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Global FinTech Guide
Name
Global FinTech Guide
Country _ Name
Hong Kong
SectionTitle
RegTech and compliance management
Body
RegTech
is composed of the words “regulatory” and “technology”. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.
Introduction
Attitude of the country towards RegTech-services
Generally positive. For example, the HKMA promotes the adoption of RegTech in the AML/CFT space. The HKMA hosted its first AML/CFT RegTech Forum in November 2019. Since then, it has been engaged in a number of initiatives. For example, it has launched AML RegTech Lab (a collaborative platform for ongoing peer group sharing of operational, hands-on experience of RegTech approaches) and published a report titled “AML/CFT Regtech: Case Studies and Insights”, highlighting the opportunities that RegTech offers to transform the AML/CFT efforts, sharing end-to-end approaches which worked in real-life examples.
The Securities and Futures Commission ("SFC") is also actively exploring how RegTech and FinTech can further support the SFC and licensed corporations in achieving positive outcomes for markets in accordance with the relevant rules and standards. Some examples of the SFC’s initiatives are:
Established a FinTech Contact Point in 2016, which is a centralised point of contact at the SFC for FinTech and RegTech innovation aiming at further enhancing communication with external stakeholders;
Launched an external expert committee, consisting of market practitioners, who have been guiding the SFC to understand the main trends of FinTech and RegTech; and
Launched an internal FinTech committee, for the deliberation of issues raised by FinTech or RegTech firms.
Legal affairs
Obligations and requirements to provide RegTech-services
There are no additional requirements for the provision of RegTech services in Hong Kong. Companies are free to adopt new technology within the existing laws, rules, and regulations.
Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area
N/A.
Economic conditions
Market size for RegTech-services and biggest companies in this business area
There is no publicly available information.
Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area
N/A.
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Name
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William Wong
Howse Williams
[email protected]
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