The HKUST Business School releases two reports on an in-depth study of the regulatory technology (regtech) sector. The reports, entitled “Talent as a Fuel for Growth” and “Challenges and Recommendations” under the theme of Regtech Development in Hong Kong, pinpoint the challenges faced by the sector and provide recommendations for policymakers and regulators to remove barriers that are hindering regtech growth in Hong Kong.
Four focus groups with regtech practitioners were conducted in July 2022 for a holistic understanding of the priorities, challenges and needs from the perspectives of regtech users and service providers to propel the advancement of regtech in Hong Kong. The “Challenges and Recommendations” report discusses the barriers hindering regtech growth in Hong Kong, including low regtech adoption beyond banks, a mismatch between available local solutions and user demands, regulation ambiguity, and the duplication of resources on some technologies. Talent shortage is one of the biggest challenges faced by the regtech community. The “Talent as A Fuel for Growth” report focuses on the regtech talent landscape and examines the manpower situation and talent gaps. Important insights discussed include the lack of awareness of regtech’s key value and the low appeal of regtech to top talent.
The full reports are available for download:
- Regtech Development in Hong Kong: Talent as a Fuel for Growth
- Regtech Development in Hong Kong: Challenges and Recommendations
To continue the discussion on addressing talent needs, HKUST Business School is organizing the “Regtech Industry Dialogue: Talent as a Fuel for Growth” on February 24, featuring distinguished guests including Mr. Arthur YUEN, JP, Deputy Chief Executive of the Hong Kong Monetary Authority and Professor TAM Kar Yan, Dean of HKUST Business School. Visit here for more details and to join the open conversation on this important topic.