It aims to raise awareness on the potential of regtech adoption.
The Hong Kong Monetary Authority (HKMA) has launched the Global Regtech Challenge, a competition designed to raise the Hong Kong banking industry’s awareness of the potential of regtech adoption.
The contest is one of the key highlights in HKMA’s two-year roadmap to promote regtech in Hong Kong. Regtech providers around the world are invited to showcase how their solutions may be applied to the local market to help solve common risk management and regulatory compliance pain points experienced by banks.
“We believe competition is a key catalyst for innovation. The Global Regtech Challenge will bring together banks and regtech firms to innovate together to address common pain points experienced by the industry. We want to create lasting partnerships between banks and regtech firms in further encouraging a thriving regtech ecosystem in Hong Kong,” HKMA deputy chief executive Arthur Yuen said.
Solutions will be judged by a panel comprising representatives from both the public and private sectors, including experts and leaders from the regtech ecosystem.
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