The Hong Kong Monetary Authority (an equivalent of a central bank) has established the Regtech Knowledge Hub. The initiative was launched on 26 April 2022.
The organisation’s task is to promote knowledge and facilitate the sharing of experience between banks and technological solution providers. The Hub also serves as a repository of legal provisions, guidelines and RegTech reports. Market participants have been provided with a dedicated online platform, where they can share information and experience in innovation adoption.
The Hub forms part of a two-year plan for promoting and adopting RegTech in the banking sector.
RegTech is an area of IT innovation aimed at streamlining regulatory and compliance processes. It uses artificial intelligence solutions (machine learning) to reduce costs related to regulatory compliance. RegTech is used in many industries, in particular in the financial market.
Source: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2022/04/20220426-4/