RegPac Revolution Pte. Ltd. (RegPac) headquartered in Singapore and Japan-based encognize G.K. (encognize) have announced a co-operation agreement to support and accelerate the innovation and adoption of Regulatory Technologies, RegTech, in both countries through a program of joint-initiatives.
The objectives of the collaboration are to: • Run an exchange visit between Singapore and Japan to introduce RegTech companies into their respective countries and assist them with their go-to-market strategy • Co-create guidelines allowing solutions to be tailored to the needs of the local market • Liaise with governments and regulators for trade missions and road shows • Collaborate on specific themes and topics in the regulatory space for events, seminars and workshops • Facilitate cross-border knowledge exchange
As a first joint-initiative, both companies have announced the launch of the RegTech Academy (www.regtechacademy.com) with the mission to educate the Financial Services Industry on the importance of RegTech and its most recent trends. The first 8h class, the RegTech Foundation Course, is scheduled for March 1st in Tokyo. It aims at providing the basic understanding on Regulatory Technologies, from scope of applications to underlying technologies to concrete use cases and common adoption challenges.
Mona Zoet, Founder and CEO of RegPac, said: “We are very pleased with this bilateral partnership and excited to work together. We see Japan as one of the most prominent growing countries within the RegTech space in Asia and feel that encognize complements and shares the same values and mission statement that we have chosen last year when we revamped our brand and became a separate legal entity. With encognize as our partner in Japan, we are confident that we will be able to build bridges much more efficiently and effectively between the two countries as well as really share knowledge, develop the RegTech ecosystem and boost awareness about the importance of RegTech at a more regional and global scale”.
Bruno Abrioux-Takano, Founder and CEO of encognize, commented: “Facing an increased regulatory pressure at home and abroad, most of the Japanese Financial Institutions understand the urgent need to gain efficiency in their risk and compliance functions while keeping related costs under control. However, from what I could assess so far, very few have a clear view on how digital technologies can help them achieve this goal. This is surely one of the reasons why RegTech has recently been gaining momentum here. But, even though the concept of Regulatory Technology is probably clear to the majority of Financial Institutions, innovation and adoption remain to be pushed further. Showing live use cases from industry peers in the region but also discussing with all concerned participants the adoption challenges and ways to address them are as many sharing activities that should help Financial Institutions understand how they can benefit from RegTech. As such, I’m very excited to collaborate with RegPac, a recognized RegTech ecosystem leader in Singapore, to encourage the exchange of ideas and knowledge between our two countries, starting with the launch of the RegTech Academy.”