement.

Prometheum Hires FINRA Vet Rosemarie Fanelli as CRO

The blockchain digital asset securities provider Prometheum announced on May 4 it had hired a new chief regulatory officer. Rosemarie Fanelli comes to the regtech firm with experience as senior adviser to FINRA’s department of member supervision as well as its digital policy group.


Tags: RegTech
Previous Post

Companies Say They’re Serious About DEI. So Why Are This Year’s 10-Ks So Short on Detail?

Next Post

Allianz: Financial Services Risk Trends

Henry Kronk

Henry Kronk

Henry Kronk headshotHenry Kronk is the former Managing Editor of Corporate Compliance Insights. His previous reporting has appeared in Exclaim!, the Burlington Free Press, International DJ, eLearning Inside and more. He produced the radio show Code Burst — an investigation into a coding bootcamp that sought to retrain out-of-work coal miners for jobs in tech — for CKUT 90.3 FM in Montreal.

Related Posts

regulation paperwork

Yes, Regulation Is Growing, But It Doesn’t Affect All Industries Equally

by Harriet Christie
October 19, 2022

You’ve no doubt heard the refrain that companies doing business in the U.S. are facing more regulation than ever before....

cube investment

CUBE Lands New Investment Partnership With Bregal Milestone

by Corporate Compliance Insights
October 17, 2022

RegTech provider CUBE recently announced a strategic growth investment from Bregal Milestone, marking the first institutional capital investment for the...

Global Screening Services Spins off From AlixPartners as Standalone RegTech Provider

Global Screening Services Spins off From AlixPartners as Standalone RegTech Provider

by Corporate Compliance Insights
October 12, 2022

A year after forming inside AlixPartners with the mission to target cross-industry challenges in financial services, Global Screening Services (GSS)...

boats stuck at low tide

Lifting All Boats in the Investment Banking Ecosystem Means Scaling the Trust Layer

by Federico Baradello
August 17, 2022

The U.S. government places extensive regulations on investment banking and related activities, including the use of technology. And while this...

Next Post
city skyline

Allianz: Financial Services Risk Trends

Compliance Job Interview Q&A

Jump to a Topic

AML Anti-Bribery Anti-Corruption Artificial Intelligence (AI) Automation Banking Board of Directors Board Risk Oversight Business Continuity Planning California Consumer Privacy Act (CCPA) Code of Conduct Communications Management Corporate Culture COVID-19 Cryptocurrency Culture of Ethics Cybercrime Cyber Risk Data Analytics Data Breach Data Governance DOJ Download Due Diligence Enterprise Risk Management (ERM) ESG FCPA Enforcement Actions Financial Crime Financial Crimes Enforcement Network (FinCEN) GDPR HIPAA Know Your Customer (KYC) Machine Learning Monitoring RegTech Reputation Risk Risk Assessment SEC Social Media Risk Supply Chain Technology Third Party Risk Management Tone at the Top Training Whistleblowing
No Result
View All Result

Privacy Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2022 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe

© 2022 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT