purchasers who meet the eligibility requirements will be able to apply for mortgage loans of up to 90 % ltv ratio under the mortgage insurance arrangements. according to figures provided by the hong kong mortgage corporation limited, the value of properties involving mortgage loans with a 90 % ltv ratio averages at around hk $ 3. 2 million. therefore, i believe that the measures of the hkma will have minimal impact on first - time homebuyers. 10. changes in the property market cycle are affected by a host of internal and external factors, including land supply, interest rate movements, changes in household income as well as economic and financial market developments in europe and the us. in view of the highly uncertain internal and external environments, the hkma will continue to monitor the market situation closely and introduce appropriate measures in response to changes in the property market cycle to safeguard banking stability. bis central bankers ’ speeches

behind our white paper as well as to provide a quick overview of its contents. 16. despite the covid - 19 disruptions, we have been working very hard in the past few months on a plan to better promote the adoption of regtech in hong kong. the first phase of the plan has now led to the formulation of this white paper. 17. conceptually, we can think of the white paper as a useful map for users : map meaning three key elements – m for monitor, a for assess, and p for plan. 18. what exactly do we mean by that? again, “ m ” is for monitor – it involves understanding the current and evolving regtech landscape. “ a ” stands for assess – it involves analysing existing practices and risks associated with regtech. and “ p ” is for plan – it involves putting our insights into practice by developing practical steps for the future. 19. and our white paper map breaks down this process into five key areas — under “ m ”, the white paper lays out new developments in regtech, and explores their importance to hong kong ’ s banking industry under “ a ”, the white paper assesses prevailing practice, and attempts to define and evaluate existing barriers to regtech adoption as for “ p ”, there are three elements involved. the first element is about laying out a common practice framework for implementing regtech in hong kong ; the second element involves making practical recommendations for initiatives that can contribute towards the wider adoption of regtech ; and the third element is about delivering a practical roadmap of the hkma ’ s plans for promoting regtech adoption. 20. the white paper is actually based on findings from a survey of banks and regtech providers, interviews with industry stakeholders, benchmarking against other jurisdictions, and an analysis of hong kong ’ s regtech progress so far. some of you may have offered your valuable contributions to it. so, taking this opportunity, i thank those of you who have done so for your generous help and support. 21. the white paper will be available for public download through our official website later today. here, let me give you a quick snapshot of some of its key contents. 2 / 6 bis central bankers'speeches regtech adoption barriers 22. first and foremost, about regtech adoption barriers. 23. we note that regtech adoption in hong kong has made significant progress in recent years. in fact, 32 % of our survey respondents said that they have fully implemented at