Banking Made Easy Initiative

As one of the Smart Banking initiatives announced in September 2017, the Banking Made Easy initiative aims at reducing regulatory frictions hindering technological innovations. A Banking Made Easy Task Force has been set up by the HKMA to identify and streamline regulatory requirements so as to enhance customers’ experience in the following digital customer journeys:

remote customer onboarding and account maintenance;
online finance; and
online wealth management.

In September 2018, the HKMA announced a number of initiatives to further facilitate the development and adoption of regulatory technology (Regtech), commonly referring to the use of technologies for supporting banks’ day-to-day risk management or regulatory compliance processes. The scope of the Banking Made Easy initiative was therefore expanded to also facilitate Regtech development in Hong Kong, focusing on