The RegTech Association (RTA) has announced that Microsoft has joined its ranks, with the recently formed regulatory body also aproning Bank of Queensland (BOQ) chief risk officer Peter Deans to its board.
Commenting on the two additions to the RTA, chief executive Deborah Young, who was appointed to the role earlier this year, said: “Microsoft’s membership of the association and Bank of Queensland committing a member of its leadership team to the board are significant signals that regtech is on the rise.
“The capabilities these appointments allow underlines our readiness to accelerate a new compliance ecosystem for the financial sector – and subsequently for other regulated industries.
“Governments will also be a big buyer of regtech in the future as they seek to drive productivity and reduce red tape.”
Reflecting on Microsoft’s partnership with RTA, Duncan Taylor, director, financial services at Microsoft, added: “The financial sector faces digital disruption, constant innovation, increased regulatory scrutiny and changing business models.
“As a leader in the AI space, our role at Microsoft is to help regulators and regulated entities to deploy AI as a solution for these issues. The RTA is a vital point of collaboration for the industry and a bridge for those discussions.
“We’re excited to be joining their membership at this crucial time for the future of Australian compliance.”
Further, commenting on his appointment to RegTech’s board, BOQ CRO Peter Deans said: “I am excited to be joining the RegTech Association board and playing a role in developing the regtech sector in Australia – and seeing businesses, here and overseas, harness new and emerging technologies.”
Established in 2017, the RTA is an industry association that seeks to improve compliance in the financial services space through regulatory technology.