Singapore FinTech Association (SFA) has announced it is launching a new committee to help overcome regulatory challenges in Singapore.
Dubbed SFA RegTech Sub-Committee, the association hope its introduction will further promote the invention and adoption of technologies.
Chia Hock Lai, President, SFA said: “SFA is really excited to launch the RegTech Sub-Committee. As the FinTech ecosystem broadens regionally, we believe that its stakeholders will greatly benefit from the initiatives by the RegTech Sub-Committee.
“The SFA RegTech Sub-Committee marks our dedication to facilitate and enable FinTech stakeholders in Singapore.”
The SFA has stated that working in collaboration with other sub-committees of fintech associations a key aspect in its development and has already signed a memoriam of understanding to work alongside Australia-based The RegTech Association.
In addition, SFA said it plans to start work with neighbouring FinTech Association of both Hong Kong and Japan in a bid to promote the application of regtech solutions.
The RegTech Sub-Committee will be chaired by Chionh Chye Kit, CEO & Co-Founder, Cypnosis Solutions, Traceto.io, who commented: “I am very honoured to be spearheading the RegTech Sub-Committee and engage with stakeholders of the FinTech ecosystem in Singapore.”
Alongside the launch, a panel discussion took place regarding the future state of compliance and application of regtech in Singapore’s fintech environment.
