Australian bank Westpac is offering up a $40,000 prize for the winner of a regtech-themed challenge for startups.
Entrepreneurs, start-ups and scale-up businesses are being invited to enter the latest Westpac Innovation Challenge, creating a technological solution that helps companies comply with regulatory obligations.
Firms have until 4 November to enter, after which the bank will pick five finalists to enter a bootcamp to prepare for a live pitch in Sydney on 3 December, where a panel of judges will declare a winner.
Gary Thursby, group executive, strategy and enterprise services, Westpac, says: "Businesses are operating in an environment of heightened regulatory scrutiny.
"Technologies such as cloud computing, big data, and artificial intelligence all have the potential to significantly shift the very nature of how we use technology to support and enhance our compliance with new and emerging regulatory obligations.
"We’re looking for the next big idea about how these innovations can reduce regulatory costs, improve efficiencies and better meet customer needs."