On 23rd November 2017, Quanta RegTech Capital (QRC) in collaboration with Infinity Blockchain Labs (IBL) embarked on the Asian leg of its RegTech World Tour in Ho Chin Minh City to acquaint the global community with RegTech. The kick-off event was attended by representatives from varying sectors but principally consisted of those from the corporate and legal sector. The session was allocated to four speakers who spoke about RegTech from different perspectives, all of which are highlighted in this report.
I. WHAT IS REGTECH?
Adam Vaziri, co-founder of Diacle aptly began with a short introduction to RegTech. ‘RegTech’ or regulatory technology, was described as being the use of technology to facilitate compliance in regulated industries. RegTech not only addresses the needs of regulated businesses, but also the needs of regulators or governmental agencies as well.
The advent of FinTech resulted from the acknowledgement of the shortfalls in the traditional risk assessment regime in the financial industry, which was particularly palpable after the 2008 Global Financial Crisis.
Unlike in Fintech, there is no pivotal event where the introduction of RegTech is concerned. However, its introduction is also the consequence of a realisation that the existing systems in regulatory compliance are inadequate and can be much improved.
After receiving Royal Assent on 9 October 2017, the Law Reform (Marriage and Divorce) (Amendment) Act 2017 still awaits its date of commencement in the Federal Gazette.
Unilateral conversion of minors is not a rare phenomenon in a multi-religious nation like Malaysia. Over the recent years, news regarding the conversion of children to Islam by their converted parent without the consent of the other parent has caught the attention of the public. Although a few high-profile cases were brought before the courts in the past, there is yet a solid solution to this increasingly frequent controversy as of now.
In 2007, Subashini lost the custody of her elder son to her Muslim-convert husband, who converted the child without her knowledge, when the apex court ruled that either party to a marriage has the right to convert a child to Islam. Almost a decade later, S Deepa found herself in a similar predicament, when the Federal Court followed the 2007 landmark decision. The series of unilateral conversion cases, however, did not stop there.
Following the more recent case of Indira Gandhi, the longstanding controversy over the unilateral conversion of minors to Islam finally prompted the government to amend the Law Reform (Marriage and Divorce) Act 1976. Aiming to also settle disputes regarding the legal rights of the both converting and non-converting spouses and the custody of children, Datuk Seri Azalina Othman Said, Minister in the Prime Minister’s Department, tabled the Law Reform (Marriage and Divorce) (Amendment) Bill 2016 in November 2016. With five amendments and two new provisions, the long-anticipated bill is undoubtedly a breakthrough in the Malaysian family law.