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
EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
BIS Hub Updates Work Program for 2022, Announces New Projects
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
EIOPA Consults on Review of Securitization Framework in Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
UK Authorities Issue Regulatory and Reporting Updates for Banks
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
BaFin Consults on Resolvability Requirements for Resolution Planning
The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.
EBA Consults on Certain Standards and Guidelines Under CRR and BRRD
The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.
OJK Publishes Regulatory Updates for Financial Sector Entities
The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)
EU Publishes Rules on DLT and Data Governance
The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).
EBA Publishes Phase 2 of Reporting Framework 3.2
The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications