HMKA: regtech is one answer to increase in regulation

Author: Karry Lai | Published: 27 Sep 2018

Rethinking how traditional banks operate and focusing on customer needs is necessary in an era of virtual banks and other disruptors, according to panellists at the Hong Kong Institute of Bankers Annual Banking Conference on September 27. 

For regulators, the use of regtech to better leverage technology in compliance and tackling anti-money laundering (AML) will be the way forward.

"HKMA's Yuen: Banks and tech companies becoming 'frenemies’ is inevitable"

Regtech is a major focus for the Hong Kong Monetary Authority (HKMA), because of its importance in streamlining the interface between banks and regulators, especially for compliance, risk management and transaction monitoring. HKMA deputy chief executive Arthur Yuen noted that with the increase in complexity and scope of regulations, such as the enhanced requirements for AML scrutiny under Basel III, regulatory changes globally have gone up fivefold in the past decade.

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