This month sees Australia’s first RegHack DownUnder hackathon take place with the aim of using disruptive Fintech to improve regulatory compliance.
The three-day event, official partners of which include the Victorian State Government, RMIT University and ADCCA, will specifically focus on issues in Australia’s energy sector.
“How government and regulators function needs to change in order to be aligned with and responsive to new technologies and businesses when they present themselves,” RegHack’s website explains.
Participants applying to take part in the private event will be leveraging so-called RegTech, a method for using innovate technological solutions to address legacy inefficiencies and other weak points.
“As the RegTech landscape evolves, organizations are asking the questions to better understand how to leverage RegTech to be more effective, efficient and competitive in the marketplace,” the website continues introducing the concept.
Three prizes are on offer, ranging from $4,000 to $10,000. Judges at the event include Australian Energy Regulator Advisor Anthony Seipolt and ConsenSys Director Chami Akmeemana, who is also its chief organizer.
Akmeemana was previously behind a similar event in Canada, RegHackTO, in his former capacity as an advisor to the Ontario Securities Commission in December 2016.
“The impact of the hackathon could very well prove to be a game changer, providing a new lens for the regulators to view and embrace the changing dynamics of the business world, and start operating in a proactive and forward thinking approach,” he wrote in summary comments following the hackathon.
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