Redefining Regulation: The Power of Regtech in Driving Financial Innovation in Hong Kong
HKUST IEMS Thought Leadership Brief No. 79
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RegTech refers to the utilization of technology in managing regulatory monitoring, reporting, and compliance in the financial industry. Regtech is promoted by the Hong Kong Government as a part of the overall fintech strategy to advance the city as a global financial and fintech hub. In this study, we organized four focus groups to gather insights from regtech practitioners on key trends and challenges faced by the Hong Kong regtech sector. To address these challenges, we suggest: creating a friendly regulatory environment that encourages innovation; building a connected, inclusive, and vibrant regtech ecosystem; facilitating the sharing of data & technology in the regtech community; facilitating KYC processes and cross-border data access.
Keywords: Regtech, compliance, financial industry, fintech
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