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
Previous Article
FCA Announces List of Firms for Cohort Six of Regulatory SandboxRelated Articles
BIS and BoE Launch Innovation Hub in London
BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years.
ESRB Recommends Reciprocation of Certain Macroprudential Measures
ESRB published recommendations on the reciprocation of macro-prudential measures in Belgium, France, Luxembourg, Norway, and Sweden.
EC Publishes Regulation on Key Aspects of Implementation of SA-CCR
EC published the Delegated Regulation 2021/931, which supplements the Capital Requirements Regulation (CRR or Regulation 575/2013) with regard to the regulatory technical standards specifying the method for identifying derivative transactions with one or more than one material risk driver.
BCBS Consults on Prudential Treatment of Cryptoasset Exposures
BCBS is consulting on preliminary proposals for the prudential treatment of cryptoasset exposures of banks.
EBA Revises List of Validation Rules for Reporting
EBA issued a revised list of validation rules under the implementing technical standards on supervisory reporting.
Banking Authorities and Private Sector Collaborate on Wholesale CBDC
BIS Innovation Hub, BDF, and SNB announced that, together with a private-sector consortium led by Accenture, they will conduct an experiment using wholesale central bank digital currency (wCBDC) for cross-border settlement.
ESAs Publish Amended Implementing Standards on Mapping of ECAIs
ESAs published two amended implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).
EBA Revises Guidelines on Major Incident Reporting Under PSD2
EBA published revised guidelines on major incident reporting under the Payment Service Directive (PSD2).
BCBS Updates Supporting Information for G-SIB Assessment in June 2021
BCBS updated the year-end and annual average exchange rates in context of the global systemically important bank (G-SIB) assessment exercise.
HKMA Revises Implementation Timeline for Basel Standards
HKMA issued a circular informing the industry about its intention to revise the target effective dates for the revised frameworks on credit risk, operational risk, output floor, leverage ratio, market risk, and credit valuation adjustment risk.
