Winner - Excellence in Government - RegTech Awards 2022
Objective has taken out the inaugural award for Excellence in Government at the annual RegTech Awards 2022, held by The RegTech Association.
At the RegTech Awards 2022 gala dinner on Thursday 27th October, Objective was presented with the inaugural Excellence in Government Award by the RegTech Association.
Who is the RegTech Association (RTA)
The RegTech Association has a clear vision to be a global centre of excellence by facilitating the building of higher performing, ethical and compliant businesses through RegTech innovation and investment. The RegTech Association was founded in Australia in 2017 as a non-profit organisation that focuses on what is needed to support the growth of the sector and to accelerate RegTech adoption.
The association brings together government, regulators, regulated entities, professional services and founder-led RegTech companies to ensure collaboration between all of the parties, promoting the RegTech industry as widely as possible, resulting in action in the uptake of RegTech proof of concepts and deployed RegTech solutions across the eco-system.
About the Excellence in Government Award
Excellence in Government is a brand new award that recognises the achievements of RegTech members who are enabling Government stakeholders through deployment of RegTech solutions. The award is for an organisation that has realised significant business growth, demonstrated innovation and produced measurable outcomes for their Government customers.
Nominees for the award were prompted to answer the following questions:
What is the problem that you solve and for which industries?
What growth, scale and new customers have you achieved since July 2021?
How have you contributed to the vision, mission and activities of the RTA?
What is the best advice that you could give other RegTechs working with Government?
Why Objective was the award winner in 2022
In the financial year 2022, Objective had its best year of growth and innovation on record in its RegTech line of business.
Across its Objective RegWorks and Objective Reach solutions, Objective saw exceptional growth with a 34% increase of total revenue from $15.3m to $20.4m. With Objective RegWorks product reaching an impressive 45% annual recurring revenue growth.
Stand-out achievements in FY22 included the important new partnership with New Zealand Police who selected Objective RegWorks for its Arms Information System, a nationwide firearms registration and licensing solution. This 5 year contract totals approximately NZ$13m.
The NZ Police Arms Information System will be a secure digital platform that will manage the information related to arms (firearms, parts, ammunition and other restricted weapons), firearms licensing, and any activities associated with the possession and use of firearms. It will give Police a clear picture of all firearms transactions in New Zealand, and over time, all the legally owned firearms in New Zealand.
Examine the benefits and barriers to adoption of technology for regulators
Learn from examples of successfully implemented regulatory technology
Gain insights on the maturity of technology adoption within regulators
Upon analysis of the results, we provided the regulatory community with 12 key findings revealed from the data and packaged them into a report for our colleagues and peers to learn from. Objective intends to run the same survey each year so that we can compare data year on year and benchmark results.
In further expansion of RegTech at Objective, FY22 saw the launch of our Objective RegWorks product in the UK. We’re utilising Objective Corporation’s existing customer base for market development as well as attracting new prospects.
There were many complex challenges we needed to tackle in FY22, and lots of moving pieces to ensure we hit all of our bold goals. And we’re already on track to exceed those goals in FY23.
I’m so proud of everyone in the team who contributed to the Excellence in Government award. This machine we’ve built is gaining momentum and we’ve only achieved the tip of the iceberg of what we're capable of.
Global VP Objective RegTech