Regulatory Alerts2020-12-16
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Fifth Issue of Regtech Watch
The Hong Kong Monetary Authority issued the fifth Regtech Watch to guide authorized institutions on leveraging technology for business continuity during the COVID-19 pandemic. The document highlights operational challenges associated with strict social-distancing measures and extensive work-from-home arrangements. Institutions are encouraged to study the outlined use cases to overcome pandemic difficulties and consider adopting relevant solutions as permanent business-as-usual practices.
Our Ref: B1/15C 16 December 2020 The Chief Executive All Authorized Institutions Dear Sir/Madam, Fifth Issue of Regtech Watch I enclose the fifth issue of the Regtech Watch for your reference. This issue focuses on technology applications that can help maintain business continuity and effectively respond to the various operational challenges presented by the COVID19 pandemic. It highlights the key challenges faced by institutions during times where strict socialdistancing measures are called for, including the rolling out of extensive work-fromhome arrangements in managing the risk of COVID-19 infections. Authorized institutions are encouraged to study the use cases outlined in the newsletter in their exploration of the use of technology to overcome the difficulties presented by the pandemic and to consider whether any of these arrangements may be adopted as business-as-usual arrangements. If your institution has any questions regarding Regtech or any feedback on this newsletter series, please feel free to contact Mr Patrick Chang on 2878-8561. Yours faithfully, Raymond Chan Executive Director (Banking Supervision) Encl
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