A group of 13 regulatory technology, or regtech, companies including Kaplan-owned Red Marker have formed an association aimed at developing the fast-growing industry.

Regtech generally refers to technology-driven solutions to meeting regulatory and compliance requirements.

The RegTech Association will formally launch on Thursday at law firm Allens’ office in Sydney, when a panel session will discuss ways to foster growth.

“With a unified focus on succeeding through promoting an inclusive environment that will make an impact together… the association will stand as advocates for promoting the achievements, partnerships, collaborations, incubations and seeding of regtech in Australia,” the association website says.

“The association is dedicated to enhancing regulatory outcomes and promoting good corporate practice in the management of compliance.”

The Australian Securities and Investments Commission says regtech has great potential to help companies build compliance culture and meet requirements in a more cost-effective manner.