HKMA Launches Survey on Regtech Adoption in Banking Sector
HKMA launched a regtech survey to take stock of the current state of regtech adoption in banking sector and as a first step toward supporting a thriving regtech ecosystem. HKMA will also arrange a series of interviews with selected authorized institutions and technology firms to collect their views and insights on regtech development. HKMA will then produce a white paper on regtech, based on the results of the survey and the interviews. The white paper will encompass an analysis of the regtech landscape, identification of pain points for regtech adoption, and a roadmap for encouraging regtech growth and talent development.
In its circular, HKMA requested the support of authorized institutions regarding the upcoming activities aimed at promoting regtech adoption in the banking sector in Hong Kong. Recognizing the growing importance of regtech, HKMA has been engaging with the banking industry and technology community to facilitate its adoption since 2018 under the Banking Made Easy Initiative. More recently, in November 2019, HKMA launched a newsletter series, the “Regtech Watch,” providing information on actual or potential regtech use cases rolled out or being explored in Hong Kong or elsewhere. The ultimate objective is to inspire authorized institutions to adopt innovative technology to enhance the effectiveness of their risk management and regulatory compliance. With a view to fostering a larger and more diverse regtech ecosystem in Hong Kong, HKMA has appointed an external consultant, KPMG Advisory (Hong Kong) Limited (KPMG), to assist with organizing and rolling out a series of activities to further facilitate the adoption of regtech. Thus, HKMA is launching this survey with the help of KPMG.
Keywords: Asia Pacific, Banking, Hong Kong, Regtech, Regtech Survey, KPMG, Regtech Watch, HKMA
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