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Link DetailsHKMA promotes Regtech The Monetary Authority today announced it has developed a two-year roadmap to promote Regulatory Technology (Regtech) adoption in the Hong Kong banking sector.
The road map is laid out in a white paper entitled Transforming Risk Management & Compliance: Harnessing the Power of Regtech.
The authority noted banks' evolving business models, regulatory initiatives in response, and a challenging external environment continue to drive them to explore the use of technology to enhance risk management and compliance.
Against this backdrop, it commissioned an external consultant to explore the current state of Regtech in the city.
The Regtech roadmap is developed with reference to 16 recommendations in the white paper. The authority will roll out a series of events and initiatives in the coming two years to implement the recommendations.
The authority's Deputy Chief Executive Arthur Yuen said it has been promoting fintech adoption since the announcement of its seven Smart Banking initiatives in 2017, adding that the resulting development in fintech has been phenomenal.
The two-year roadmap will help to build a thriving ecosystem, transforming the city into a Regtech hub, he added.
The authority today also announced an upgraded Cybersecurity Fortification Initiative 2.0 will be launched on January 1.
The initiative introduced in 2016 aims to raise the cyber resilience of Hong Kong's banking system.
It is underpinned by three pillars: the Cyber Resilience Assessment Framework (C-RAF), the Professional Development Programme and the Cyber Intelligence Sharing Platform.
The authority has recently completed a review of the initiative through market studies, interviews, surveys and industry consultation.
The review results showed that the banking industry is strongly supportive of the initiative. Over 90% of banks found the C-RAF useful in identifying previously unrecognised gaps.
After the review, the initiative has been further enhanced to streamline the cyber resilience assessment process while maintaining effective control standards that are commensurate with the latest technology trends. |
