Checkbox blazes award winning RegTech trail
30 April 2018
Evan Wong, 24, is one of a new breed of technology entrepreneurs who are seizing upon opportunities in the emerging RegTech sector.
Mr Wong is the CEO and, together with colleagues Paul Wenck and James Han, is a co-founder of fintech startup Checkbox which is based at the Tank Stream Labs accelerator at the new Sydney Startup Hub.
Checkbox has developed a technology platform that uses artificial intelligence and a 'drag and drop' interface allowing regulatory experts - like lawyers, accountants and analysts – to easily translate regulation into software without needing to write code.
The ‘platform-as-a-service’ cloud solution also offers auditing, reporting and analytics features.
In one case study, Checkbox helped one of the 'Big Four' advisory firms develop an online application to navigate the complexity of the International Financial Reporting Standards, converting a process that previously relied on over 50 Excel spreadsheets.
'Because Checkbox can build software without a developer, customers are able to rapidly prototype and react to regulatory changes,' Mr Wong said.
'We aim to deliver three key benefits: a dramatic increase in efficiency and productivity; the ability to use business applications created on the Checkbox platform as low-cost fee generators; and quality standardisation throughout an organisation that dramatically reduces the risk of human error.
'Our work has included delivering solutions to simplify very complex regulations for government, law firms and large enterprises in the financial and professional services sector. Our technology is currently being used in Australia, Singapore, Hong Kong and China.'
Within a year of founding, Checkbox has won a series of awards including RegTech of the Year at the Australian Fintech Awards, the Westpac Innovation Challenge, and StartCon's Pitch competition which will see Checkbox represent Australia at the Startup World Cup in San Francisco next month (May).
Checkbox will be featured at next week's ACCELERATERegTech2018 event, where Mr Wong will also be host of the PitchFest competition.
Mr Wong says global demand for regulatory and compliance software is expected to reach $118 billion by 2020 with 35% of current spending occurring in Asia Pacific.
'Investments in regulatory software can lead to a return of investment of 600% over three years which is why companies are investing. Checkbox has commercial relationships or proof-of-concepts with all of Australia's first tier and the majority of second tier accountancy and advisory firms, a number of national law firms, international insurance companies and legal/compliance firms, with all recognising the novelty of our offering and validating the need for such a platform.'