Reglex: Spotlight On Hong Kong And Singapore, By Phil Taylor

Friendly rivalry between Hong Kong and Singapore has long been an inevitable feature of the relationship between those jurisdictions, and - despite their political, economic and geographical differences - it is all too easy to make comparisons between them. Both are leaders in the region in terms of financial market maturity, and their legal and regulatory frameworks; and both are astute enough to follow - and sometimes take the lead on - key global trends. Yet the two often take different, and sometimes diverging paths.

Recognising the growing importance of RegTech to the economy of the city and the wider region, in 2018 the Hong Kong Monetary Authority (HKMA) launched a series of initiatives under the ‘Banking Made Easy’ initiative. The aim was to facilitate the development of RegTech development in the jurisdiction. In November 2020, the HKMA published a white paper, ‘Transforming Risk Management and Compliance’, which set out a two-year roadmap intended to promote RegTech adoption in the jurisdiction’s banking sector.

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