Featured Product

    HKMA Launches Survey on Regtech Adoption in Banking Sector

    July 27, 2020

    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

    Related Articles
    News

    APRA Issues Interim Update to Policy Priorities for 2021 and Beyond

    In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.

    September 24, 2021 WebPage Regulatory News
    News

    EC Adopts Solvency II and Resolution Rules Package for Insurers

    The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.

    September 22, 2021 WebPage Regulatory News
    News

    OCC Issues Booklets on Regulatory Reporting and Earnings

    The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.

    September 22, 2021 WebPage Regulatory News
    News

    ECB Sets Out Results of Economy-Wide Climate Stress Tests

    The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.

    September 22, 2021 WebPage Regulatory News
    News

    EBA Examines Implications of Increasing Use of Digital Platforms in EU

    The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.

    September 21, 2021 WebPage Regulatory News
    News

    HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact

    The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.

    September 21, 2021 WebPage Regulatory News
    News

    ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures

    The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.

    September 21, 2021 WebPage Regulatory News
    News

    BIS Quarterly Review Discusses Developments in Fintech and ESG Space

    BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.

    September 20, 2021 WebPage Regulatory News
    News

    BCBS to Consult on Supervisory Practices for Climate Risks by Year-End

    The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards

    September 20, 2021 WebPage Regulatory News
    News

    OCC Identifies Operational Risk Deficiencies in MUFG Union Bank

    The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.

    September 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7494