Regulatory Alerts2018-02-28
Added · Updated
Circular on BCBS Sound Practices Implications of Fintech Developments for Banks and Bank Supervisors
The Hong Kong Monetary Authority issued this circular to direct Authorized Institutions to review the Basel Committee on Banking Supervision's paper on the implications of fintech developments. The regulator requires senior management to assess strategic risks posed by technological changes and competitive pressure from fintech firms, ensuring these assessments are presented to the board of directors for locally-incorporated institutions. The HKMA will continue to monitor how Authorized Institutions manage technology-related risks as part of its ongoing supervisory work.
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