The Hong Kong Monetary Authority (HKMA) has developed a two-year roadmap to promote regtech adoption in the Hong Kong banking sector.
The roadmap can be found inside the white paper entitled 'Transforming Risk Management and Compliance: Harnessing the Power of Regtech'. Banks’ evolving business models, regulatory initiatives in response, and a challenging external environment continue to drive banks to explore the use of technology to enhance risk management and compliance. Against this backdrop, the HKMA commissioned an external consultant to explore the current state of Regtech in Hong Kong, examine common practices and barriers to adoption, and outline a roadmap to accelerate adoption in the banking sector, according to the official press release.
The HKMA’s Regtech roadmap is developed with reference to the recommendations in the white paper. The 16 recommendations span five core areas:
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