Hong Kong Monetary Authority Asks Regulated Firms to Support Regtech

The Hong Kong Monetary Authority (HKMA) has distributed a letter asking “authorized firms” to support the development of regulatory technology or Regtech.

The HKMA says its ultimate objective is to inspire firms like banks to adopt Regtech to enhance the effectiveness of their risk management and regulatory compliance.

The HKMA has selected KPMG to assist in organizing events and activities to further boost Regtech adoption. A survey has been issued seeking feedback from regulated firms.

A white paper is anticipated following completion of the survey as well as affiliated interviews. The Regtech white paper is expected to “encompass an analysis of the current Regtech landscape, identification of pain points for Regtech adoption, and a roadmap for encouraging Regtech growth and talent development.”

 

 

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