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People often ask what is regulatory technology and what are its benefits. To answer that question, we have organised two online webinars in Q2 inviting different guests to share their thoughts in panel discussions. RegTech panellists with diverse backgrounds, including entrepreneurs, users, educators and professional consultants, believed that RegTech is transforming and bringing enormous benefits to the regulated industries. They also echoed the unique proposition for Hong Kong to be the leading hub for RegTech development and adoption across the region. In June, the Hong Kong Monetary Authority (HKMA) has issued publications including the final “RegTech Watch”, the first “RegTech Adoption Practice Guide” and organised a flagship event “Unlocking the Power of RegTech”. Cyberport is also accepting PoC Scheme applications until June to encourage traditional financial institutions to conduct Proof-of-Concepts projects with startups. With continued support from the regulators, government bodies and industry associations, we can expect to see significant growth and further impact of RegTech in the next few years, if not months. The Association has also expanded and re-elected a new Board in late May. The election of new Board Directors and re-election of standing members will provide a balance across multiple RegTech firms and use cases of RegTech to enable the Association to leverage deep, practical insight balanced against diversity in experience, thought and skillsets. Our heartfelt gratitude to the prior Board for their dedicated service and continued support of the RegTech ecosystem in Hong Kong.
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