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
HKMA Enhances Loan Guarantee Scheme to Alleviate Pressure on SMEs
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
BoE Sets Out Plan to Transform Data Collection from Financial Sector
BoE has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.
BIS Issues Updates on Technology Initiatives on Cross-Border Payments
BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.
ESRB Updates List of Macro-Prudential Measures in February 2021
ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.
BoE Survey Shows Positive COVID Impact on Outsourced Banking Services
BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.
ECB Issues Opinion on Proposal to Regulate Crypto-Asset Markets in EU
In response to a request from the European Council and Parliament, ECB published an opinion on the proposed regulation on markets in crypto-assets.
APRA Announces Aggregate Committed Liquidity Facility for Banks
APRA announced the updated aggregate amounts for the 2021 Committed Liquidity Facility (CLF) established between the Reserve Bank of Australia (RBA) and certain locally incorporated authorized deposit-taking institutions that are subject to the Liquidity Coverage Ratio (LCR).
ECB and UK Authorities Agree on Post-Brexit Supervisory Cooperation
ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.
EIOPA Outlines Strategic Supervisory Priorities for Insurance Sector
EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.
US Agencies to Revise FFIEC 031, FFIEC 041, and FFIEC 051 Reports
After considering comments received on the November 2020 proposal, US Agencies (FDIC, FED and OCC) are proceeding with the proposed revisions to the reporting forms and instructions for Call Reports FFIEC 031, FFIEC 041, and FFIEC 051.