We hope the White Paper that the HKMA is publishing today will encourage banks in Hong Kong to actively consider the challenges that can be solved with Regtech. We want to see banks embracing new technologies and proofs of concept, and ultimately adopting more Regtech solutions in the years ahead. 5/6  BIS central bankers' speeches  56. This is also an opportunity for the Regtech community to develop their solutions for the Hong Kong market. 57. I trust that our goals are crystal clear. We want to accelerate the adoption of Regtech in Hong Kong. And this will involve us working hand-in-hand with banks and the Regtech community, in order to realise our vision for Regtech 2025. 58. On that, I very much look forward to your support in our Regtech journey in the next few years. And I trust you would find the rest of the Fintech week both enjoyable and fruitful! Thank you very much! 6/6  BIS central bankers' speeches
In some instances, individuals rely absolutely for their future lifetime incomes on the continuity of their insurance cover. To achieve an appropriate level of policyholder protection, insurers must be, and be seen to be, safe and sound. I have said this before but I think it is worth reiterating. The PRA believes the UK industry is in a good position, having had the UK risk-based ICAS regime for around ten years. We are therefore not looking to use Solvency II as an opportunity to raise capital requirements across the board. We do, however, recognise and respect that Solvency II is a maximum-harmonising Directive with a key objective of promoting supervisory co-operation. The PRA is committed to upholding this valued objective and will implement the Directive as intended. We can’t and won’t gold plate. Our approach has been, and will continue to be, proportionate in our supervision. As a judgement-led, risk-based regulator, this principle is already part of the PRA approach. It is not the PRA’s role to make sure no insurer fails. However, we are concerned that any failure is orderly and manageable. We seek this in conjunction with appropriate policy holder protection. For example, when business models become challenged we may seek to secure manageable and orderly wind-down, as has been seen in the past in this sector. In fact, roughly one third of insurers authorised by the PRA are in some form of run-off. More than just a capital regime, Solvency II strengthens the linkage between capital and risk management.