As reported by China Daily, banks and other global financial institutions published over 61,000 regulatory alerts concerning new trade policies and rules last year, a sure sign that the ever-evolving regulations have become burdensome. However, the adoption of regulatory technology (regtech) has emerged as a game changer, particularly in Hong Kong.
According to the Hong Kong Monetary Authority (HKMA), more than 80 percent of banks surveyed have already incorporated regtech into their standard procedures, with expectations that this figure will reach 89 percent by 2025, making it one of the top three commonly used tools in financial technology.
This content is available to paid Members of Starling Insights.
If you are a Member of Starling Insights, you can sign in below to access this item.
If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform. Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.
Join The Discussion