We will have many opportunities during the course of this work to discuss with the Committee on Finance how we can develop and improve our analyses. BIS central bankers’ speeches  3
In fact, 32% of our survey respondents said that they have fully implemented at least one Regtech solution in their bank. Having said that, we do believe that Regtech adoption can be and should be much wider than it currently is. And to make that happen, some barriers must be addressed. 24. At this point, I would venture a guess that at least some of you are thinking that, when it comes to barriers to Regtech adoption, the HKMA must be one of the biggest barriers. It is true that in our study, Regtech firms ranked regulators as the fifth highest barrier to Regtech adoption. But interestingly, banks thought the opposite. They actually ranked regulators as the third lowest barrier. Well, of course, this may just be an indication that banks are exceptionally tactful in responding to our survey! 25. But joking aside, I am sure you want to know what are the most common Regtech adoption barriers identified in our study? Those include: First, concerns over budget issues There are also concerns about solutions lacking maturity And then respondents talked about a shortage of appropriate talent There are also concerns about the risks involved in applying Regtech solutions; and Finally, there is a lack of awareness of the potential value of Regtech 26. Quite understandably so, budget constraints were consistently named as the top barrier by both financial institutions and Regtech providers. Especially in the current environment, cost management is a key focus for most banks.