HKMA Asks Banks to Participate in KPMG Regtech Stocktake

HKMA has appointed KPMG as an external consultant to conduct surveys and interviews with banks and technology firms on Regtech development in Hong Kong.

The HKMA (Hong Kong Monetary Authority) has asked banks for assistance in conducting a survey and possible interviews with KPMG Advisory, as part of ongoing efforts to promote Regtech adoption in the banking sector.

“With a view to fostering a larger and more diverse Regtech ecosystem in Hong Kong, the HKMA has appointed an external consultant, KPMG Advisory, to assist with organising and rolling out a series of activities to further facilitate the adoption of Regtech,” the HKMA said.

“As a first step towards supporting a thriving Regtech ecosystem, the HKMA is taking stock of the current state of Regtech adoption within the banking industry.”

KPMG will be conducting the surveys and a series of interviews with selected banks and technology firms to collect their views and insights around Regtech
development. The HKMA will then produce a white paper on Regtech based on the results of the survey and the interviews.

The white paper will analyse the current Regtech landscape, identify pain points hindering Regtech adoption, and develop a roadmap for encouraging Regtech growth and talent development.

“We strongly encourage your institution to participate actively in the survey and share your insights during the interviews when called upon to attend one,” the HKMA has asked.

The circular is available here.

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