Qomply, a regulatory technology firm, has launched a new Hong Kong office, expanding its presence in Asia Pacific, as transaction reporting requirements are changing across the region, and supervisory scrutiny is becoming increasingly data led.
The expansion comes as firms implement significant updates from the Hong Kong Monetary Authority, the Monetary Authority of Singapore and the Australian Securities and Investments Commission, which places renewed operational pressure on reporting accuracy and governance.
Qomply, launched in the United States last year to support CFTC reporting obligations.
Regulatory attention is moving from interpreting the rules to demonstrating that controls work in practice. Across jurisdictions much of the same reporting weaknesses are highlighted: missing reports, data inaccuracies, late submissions and weak governance and oversight controls.
Michelle Zak, Managing Director said: “The era of ‘quiet regulation’ in Asia Pacific is ending. Following the recent rewrites from HKMA and MAS, we are seeing a clear shift toward deeper data quality review and closer scrutiny, like what firms have experienced in North America and Europe. For organisations reporting across multiple jurisdictions, a ‘patchwork approach’ is becoming harder to defend.”
