Aussie RegTech Lucsan paves the way for industry-wide collaboration
Leading Australian RegTech Lucsan today announced a strategic partnership that will accelerate the application of RegTech in the financial services landscape. IRESS, one of Australia’s largest providers and exporters of finserv technology, has made its first minority investment in Lucsan, in a positive move that will deliver the value of cross-collaboration to the RegTech industry.
Lucsan, an established Australian-owned RegTech and data analytics company, provides leading compliance technology solutions to a wide range of companies, including some of Australia’s major banks.
In a strict regulatory environment with a global focus on data and reporting, this strong industry partnership will be of great benefit to enterprises in the process of transforming their regulatory and compliance practices.
Lucsan’s Group Executive Chairman, Harold Lucero, said, “Our strong track record and partnership with IRESS provide us with a solid platform for continued growth and an increased focus on RegTech innovations. This partnership is an important development for the industry. It’s a real-world example of the power of collaborative partnerships and the value that this can deliver to the market.”
Chair of the RegTech Association, Julian Fenwick, said, “Having launched the RegTech Association earlier this year to nurture collaborative partnerships in Australia’s RegTech ecosystem, it’s very exciting to see these two leading Australian organisations partner in a move that will deliver positive impact and add value to the industry.”
“Australia is uniquely positioned to be a global leader in RegTech. Through our open and collaborative culture that creates dialogue between the regulators and regulated entities, we can enable further innovation and collaboration in Australia’s RegTech community, to take to market globally.”
Lucsan’s vision is to help financial institutions proactively reduce the ongoing cost of compliance and implement improved compliance culture and practices with their RegTech solutions. The minority equity position will support Lucsan’s own growth strategy as it focuses on expanding its business in Australia and more broadly into international markets.
With news of ASIC wanting to establish a new RegTech advisory group before the end of the year in an effort to advocate better support for the sector, this new strategic partnership is setting the bar for progressive achievements in the fast-growing local eco-system. ~Ends
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