The Hong Kong Monetary Authority (HKMA) announced the launch of Anti-Money Laundering and Financial Crime Regtech Labs this coming November. The labs will allow regulated financial institutions to experiment with new technologies and data analytics tools a part of the larger "Fintech 2025” strategy to expand fintech and regtech adoption in Hong Kong. Alongside the regtech labs, the HKMA intends to engage directly with the members of Hong Kong's AML/CFT ecosystem to gather suggestions and facilitate the adoption of new solutions.
Regulators in many countries have established innovation labs in previous years to decrease the regulatory burden on firms looking to trial innovative regtech and fintech solutions. These endeavors are complemented by a push toward global regtech collaboration evidenced, for instance, by the establishment of the BIS Innovation Hub and Global Financial Innovation Network (GFIN) in recent years.
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