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Accelerating Regtech Adoption in Hong Kong – Virtual Roundtable

Accelerating Regtech Adoption in Hong Kong  – Virtual Roundtable – 21st April 2021: 9.30-10.30am

The seven part Smart Banking Plan, which was announced in 2017 by the Hong Kong Monetary Authority (HKMA) highlighted the importance of Fintech to the ongoing competitiveness of Hong Kong as a leading financial centre.

By October 2020, all but one of the seven initiatives had been implemented – with the following three, as prime examples:

  • The Faster Payment Service (FPS) which went live in 2018 and on which 21 Hong Kong banks are now facilitating real time digital payments
  • 8 virtual banking licences – now fully commercialised
  • An enhanced supervisory sandbox  – according to a recent report by HKMA by 31st July 2020, 48% of the 162 pilot trials within the Sandbox and about 22% of all enquiries in the chatroom were Regtech

Banking Made Easy, the fourth of the seven initiatives, which had, as its main focus the need to minimise regulatory frictions in customers digital experience, including remote on-boarding, online finance and wealth management received a big boost in November 2020 when HKMA published a white paper containing 16 recommendations to transform risk management and compliance in Hong Kong by harnessing the power of Regtech.  

Following the publication of the white paper, a Global Regtech Innovation Challenge was announced in March 2021 and as part of a global awareness raising campaign, on the 21st April 2021, HKMA – working closely with Invest Hong Kong (InvestHK), will join a roundtable with 15 international Regtechs during UK Fintech Week to discuss its two year roadmap towards implementing the 16 recommendations.

The 15 Regtechs will be chosen on the basis of their leadership as best in class solutions able to enrich the Hong Kong Regtech ecosystem and interest in expanding across Asia including Hong Kong.

InvestHK

InvestHK is the Hong Kong Special Administrative Region (HKSAR) Government Department responsible for Foreign Direct Investment. A dedicated Fintech Team supported by correspondents in London, San Francisco and Mainland China lead efforts to attract ambitious and innovative scale-ups to set up and expand in Hong Kong.

Key contacts:

UK: Keith Moses, Senior Manager – Fintech keith_moses@hketolondon.gov.hk

Hong Kong: King Leung, Head of Fintech kingleung@investhk.gov.hk

Hong Kong Monetary Authority – is a government entity that was founded in 1993 as the defacto Central Bank and Hong Kong’s Currency Board

HKMA Regtech white paper: https://bit.ly/2PomZsn

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