HKMA launches new Regtech guide series for banks
This forms part of the HKMA’s Regtech roadmap.
The Hong Kong Monetary Authority (HKMA) has launched a new Regtech Adoption Practice Guide series, aimed at providing banks a detailed practical guidance on Regtech solutions.
The series forms part of HKMA’s 2-year Regtech promotion roadmap, launched in November 2020.
It followed the Regtech Watch series, which focused on “Cloud-based Regtech solutions.” The first issue guided the use of Cloud technology that offers several benefits, such as timely offsite support.
“Findings from the White Paper suggested that banks that were open to using Cloud-based technology displayed greater operational resilience during the COVID-19 pandemic,” the HKMA said.
The HKMA also published today the seventh and final issue of the Regtech Watch series, which will outline the HKMA’s three-year roadmap to integrate supervisory technology (Suptech) into its processes.
Through greater use of Suptech, the HKMA aims to enhance the effectiveness and forward-looking capability of its supervisory processes.
Moreover, the HKMA will host its flagship Regtech event, “Unlocking the Power of Regtech” on 30 June 2021 to promote Regtech adoption.