HKMA showcases 2-year roadmap to promote regtech adoption

Tuesday 3 November 2020 14:42 CET | News

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: 

  • boosting awareness by issuing practical guidance and organising targeted events;
  • promoting innovation among the local and global Regtech community and facilitating access to infrastructure;
  • enhancing regulatory engagement with the Regtech ecosystem through ongoing dialogue and collaboration;
  • developing the talent pool by formalising a Regtech training and skills framework; and
  • sustaining adoption via continued industry engagement and effective tracking of progress.

More: Link

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Keywords: Hong Kong, monetary authority, HKMA, regtech, banking
Categories: Banking & Fintech
Countries: Hong Kong
This article is part of category

Banking & Fintech