As a FinTech partner at this year’s Hong Kong FinTech Week, Cyberport invited scholars, outstanding financial industry leaders and its community start-ups to discuss RegTech’s development potential and Hong Kong’s advantages in RegTech in today’s “FinTech Studio” session.
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RegTech prevents irregularities and avoids heavy penalties
During the session, Cyberport’s RegTech start-ups – including Earth Channel, Gekko AI, iFinGate and TESS Asia – noted that the current global financial industry’s annual spend on compliance tops USD780 billion, and it is expected that RegTech can seize 10% of this market share within just three years.
RegTech solutions employ technologies like artificial intelligence, machine learning, data analytics and blockchain to facilitate financial institutions’ handling of compliance requirements, such as Know Your Client (KYC), anti-money laundering and transaction monitoring. In addition to reducing human error, improving efficiency and meeting regulatory requirements at a lower cost, RegTech’s significance lies in its early detection of suspicious transactions in order to avoid heavy penalties. 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.
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Cyberport fosters the application of InsurTech and supports talent development
Cyberport also hosted two other sessions on Hong Kong FinTech Week’s first day (2 November), where it shared the latest status of the “FinTech Anti-epidemic Scheme for Talent Development” (FAST) launched in July of this year, and explored the challenges and opportunities of InsurTech in Hong Kong respectively.
Cyberport has received over 600 FAST applications, of which 450 have been pre-approved. These companies are undergoing or have completed recruitment procedures. Among them, more than 120 enterprises already had new employees on board and received subsidies.
Hong Kong FinTech Week is held from 2 to 6 November. In addition to hosting break-out sessions, Cyberport led 18 start-ups to participate in its virtual pavilion, showcasing their innovative solutions in order to seek business opportunities.
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