Lessons from Hong Kong through the lens of the HKMA

Arthur Yuen

Contents

Foreword

Preface

Preface

Introduction: Suptech/regtech defined: Payments, sandboxes and beyond

1.

The uncertain prudential treatment of cryptoassets

2.

US regulatory certainty versus uncertainty for crypto and blockchain

3.

Bermuda: Suptech and regtech supporting the risk-based approach

4.

Suptech: A new era of supervisory philosophy

5.

Cloud computing in the financial sector: A global perspective

6.

DeFi protocol risks: The paradox of cryptofinance

7.

IT transformation in the Prudential Authority of South Africa: A case study

8.

Making the vision a reality: Perspectives from the Monetary Authority of Singapore

9.

Lessons from Hong Kong through the lens of the HKMA

10.

Technological change: Is it different this time?

11.

The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision

12.

China’s financing opening up and regulatory convergence with the world

13.

Disclosures and market discipline: The promise of regtech

14.

Regtech and new derivatives developments

15.

Fintech and regtech: Leading the evolution and regulation of alternative investments

16.

The role of artificial intelligence and big data in investment management

17.

The promise and challenges of machine learning in finance

18.

Data privacy and alternative data

19.

Digital ID and financial inclusion

20.

Strategic technology: Regulation and innovation of CBDCs

21.

Regulatory sandboxes: Innovation and financial inclusion

22.

Technology and sandbox development innovation in a transitional market: A case study

23.

Developing the regulatory ecosystem: The evolution of stablecoin

24.

Central bank digital currency, regtech and suptech

25.

Digital dollar: Cryptocurrency for everyday commerce

26.

CFTC regtech implications for virtual currency trading

27.

Fintech, regtech, suptech and central bank decision making

The term “fintech” (financial technology) may have existed for more than a decade, but in Hong Kong its application has only began to gather genuine momentum over the last few years. However, it has already brought significant benefits to the general public in terms of ease of banking and financial management. As recently as 2015, opening a bank account in Hong Kong could be a time-consuming experience. Taking time off work to visit a bank branch and physically verifying one’s identity were standard procedures. Now, with the help of technology, a bank account can be opened in Hong Kong in the comfort of one’s home or office in a matter of just minutes.

At the same time, as financial institutions and regulators are increasingly adopting technology, they are also experiencing profound changes in their daily operations – changes that in turn raise important questions about risk management. Indeed, one of the key lessons from Hong Kong’s fintech transformation is that regulatory technology (regtech) and supervisory technology (suptech) are best seen not as standalone concepts, but need to be weaved into the digital journey that financial institutions and regulators are going

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