COUNTRY FOCUS : AUSTRALASIA
Ashley Diffey , Vice President Australia and New Zealand , Ping Identity , on the pivotal role played by identity in driving innovation within the APAC financial services sector .
Identity-centric regulations d in Asia-Pacific ’ s financial se
The Asia-Pacific region ( APJ ) stands out as a unique landscape for financial services , characterised by its diverse regulatory landscape and strong emphasis on identity-centric initiatives .
This distinctive approach has fostered a fertile ground for innovation , empowering both consumers and businesses to leverage digital technologies .
The region , comprising numerous countries with varying cultural , economic and technological contexts , presents a complex regulatory environment . This mix , however , has inadvertently created an environment conducive to innovation . By encouraging experimentation and tailoring regulations to specific regional needs , regulators have fostered a dynamic ecosystem where new ideas can flourish .
The central role of identity
Identity plays a pivotal role in driving innovation within the APJ financial services sector . National digital identity schemes , such as Singpass in Singapore and the Consumer Data Right ( CDR ) in Australia , have empowered consumers to have greater control over their personal data and facilitate seamless transactions .
These initiatives have not only enhanced consumer convenience but have also provided a solid foundation for fintech companies to develop innovative solutions . To navigate this complex regulatory landscape , financial services providers in the region must comply with a variety of laws , standards , and frameworks .
Some of the key regulatory bodies and initiatives include :
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