Howard Lee Tak-chi, deputy chief executive of the Hong Kong Monetary Authority (HKMA), expects that a digital transformation will strengthen the HKMA’s supervisory capabilities and improve operations.
In a blog last year, Lee wrote that the HKMA studied the use of advanced technologies for collecting and analyzing data from a variety of sources. “Through exchanges with a number of central banks and regulators around the world, we all came to the conclusion that data science would be capable of providing analyses that could improve risk assessment and policy-making,” he explained.
To explore this further, the HKMA will now set up a “digitalisation office” to keep up with technological changes. The office will also promote a culture of technology for the organization and support its long-term digital strategy.