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Authored by: Simon Deane and Sally Lau
Staying with the Regtech theme, on 28 April 2022, the HKMA issued a circular (“Circular”) in relation to the sixth issue of the Regtech Adoption Practice Guide (“Guide”).
The Guide focuses on the adoption of “Artificial Intelligence-based (“AI-based”) Regtech solutions” in banking. When applied to the banking industry, Artificial Intelligence (“AI”) technology can facilitate the automation of business processes, detect patterns, generate insights and drive engagement with customers and employees through targeted communications.
The Guide explains how AI-based Regtech solutions can be used to support risk management and regulatory compliance and provides practical implementation guidance to banks on the adoption of AI-based Regtech solutions. Experience of how others have addressed the challenges successfully to adopt Regtech solutions in their organisations is also shared in the Guide.
For more information on the Circular, please see here. To access a full copy of the Guide, please see here.
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