This is especially the case at board and senior management level, where leaders are often not fully on board with Regtech adoption because they do not fully understand its potential benefits. Regtech promotion 31. So those are some of the key challenges that we need to overcome. Before talking about the solutions, let me share our vision for Regtech in Hong Kong – what we call “Regtech 2025” – which is the underlying theme for the White Paper. 32. Regtech 2025 requires us to achieve 4 key goals by the year 2025. We can crystallise 3/6  BIS central bankers' speeches  these goals in four action-driven verbs : Lead, Adopt, Grow, and Nurture. In terms of “Lead”: Hong Kong aims to become one of the global leaders in Regtech by the year 2025 In terms of “Adopt”: we want to ensure that Regtech will be extensively adopted by the Hong Kong banking sector in the next few years As regards “Grow”: not only do we want wide adoption of Regtech among banks, we also want Hong Kong to become a breeding ground for growing Regtech solutions for financial institutions And finally on “Nurture”: we want to ensure that Hong Kong will emerge as a hub for nurturing Regtech talent 33. With these four key goals in mind, the White Paper sets out 16 recommendations across five core areas, all designed to accelerate Regtech adoption. 34. We can summarise the five core areas using the following framework: 35.
The five core areas are: – Minds Matter Solutions Matter Regulators Matter Talent Matters And Momentum Matters 36. Let me briefly talk about how each of these areas really matters in achieving our overall goal 37. First of all, “Minds Matter” refers to the importance of awareness. High awareness is essential for gaining buy-in across an organisation, and securing the appropriate resources to implement solutions. A fundamental step in promoting Regtech adoption is therefore to boost awareness of the benefits of Regtech adoption across a wide group of stakeholders, and to highlight the available use cases in the market. 38. One of our recommendations is to establish a “Regtech Knowledge Hub”. This is a centralised knowledge platform for sharing information on Regtech experience and potential usages. 39. There are also opportunities to expand the scope of Regtech events to reach different stakeholder groups. Therefore another recommendation is for a series of targeted Regtech events to be hosted to raise the industry’s awareness of this subject. 40. On our part as regulator, another way of boosting awareness is by issuing practical guidance to help the industry better understand how Regtech can be applied in Hong Kong. 41. Next, “Solutions Matter”. It refers to the importance of developing solutions that are specifically tailored to the banking industry in Hong Kong. So our second area of focus is to promote Regtech solution innovation. 42. We believe that competition is a key catalyst for innovation.