The Hong Kong Monetary Authority (HKMA) has introduced a Regtech Adoption Practice Guide that aims to offer banks with guidance on how to implement RegTech solutions.
According to The Fintech Times, the publication of the guide forms part of the HKMA’s two-year RegTech promotion roadmap that was initiated in November 2020. The guide builds upon the criteria underlined in the HKMA’s Regtech Watch series, which looked to provide banks with guidance on how to overcome RegTech adoption implementation challenges.
Each RegTech Adoption Practice Guide will focus on certain technology or application areas noted in its White Paper to further RegTech adoption in the Hong Kong banking sector. The first issue will seek to provide guidance on cloud-based Regtech solutions.
The HKMA noted in the practice guide that cloud computing is a ‘key underpinning technology behind RegTech solutions’ and that the use of cloud technology on RegTech solutions offers several benefits including timely offsite support, highly scalable solutions and fast implementation.
The HKMA recently unveiled a new strategy for driving FinTech development in Hong Kong. According to the authority, the FinTech 2025 strategy aims to encourage the financial sector to adopt technology comprehensively by 2025 as well as promoting the delivery of fair and efficient services for the benefit of Hong Kong’s citizens and its economy.
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