Cyberport discusses RegTech’s potential, advantages at Hong Kong FinTech Week

KUALA LUMPUR, Nov 4 -- As a FinTech partner at Hong Kong FinTech Week, Cyberport has been discussing the RegTech’s development potential and Hong Kong’s advantages.

The five-day Hong Kong FinTech Week began on Nov 2.

According to a statement, Cyberport invited scholars, outstanding financial industry leaders and its community start-ups to the ‘FinTech Studio’ session.

Cyberport’s RegTech start-ups noted the current global financial industry’s annual spend on compliance topped US$780 billion, and it is expected that RegTech can seize 10 per cent of this market share within just three years. (US$1 = RM4.155)

The participating start-ups believe that RegTech will be applied by banks and other financial institutions, and that its huge market potential will attract more investors.

In addition, representatives from the RegTech Association of Hong Kong and the FinTech Association of Hong Kong, as well as Professor Douglas Arner from the University of Hong Kong Department of Law, also shared their views on Hong Kong’s advantages in developing RegTech.

They believed as an international financial centre, Hong Kong features a vibrant financial market and a comprehensive legal and regulatory system.

The financial and technology talent pool, together with informational and financial connectivity, provides a sound foundation for Hong Kong to develop into a regional RegTech centre.

Cyberport recently launched its ‘Blockchain and RegTech Speaker Series’, explaining how the application of artificial intelligence and blockchain technology to compliance procedures can reduce the relevant costs and accelerate the financial industry’s digital transformation.

-- BERNAMA