Qomply Strengthens APAC Presence with New Hong Kong Office
Qomply, a regulatory technology firm focused on ensuring accuracy in transaction reporting and data governance, has launched a new office in Hong Kong. This strategic expansion enhances the firm’s footprint in the Asia-Pacific (APAC) region, an area currently undergoing significant changes in transaction reporting requirements and increasing supervisory scrutiny driven by data.
This development follows Qomply’s expansion into the United States last year, where it aimed to assist firms in meeting Commodity Futures Trading Commission (CFTC) reporting obligations. The move highlights a growing industry trend toward localized support for multi-jurisdictional reporting programs.
The APAC region is in the midst of one of its most significant transaction reporting transformations in the last decade. Comprehensive over-the-counter (OTC) derivatives reporting reforms have already been implemented in Australia through the Australian Securities and Investments Commission (ASIC), and in Singapore via the Monetary Authority of Singapore (MAS). Hong Kong is set to introduce its enhanced OTC derivatives reporting requirements on September 29, 2025, with substantial transition work anticipated throughout 2026.
At the same time, Hong Kong’s Fintech 2025 Strategy is accelerating the broader digitization of financial services. This initiative sets a higher standard for scalable, well-governed reporting operations that must adapt to evolving technical standards and increasing supervisory scrutiny.
Transitioning from Implementation to Enforcement
For many financial institutions, this intricate transition involves running parallel reporting systems while addressing legacy positions. As a result, internal reporting teams are stretched thin, revealing critical gaps in data lineage and oversight. As these crucial reforms come into effect, the focus of regulatory scrutiny is shifting from mere interpretation of new rules to demanding evidence that operational controls function effectively in practice.
As the regulatory environment transitions from guidance to more rigorous oversight, supervisors across various jurisdictions are consistently identifying similar reporting deficiencies. Frequent issues include missing submissions, significant data inaccuracies, delays in reporting, and poor governance accompanied by slow remediation efforts.
The End of Passive Regulation
Michelle Zak, managing director at Qomply, emphasized the changing tone of regulation in the region. She noted that the era of passive regulation in the Asia-Pacific is drawing to a close. Following recent regulatory updates from the Hong Kong Monetary Authority (HKMA) and MAS, Qomply has observed a notable increase in the scrutiny of data quality and regulatory compliance. This mirrors the stricter enforcement environments that firms have already encountered in North America and Europe. Zak cautioned that organizations managing reporting across multiple jurisdictions can no longer rely on a fragmented approach to compliance.
As regulatory actions become increasingly data-driven, financial firms face heightened pressure to demonstrate robust and auditable reporting frameworks along with comprehensive control coverage. Regulators demand clear accountability and are urging firms to minimize dependence on manual remediation and decentralized workflows, which can undermine data assurance. Qomply’s new office in Hong Kong aims to provide direct support to these organizations as they work to enhance their governance practices and improve overall reporting integrity across complex multi-jurisdictional landscapes.