HKMA Launches Regtech Challenge to Address Banking Pain Points

 The HKMA (Hong Kong Monetary Authority) 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 the HKMA’s two-year roadmap to promote Regtech adoption in Hong Kong, as laid out in a whitepaper published in November 2020.
The HKMA invites Regtech providers from around the world to showcase how their solutions may be applied to the Hong Kong market to help solve common risk management and regulatory compliance pain points experienced by banks.

The November whitepaper set out problem statements reflecting challenges faced by the industry with the most potential to benefit from further Regtech adoption. These span across four Regtech application areas:

• Governance, Risk, and Compliance (GRC), including both internal and external regulatory compliance obligations

• Conduct & Customer Protection, including supporting product due diligence and risk rating assessments

• Customer Data Privacy, including addressing concerns around cyber risk and related regulatory compliance

• Risk Management, including enhancing the delivery of regulatory requirements around stress testing

Interested Regtech providers will need to put forward a market-ready solution to at least one of the problem statements. Detailed information about the competition and participant registration is available here.

The deadline for submission is 16 April 2021.
Solutions will be judged by a panel comprising representatives from both the public and private sectors, including experts and leaders from the Regtech ecosystem.

The winning solutions will be selected during a virtual pitching event hosted in early June 2021, announced during the HKMA’s Regtech event, to be held tentatively in June 2021.