Recognising Regtech’s pivotal role in revolutionising risk management and compliance, the Hong Kong Monetary Authority (HKMA) developed a two-year roadmap in November 2020. As laid out in a White Paper entitled “Transforming Risk Management and Compliance: Harnessing the Power of Regtech”, the roadmap aims to promote Regtech adoption in the Hong Kong banking sector and help build a thriving Regtech ecosystem. This competition, “Global Regtech Challenge”, is a key highlight in the roadmap.
The Global Regtech Challenge is created with the aim of further growing the Hong Kong Regtech ecosystem. Regtech providers from around the world are invited to take part 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 Global Regtech Challenge is supported by KPMG Hong Kong and KPMG Matchi.
The problems to solve
As part of the research conducted during the development of the White Paper, a set of problem statements reflecting challenges faced by the industry as a whole were identified with the most potential to benefit from further Regtech adoption. Specifically, they span across four Regtech application areas as defined within the White Paper:
1. Governance, Risk and Compliance (GRC) – Maintaining an inventory of all internal and external compliance obligations
2. Conduct & customer protection – Product Due Diligence & Risk Rating
3. Conduct & customer protection - Customer data privacy
4. Risk Management – Stress Testing
Grow your footprint in Hong Kong:
Applications will be shortlisted by a panel comprising representatives from both the public and private sectors, including experts and leaders from the Regtech ecosystem, and each finalist will get an opportunity to:
• Participate in a 3 week Hong Kong Contextualisation Programme - Meet the local Regtech network and learn the nuances of the local market.
• Work with high-value corporates - Quantify the relevance and value of your solution in the Hong Kong market.
• Pitch your solution to industry specialists - Demo to leading banks in the Hong Kong Regtech ecosystem.
• Get exposure - Showcase your business and team at the HKMA's flagship Regtech event.
The deadline for submission is 16 April 2021 (Hong Kong Time).
We'll assist you to define and scope a specific challenge that’s unique to your key focus areas and innovation strategy.
Source Relevant Solutions. Quickly.
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