are making good progress on a variety of initiatives aimed at reducing barriers, building infrastructure and encouraging interest in the market. in the end, however, there is only so much that the public sector can - or should - do, particularly in a region where there is traditionally not a lot of public debt. central banks and governments have a responsibility to facilitate and promote development, and to provide an environment that is conducive to both supply ( the issuers ) and demand ( investors ). it is, i have argued, in the public interest that a healthy bond market should develop in our region. however, it is for the private sector to provide the great bulk of supply and demand. happily, it appears that the private sector is playing its part with enthusiasm.

positioned to build and export regtech solutions to the rest of the world. 46. the white paper suggests developing a regtech skills framework. this framework will cover suitable modules and competency standards. and we would seek to identify the skills required for different roles and which would help speed up regtech adoption, and then we would help train and develop both new entrants and existing practitioners. 47. finally, on “ momentum matters ”. all our hard work will not bear fruits if the momentum for changes cannot be sustained. it is therefore crucial to keep the industry engaged in the years ahead. one suggestion is that we introduce a benchmark for our progress in increasing regtech adoption. this benchmark will provide us with a holistic framework that will enable us to visualise the success of our regtech initiatives. 48. that is a quick snapshot of the key recommendations in the white paper. in fact, we are already putting some of those recommendations into action. 49. for example, a flagship event is already planned for the first half of 2021. like this fintech week, that event will also use available technology to bring together delegates from around the world. so stay tuned for further details of the event. 50. also in the first half of 2021, we will be announcing details of our first regtech challenge. 51. and then looking ahead to the second half of 2021, we expect to set up the “ regtech knowledge hub ”. 52. around the same time, we also plan to release a regtech adoption index that will visualise our progress in increasing regtech adoption over time. in the meantime, we are also working hard to flesh out our thinking behind the other recommendations. for example, we would explore the benefits of providing appropriate incentives and other assistance to stimulate regtech solution innovation in hong kong. conclusion 53. so to conclude, i hope that through this presentation, i have sent a clear message to the audience that the value of regtech in banking is coming to the fore in hong kong. industry stakeholders should realise that regtech and its underlying technologies are the way of the future. 54. the hkma strongly believes that hong kong has the right foundations to support a thriving regtech ecosystem, and ultimately become a regtech hub. our city already enjoys broad fintech capabilities, strong support for technology businesses, a significant and wellestablished financial services sector, and most important of all, very supportive financial regulators. 55. we hope the white paper that the hk