Press Release: New Membership Category To Drive Greater Industry Collaboration
HONG KONG – Monday October 11, 2021 – The RegTech Association of Hong Kong (The Association) is excited to launch its newest membership category, ‘RegTech Users’ for all Regulated Entities in Hong Kong to join for free to help drive greater industry collaboration and continue to build a thriving, vibrant RegTech ecosystem.
The Association’s primary goal is to drive RegTech adoption in Hong Kong and abroad as well as to build industry-wide collaboration and to tackle challenges in the compliance space.
The current membership of The Association, in line with market participation, is split into four broad categories – RegTech Users, RegTech Creators, Regulators and RegTech Supporters.
To help facilitate greater adoption, education and awareness, the RegTech User membership category and gratis membership has been established to help Regulated Entities, in particular under the Hong Kong Monetary Authority , the Securities & Futures Commission and the Insurance Authority, to engage with other market participants at an industry level, connect with fellow practitioners and vendors in the RegTech space and collaborate to solve industry-wide challenges through innovative technology means.
The Association currently sees a substantial gap in the market across the pillars of Engage, Connect & Collaborate that led to the creation of the RegTech User member category:
Engage: A trusted space for Regulated Entities to come together in a setting governed by Chatham House rules to talk through their RegTech adoption plans, share ideas, success stories, what’s worked and what hasn’t
Connect: The ability for Regulated Entities to interact directly with the Associations vetted Creator’s members based upon the organisation’s needs and use cases in a safe environment
Collaborate: Facilitate industry and market segment collaboration through the connection of members on both the Creator and User spectrum of the ecosystem whilst advocating for continuous engagement with the relevant regulatory bodies to ensure not only compliance, but holistic solutions to the problem statements identified
Content Schedule
The establishment of the RegTech User membership also coincides with the launch of the new RegTech Adoption Series consisting of a range of hybrid events discussing the core pillars of RegTech adoption including success stories, industry specific, use case specific and networking.
To help broaden the current adoption of RegTech, the series will focus on use cases for all sizes of organisations from major institutions to small corporates as for most compliance related matters, illicit activity targets all business segments.
Industry Working Group
Industry working groups will be established to encourage greater information sharing around regulatory-driven technology for each major market segment within the association with major locally incorporated banks, locally incorporated banks, foreign branches of international banks, securities firms (Types 1, 4 & 9), insurers, Stored Value Facilities, and payments as well as broader range once the membership is established.
Membership Portal and Digitalisation Strategy
The membership category launch coincides with The Association’s adoption of an Enterprise Knowledge Platform to be implemented in November 2021 to help connect the various stakeholders and enable the connection, engagement and collaboration between RegTech Users and RegTech Creators.
The Association recognises the need for a hybrid approach to industry collaboration as Hong Kong begins to establish post-COVID protocols in which it has established a digitalisation strategy binding together online/offline capabilities for our members.
The digitalisation strategy will be anchored by a shared, common platform to enable the various stakeholders to connect through one-to-one video-conference capability and transcription for ease of data collection, sharing of reference materials for Users and Creators, to contribute content through shared dashboards and notice boards, share ideas to drive industry-wide solutions and industry-wide uplift programmes all governed by strict data and access protocols.
Cross-Industry Collaboration
The Association also welcomes cross-industry collaboration and other global RegTech Associations, FinTech Associations, local Business Associations, industry bodies and Chambers of Commerce to take part in connecting with the Hong Kong RegTech network.
Our belief is that only with industry-wide collaboration and cross-border, global collaboration can we defeat the common challenges RegTech is looking to solve.
RegTech User Membership Structure and Strategy
Each Regulated Entity in Hong Kong will receive a single membership at The Association for one employee. Membership will be inclusive of all events, working group participation, content, member portal, ability to connect directly with vendors and working group participants amongst numerous other benefits of being involved in a thriving RegTech ecosystem.
If you are a Regulated Entity, to join the Association please follow this link to complete a short application form for processing - https://regtech.org.hk/regtech-user
About the RegTech Association of Hong Kong - The RegTech Association of Hong Kong is an independent, not-for-profit association. It was founded by a community of RegTech startups and partners in 2019 and its primary objective is to promote RegTech adoption and development in Hong Kong and beyond.
Press Enquiries:
Jewell Hui, Community Manager, RegTech Association of Hong Kong
Alex Oxford, Board Director, RegTech Association of Hong Kong
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