The Hong Kong Monetary Authority (HKMA) launched their very first Global RegTech Challenge in March 2021. This challenge acted as part of their two-year roadmap to promoting RegTech adoption in Hong Kong, which they outlined in their “Transforming Risk Management and Compliance: Harnessing the Power of Regtech” whitepaper published in November 2020.
Eager to take part in the challenge, we submitted the Apiax business enablement solution under the problem statement: “Conduct & Customer Protection”. Hong Kong, together with Singapore and Switzerland, is one of the top 3 wealth centers in the world—hence our enthusiasm to hop on this challenge and get the Apiax message out there. In the last months, we proved through applications, demos and live pitches how the Apiax solution helps financial services worldwide boost business whilst minimising risks. This took us to the final of the challenge and landed us in second place!
The Global RegTech Challenge was created with the intention to raise awareness of the potential of RegTech adoption in Hong Kong’s banking industry, as well as help local and RegTech ecosystems grow further. RegTech providers from all over the world were invited to apply and showcase how their products and services can help Hong Kong banks with the challenges of regulatory compliance and risk management.
The original whitepaper that inspired the challenge helped categorise the set of challenges the industry was facing—and where RegTech could be most beneficial in Hong Kong—into four different problem statements: Governance, Risk and Compliance; Conduct & Customer Protection; Customer Data Privacy; and Risk Management.
As a business solution for banks, wealth managers, and asset managers worldwide, Apiax seeks out to help financial institutions realize business opportunities all the while minimizing risks and staying compliant. We do this by allowing all relevant stakeholders to get precise do’s and don’ts to specific regulatory questions right away. This allows financial service providers to follow the applicable rules and regulations in any situation. That is why we applied for the category of “Conduct & Customer Protection”.
Apiax’s aim is to remove any friction or complications caused by regulatory restrictions and make compliance a business enabler. While we can’t change the regulation nor remove all restrictions, we can help firms boost profitability and cut compliance costs by going digital. Moreover, the Apiax solution enables firms to reduce time-to-market and increase their revenue numbers at lower risks—all based on their existing technology infrastructure.
In early June 2021, HKMA selected Apiax as one of eight finalists for the Global RegTech Challenge. All finalists were invited to present their demos at HKMA’s flagship “Unlocking the Power of Regtech” event, which took place on June 30th, 2021. The virtual event, which was supported by KPMG Matchi, saw over 4,000 attendees and over 20 speakers from around the world sharing insights about Regtech and its associated benefits. The winners of the Global RegTech Challenge were announced during the event.
Apiax was declared Runner-up in the ‘Conduct & Customer Protection’ category. We are honoured to have gotten so far in the challenge and gained recognition from the Hong Kong Monetary Authority for our business enablement solution and be part of a prestigious group of RegTech companies in Hong Kong. Apiax will continue to empower financial institutions to realise business opportunities and minimise risks with regulatory technology.