Hong Kong, Nov 4 (Bernama-GLOBE NEWSWIRE) — 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.
Eric Chan, Cyberport’s Chief Public Mission Officer, said, “After weathering several financial crises, regulatory authorities worldwide have tightened regulations in order to ensure the stability of financial markets, protect market participants, and support the growth of the real economy. Yet these measures have significantly increased the cost of compliance, battering financial institutions’ profitability and putting pressure on operations. RegTech is seizing this opportunity, and it is estimated that the global RegTech industry will be worth USD 12.3 billion by 2023. As Hong Kong’s FinTech hub, Cyberport houses a number of start-ups that provide RegTech solutions. These companies can help financial institutions meet regulatory requirements while reducing costs and increasing efficiency.”