Local startups make top 100 regtech list

Australian startups 6Clicks, Castlepoint, Cognitive View and RegCentric, as well as New Zealand’s AplyiD, have made the latest global RegTech 100 list, which recognises the world’s most innovative technology solution providers in compliance, risk management, information security and financial crime.

RegTech spending by regulated institutions is projected to exceed $US130 billion ($182 billion) by 2025 as financial institutions invest heavily in Artificial Intelligence (AI) capabilities to automate once-manual regulatory tasks, support digital onboarding processes and monitor for fraudulent activity.

Melbourne-based 6clicks is an AI-powered Governance Risk & Compliance solution founded in 2019. It operates in Australia, UK, US, UAE, South Africa and India, streamlining audit, vendor risk assessment, incident and risk management and policy implementation. Its AI engine called Hailey reduces cost and complexity, managing the overlap of obligations that exist across different standards, laws and regulations across multiple jurisdictions. 6clicks has 200 corporate subscribers and its clients include Macquarie, PwC, Deloitte and KPMG.

6Clicks says managing risk and compliance programs through spreadsheets is “archaic” and eliminating them reduces the likelihood of lost audit trails and human errors and creates a more repeatable process.

“A lot of organisations are still attempting … some combination of spreadsheets, SharePoint, Excel and email, making it very siloed,” 6 clicks Chief Revenue Officer Michelle Torrey-Teunissen said. “You can imagine how complex and costly it can become to carry on with manual approaches.”

Canberra-based Castlepoint uses artificial intelligence (AI), data science, commercial and regulatory insight to help organisations secure and manage information across their business systems, optimising data traceability, cyber security, risk and compliance.

Melbourne-based Cognitive View monitors customer and employee communications and automates compliance, quality, customer experience, and conduct risk. It supports remote working compliance by analysing collaboration platforms such as Zoom, Microsoft Teams and Cisco WebEx, automating the supervision process.

Sydney-based consultancy RegCentric supports the design and implementation of governance and operating models that drive operational efficiencies and insights while ensuring regulatory compliance. The team has local and international experience in implementing complex regulatory data programs that withstand the highest levels of audit scrutiny.

Auckland-based APLYiD offers a Know Your Customer solution which determines customer proof of identity with biometric technology and fraud prevention tools. It was founded in 2019 to assist reporting entities with onboarding requirements and now works with over 300 companies across New Zealand and Australia, and is opening a London office.

See the full list here.